Calculate how much money you can save by opening a savings account with one of Australia’s Big Four banks.
The banking industry in Australia is dominated by the Big Four – CommBank, Westpac, NAB and ANZ. Collectively, these four financial institutions hold more than $620 million worth of deposits from Australian households, $228 million of which is with CommBank alone.
So if you want to open a savings account with an Australian bank, odds are that you will compare the accounts available from the Big Four. To help you work out just how much you can grow your savings balance by opening one of their accounts, each of the Big Four Banks offers a savings calculator.
Let’s take a look at the savings calculators available through the websites of CommBank, Westpac, NAB and ANZ, and how you can use those calculators to choose the right account.
CommBank’s Savings Calculator allows you to enter a range of details to determine how much you can save in a specified period and how long it will take you to reach your savings goals. To use the calculator, follow these steps:
Select your savings option
Using the tabs at the top of the calculator, select the option you would like to use the calculator for:
How much could I save?
Use this option to calculate how much money you can save if you invest a fixed amount each month over a set period.
How long will it take?
Use this option if you have a savings goal in mind and want to work out how long it will take you to reach it.
Use this option to find out how much you will need to save each month to reach your savings goal.
Enter your savings details
You can either type the information into the relevant box or move the slider to change factors such as your monthly investment amount, savings goal, time period and interest rate.
View your results
The calculator will automatically adjust the results every time you change the parameters.Back to top
The Westpac Savings Calculator is a basic tool that lets you determine the interest you can earn and total savings balance you can earn. To use the calculator, follow these simple steps:
- Enter your details. Specify your initial investment, deposit amount, deposit frequency, interest rate and savings term.
- View your results. The calculator will automatically display the total amount at end of term, total amount invested and total interest earned.
Westpac Savings Comparison Calculator
The Westpac Savings Comparison Calculator allows you to determine the potential amount you could save with a Westpac eSaver or a Westpac Term Deposit.
- Fill out Westpac eSaver details. Enter your starting deposit, regular deposit amount, deposit frequency, interest rate and savings term.
- Fill out Westpac Term Deposit details. Enter your investment amount, investment term, when interest is paid and the fixed interest rate.
- Compare results. View the results generated to determine the total amount you could save with either account option.
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The NAB Savings Plan Calculator lets you factor in a wide range of variables to determine how much money you can save. To use the calculator:
- Enter your details. Enter your initial deposit, ongoing deposit, deposit frequency, interest rate and savings term.
- View your results. The calculator will automatically display a savings graph, the total account amount at the end of the term, your total amount invested and the total interest earned.
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The ANZ Savings Calculator allows you to calculate the interest you can earn with an ANZ Online Saver or ANZ Progress Saver Account.
- Enter your details. Enter your starting balance, regular deposit amount and deposit frequency.
- Select your account. Select an Online Saver or Progress Saver Account – the interest rate will adjust accordingly.
- Select your investment term. Enter how long you plan to invest your money for.
- View results. You will be shown the total invested amount, total interest earned and final balance.
ANZ Term Deposit Calculator
The ANZ Term Deposit Calculator lets you calculate the amount you can save with an ANZ Term Deposit or an ANZ Advance Notice Term Deposit.
- Enter your investment amount. You can type a number in or move the slider to the relevant point.
- Select your account. Choose between an ANZ Term Deposit and an ANZ Advance Notice Term Deposit.
- Enter details. Enter your investment term, interest frequency and interest rate.
- View results. You will be shown the amount of interest you can earn per month, quarter, half-year or year.
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When will these savings calculators come in handy?
The savings account calculators from the Big Four Banks can help you in a wide range of situations, including:
- When you want to compare accounts. Do you want to see how much money you can save in one account versus another? These calculators will help your crunch the numbers.
- When you want to set a goal. If you want to set yourself a savings goal for the future, savings calculators are very useful tools.
- When you have a savings goal. If you have a savings goal in mind, for example a house deposit or a new car, these calculators will help you work out how long it will take you to reach that goal.
- When you have a savings deadline. If you need to save a certain amount before a specified deadline, a savings calculator can help you work out how much money you need to save each week or month to reach your goal.
- When you want to compare interest rates. Do you want to find out just how much a slight difference in interest rates can make to your savings balance? If so, these calculators are the perfect tool.
What savings accounts do the Big Four Banks offer?
Australia’s Big Four Banks offer an extensive range of savings accounts and term deposits to suit the needs of different savers. The features of some of these accounts are outlined in the table below, while you can also contact each bank for more information about their term deposit accounts.
|CommBank GoalSaver||1.95% p.a.(standard variable rate of 0.01% p.a. applies if terms and conditions aren’t met)|
|CommBank NetBank Saver||3-month introductory rate of 2.70% p.a. Standard variable rate of 1.25% p.a.|
|Westpac eSaver||5-month introductory rate of 2.71% p.a. Standard variable rate of 1.25% p.a.|
|Westpac Reward Saver||1.85% p.a.(standard variable rate of 0.01% p.a. applies if terms and conditions aren’t met)|
|ANZ Progress Saver||2.01% p.a. (standard variable rate of 0.01% p.a. applies if terms and conditions aren’t met)|
|ANZ Online Saver||3-month introductory rate of 2.75% p.a.. Standard variable rate of 1.30% p.a.|
|NAB Reward Saver||2.70% p.a. (standard variable rate of 0.50% p.a. applies if terms and conditions aren’t met)|
|NAB iSaver||4-month introductory rate of 2.00% p.a. Standard variable rate of 1.30% p.a.|
Start comparing savings accounts at finder.com.au and use handy savings calculators to find an account that meets all your needs.
*Statistics from http://www.apra.gov.au/adi/Publications/Documents/MBS-April-2016.pdf