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With so many types of savings accounts available on the market, it can be hard to know which savings account is right for you. Once you've determined your savings style or have an idea of how much money you can put away on a weekly or monthly basis, use our calculators to compare different interest rates and see the difference it can make to your savings goals.
The Savings Calculator allows you to work out how much you’ll save over a given number of years. To use this calculator you’ll need to input:
- The initial amount you’re going to deposit into your account (this can be $0)
- The amount you’ll be depositing each week, fortnight or month
- The interest rate you’re going to be earning
- The number of years you’ll invest your money
Once this is done you’ll be told how much money in total you’ll have at the end of the savings term, and a breakdown of how much of this is interest compared to how much is money you’ve invested.
Compare savings accounts in Australia to maximise your savings
An easier way to calculate your potential savings would be to analyse real life examples of high interest savings accounts in the market. By comparing some of the best interest rates offered by Australian banks and calculating how much interest these accounts would accrue over time based on your deposit amount and the time period you invest your money for, you can find the best savings account for your needs. Use our comparison tool below to compare savings accounts across Australia and find the one that'll give you the most bang for your buck.
standard variable rate
Savings account offer
You can earn an ongoing, variable 3% p.a. each month you grow your balance (excluding interest earned) and make 5+ debit card purchases from your linked Westpac Choice transaction account. The maximum variable rate of 3% p.a. is available on balances up to $30,000 for customers aged 18-29.
- Maximum Rate: 3% p.a.
- Standard Variable Rate: 0.4% p.a.
- Monthly deposit required: $1
- Monthly fees: $0
The Budget Planner lets you count and combine each of your weekly, fortnightly or monthly expenses and income to work out what your surplus amount is. Using this amount you can decide to invest in an asset, save, or, if you don’t have a surplus, work out areas where you’re spending too much.
Simply click on the relevant tab, select frequency and input the amount in the relevant field. You can then export your budget to a PDF or print for reference later.
Term deposit accounts allow you to lock in a certain amount of money at a specified rate for an agreed period of time, between three months and five years. This calculator will tell you how much interest you’ll earn during this time. To use it you’ll need to know the interest rate you’re going to earn, how much you’re depositing, and the length of time you’ll be locking your money away.
Term Deposit Calculator
Compare term deposits
Why use a savings account calculator?
Calculators eliminate an element of human error from your calculations, meaning you’re more likely to get an accurate figure when working out how much you’ll save over a given period of time. Add to this the fact that calculators like the budget planner can help you think of things which you might not have even realised you spend your money on each month, and you can also identify how you can improve your spending.
Remember that a calculator is only as accurate as the information you put into it. If you don’t input figures which are accurate and truly represent your spending patterns, you will eliminate the human error aspect but still get a useless figure. When using a calculator ask yourself if what you’re putting into it is an accurate representation of your spending or savings situation.
In some cases, such as when using the budget planner, you might have to estimate certain costs, such as your health and car costs. No one knows how much car repairs or health issues might cost so you might want to do some research to get an estimate.
Other frequently asked questions
Can I see the working out for my calculations?
Yes, you can. On the top of each calculator there’s a button which says ‘working’. This will give you a breakdown of how the calculator has come up with the final figure. The only exception to this is the budget planner, which currently does not have a working tab.
What other calculators are available?
finder.com.au has a range of calculators suited to home loans, credit cards and more. To access these visit our calculator page.
What is compound interest?
Compound interest is when interest is earned on your balance, and on the interest you’re earning. This is different from simple interest where you earn a set rate of interest on the principal (amount invested) only.
The latest news in banking and investments
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The total interest rate on the Volt Save account will be cut by 20 basis points, from 1.45% p.a. down to 1.25% p.a.Read more…
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