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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.

Promoted
MyState Bank Bonus Saver Account
MyState Bank Bonus Saver Account
Promoted
5.00 % p.a.
max rate
0.05 % p.a.
standard variable rate
  • Maximum rate: 5% p.a.
  • Standard variable rate: 0.05%
  • Monthly fees: $0

MyState Bank Bonus Saver Account

Ongoing, variable 5% p.a. when you deposit at least $20 into the account each month and make 5 or more Visa Debit card transactions from a linked MyState transaction account. Bonus interest available on balances up to $250,000.

Savings interest calculator

Initial deposit
$
Monthly contribution
$
Interest rate p.a.
%
Number of years
Total savings
Total monthly contributions
Interest earned

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 - 15 of 186
Name Maximum Variable Rate p.a. Standard Variable Rate p.a. Intro Period Government Guarantee Monthly Max Rate Conditions
MyState Bank Bonus Saver Account
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
0.05%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $20
  • 5 debit card purchases
Go to siteView details
Bank of Queensland Future Saver Account - 14 to 35 years
Finder Award
Maximum Variable Rate p.a.
5.50%
Standard Variable Rate p.a.
0.05%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $1,000
  • 5 eligible transactions
Go to siteView details
AMP Saver Account
Maximum Variable Rate p.a.
5.40%
Standard Variable Rate p.a.
1.20%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $1000 in previous month
Go to siteView details
Rabobank High Interest Savings Account
Maximum Variable Rate p.a.
5.75%
Standard Variable Rate p.a.
4.40%
Intro Period
4 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
Go to siteView details
ING Savings Accelerator ($150,000 - $500,000)
Maximum Variable Rate p.a.
5.20%
Standard Variable Rate p.a.
4.70%
Intro Period
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Welcome rate applies up to $500K
Go to siteView details
Macquarie Savings Account
Maximum Variable Rate p.a.
5.35%
Standard Variable Rate p.a.
4.75%
Intro Period
4 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
Go to siteView details
Westpac Life (18-29 year olds only)
Maximum Variable Rate p.a.
5.20%
Standard Variable Rate p.a.
2.00%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Grow your balance
  • 5 debit card purchases
Go to siteView details
Newcastle Permanent Online Savings Account
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
1.00%
Intro Period
3 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
Go to siteView details
ING Savings Maximiser
Finder Award
Maximum Variable Rate p.a.
5.50%
Standard Variable Rate p.a.
0.55%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $1,000
  • 5 transactions
  • Grow your balance
Go to siteView details
St.George Maxi Saver
Maximum Variable Rate p.a.
5.35%
Standard Variable Rate p.a.
1.10%
Intro Period
3 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
Go to siteView details
Max Variable Rate includes 0.35% p.a. for 3 months for new customers who apply online
IMB Reward Saver Account
Maximum Variable Rate p.a.
5.25%
Standard Variable Rate p.a.
0.00%
Intro Period
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $50
  • No withdrawals
Go to siteView details
Australian Unity Freedom Saver ($50,000 - $250,000)
Maximum Variable Rate p.a.
5.10%
Standard Variable Rate p.a.
5.10%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • N/A
Go to siteView details
Bank of Queensland Simple Saver Account
Maximum Variable Rate p.a.
4.85%
Standard Variable Rate p.a.
4.85%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • N/A
Go to siteView details
Ubank High Interest Save Account
Maximum Variable Rate p.a.
5.10%
Standard Variable Rate p.a.
0.10%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $200
Go to siteView details
Easy Street Bonus Saver Account
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
0.01%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $50+ each month
  • No withdrawals
Go to siteView details
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8 Responses

    Default Gravatar
    AdrianJuly 17, 2019

    Looking for a high interest savings account.

      AvatarFinder
      JeniJuly 18, 2019Finder

      Hi Adrian,

      Thank you for getting in touch with Finder.

      You may compare high-interest savings accounts using our comparison table. Once you’ve chosen a provider, you may click the “Go to site” button to be redirected to the bank’s official website to get more details or start your application.

      Please make sure though to read the eligibility criteria, features, and details of the account, as well as the relevant PDS/ T&Cs of the account before making a decision and consider whether the product is right for you.

      I hope this helps.

      Thank you and have a wonderful day!

      Cheers,
      Jeni

    Default Gravatar
    ElizbethOctober 27, 2018

    What is my credit score ?

      Default Gravatar
      JoelOctober 27, 2018

      Hi Elizbeth,

      Thanks for leaving a question on Finder.

      You may refer to our step-by-step guide to getting your free credit score with Finder.

      Please send me a message if you need anything else. :)

      Cheers,
      Joel

    Default Gravatar
    SeverApril 25, 2017

    My wife invested 0n 08.05.2002 the sum of $A600,000 in a term deposit for 90 days with the
    interest of 4.13%.She died shortly after, before the expiry of first maturity period.
    The money remained with the Bank until now. What is the value of the investment now?
    I need your answer to claim the money from the Australian Bank.
    Your answer will be appreciated.
    Sever

      AvatarFinder
      HaroldApril 26, 2017Finder

      Hi Sever,

      Thank you for your inquiry.

      Our company finder.com.au is a financial comparison website and general information service designed to help consumers to make a better decision. Please note we do not represent any company we feature on our pages.

      With regards to this matter, it would be nice if you can coordinate this directly with the bank. As they have the specific access to your wife’s account. This way, they can further check the information for you and provide the current status of the account.

      I hope this information has helped.

      Cheers,
      Harold

    Default Gravatar
    JimPApril 20, 2017

    History of Banks term Deposit Interest Rate since 1992?

      AvatarFinder
      HaroldApril 21, 2017Finder

      Hi JimP,

      Thank you for your inquiry.

      I’m afraid we don’t have that data as of this time. However, what you can do is compare term deposit accounts and once you’re done comparing, you can then get in touch directly with your chosen bank and ask them directly for a historical interest rates record.

      I hope this information has helped.

      Cheers,
      Harold

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