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# Savings interest calculator

## Use our free savings calculator to see how much interest you could earn. With savings account rates now above 5%, it's a great time to earn some extra interest.

### Savings interest calculator

\$
\$
%
##### Number of years
 Total savings Total monthly contributions Interest earned

We put every effort into ensuring information on Finder is accurate. This article was reviewed by Karen Eley from our Editorial Review Board as part of our fact checking process.

### How do I calculate interest on my savings?

The money in your savings account benefits from compound interest to help it grow. This means you will earn interest on your interest.

For example, let's say you had a balance of \$100,000 in your account with a savings interest rate of 5.00% p.a. The 5.00% p.a. rate will be applied to your balance which results in \$5000 interest. However, this is an annual rate, while savings accounts pay interest monthly. So, dividing the annual amount of interest earned by 12 leaves you with \$416.66 in interest for the first month.

Now, let's pretend that you don't add any more money into the account other than your initial \$100,000 deposit. Going into month 2 you now have a balance of \$100,416.66. When calculating your interest for the month, the rate is applied to your whole balance (including the interest payment!). This time, your monthly interest payment is \$418.40 - slightly more than in month 1.

This continues month on month, and as you're earning more interest each month, your balance is getting bigger. Because your balance is getting bigger, you're earning even more interest.

Compound interest allows you to grow your money without even depositing anything extra. However, by making regular additional deposits yourself you'll also be increasing the amount of interest you earn each month.

### Current savings account interest rates

Motivated to start saving? Take a look at the current rates on offer.

1 - 18 of 191
Name Maximum Variable Rate p.a. Standard Variable Rate p.a. Intro/Ongoing Government Guarantee Monthly Max Rate Conditions
Ubank High Interest Save Account
Maximum Variable Rate p.a.
5.50%
Standard Variable Rate p.a.
0.00%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
• Deposit \$500
• Savings up to \$100,000
Suncorp Bank Growth Saver Account
Maximum Variable Rate p.a.
5.05%
Standard Variable Rate p.a.
0.35%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
• Grow balance by \$200 each month
• Only 1 withdrawal
• No balance limit on earning interest
Newcastle Permanent Smart Saver Account - Under 25s
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
0.05%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
• Grow balance
• No more than 2 withdrawals
Macquarie Savings Account
Maximum Variable Rate p.a.
5.35%
Standard Variable Rate p.a.
4.75%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
• Balances up to \$250,000
Rabobank High Interest Savings Account
Maximum Variable Rate p.a.
5.75%
Standard Variable Rate p.a.
4.40%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
• Balances up to \$250,000
ING Savings Accelerator (\$150,000 - \$500,000)
Maximum Variable Rate p.a.
5.20%
Standard Variable Rate p.a.
4.70%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
• Welcome rate applies up to \$500K
Westpac Life (18-29 year olds only)
Maximum Variable Rate p.a.
5.20%
Standard Variable Rate p.a.
2.00%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
• Make a deposit
• 5 debit card purchases
• Balances up to \$30,000
ING Savings Maximiser
Finder Award
Maximum Variable Rate p.a.
5.50%
Standard Variable Rate p.a.
0.55%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
• Deposit \$1,000
• 5 transactions
• Balances up to \$100,000
IMB Reward Saver Kick Start
Maximum Variable Rate p.a.
5.25%
Standard Variable Rate p.a.
0.00%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
• Deposit \$20+ each month
• No withdrawals
ME HomeME Savings Account
Maximum Variable Rate p.a.
5.55%
Standard Variable Rate p.a.
0.55%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
• Deposit \$2000
• Grow balance
• Balances up to \$100,000
Newcastle Permanent Smart Saver Account
Maximum Variable Rate p.a.
4.50%
Standard Variable Rate p.a.
0.05%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
• Grow balance
• No more than 2 withdrawals
IMB Reward Saver Account
Maximum Variable Rate p.a.
5.25%
Standard Variable Rate p.a.
0.00%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
• Deposit \$50
• No withdrawals
• Balances up to \$1,000,000
Earn up to 3.25% p.a. after the introductory period ends.
First Option Bank Savings+Bonus Account
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
2.00%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
• Deposit \$100
• No withdrawals
• Balances up to \$249,999
Newcastle Permanent Online Savings Account
Maximum Variable Rate p.a.
5.20%
Standard Variable Rate p.a.
1.00%
Intro/Ongoing
3 months
Government Guarantee
Monthly Max Rate Conditions
• N/A
Bankwest Easy Saver
Maximum Variable Rate p.a.
5.35%
Standard Variable Rate p.a.
4.00%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
• N/A
Showing 18 of 18 results

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To make sure you get accurate and helpful information, this guide has been edited by Richard Whitten and reviewed by Karen Eley, a member of Finder's Editorial Review Board.
Written by

#### Alison Banney

Editor

Alison Banney is the money editorial manager at Finder. She covers all areas of personal finance, and her areas of expertise are superannuation, banking and saving. She has written about finance for 10 years, having previously worked at Westpac and written for several other major banks and super funds. See full bio

Alison's expertise
Alison has written 651 Finder guides across topics including:
• Superannuation
• Savings accounts, bank accounts and term deposits
• Budgeting and money-saving hacks
• Managing the cost of living

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