Compare potential earnings with our free calculators

If you're unsure about which savings account to open, use our free calculators to compare potential earnings.

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.

Calculate your savings

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:

  1. The initial amount you’re going to deposit into your account (this can be $0)
  2. The amount you’ll be depositing each week, fortnight or month
  3. The interest rate you’re going to be earning
  4. 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.

Plan your budget

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.

Get the latest money saving tips.

How does compound interest affect my term deposit?

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.

Read more about how a slight difference in interest rates can make a big difference to your savings.

Saving account versus term deposit calculator

How do I use this calculator?

Why use a savings account calculator?

Calculators eliminate an element of human error from your calculators, 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 on relevant websites to get an estimate.

Have more 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? 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.

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