What is simple interest?

Simple interest is different to compound interest, because it only calculates interest on your initial deposit. With simple interest, you can't earn interest on your interest so your balance will not grow at nearly the same rate. Term deposits work on simple interest.

How much interest can I earn on $50,000?

How much interest you can earn depends on the interest rate offered by your savings account. The best savings rates currently are around 5% p.a. Let's say you saved $50,000 for 12 months at a 5.00% interest rate. If you made no further deposits to the account and held the month there, in 12 months you'd earn $2,558.09 in interest.

Where can I put my money to earn the most interest?

It's a good time to be looking at savings accounts as the interest rates are all going up. You can compare high interest savings account rates to find which account will offer you the most interest, based on your savings style.

Savings Interest Calculator

Savings interest calculator

Total savings
Total monthly contributions
Interest earned

The savings calculator is a projection tool, not a prediction, and these results should be used as an indication only. It does not predict things that may change the savings amount e.g.: change in variable interest rate, change in savings frequency and it doesn't consider any tax that could be payable on interest income.
The savings calculator above has the following assumptions:
- Interest earned is reinvested back into the account
- The interest rate is unchanged for the savings period
- Interest compounds monthly
- Each year is divided into 12 months of equal length, and you make regular savings payments at the start of each month.

How to use the savings calculator

Enter your initital deposit: This is how much you plan to put into the account immediately.
Enter how much you plan to contribute each month
Enter the interest rate your savings account currently offers (or if you don't yet have one, compare current rates below).
Enter how many years you plan to stick to this savings plan

You'll then see how much iterest you can earn. See how much more you can earn by increasing your monthly contributions slightly.

Our expert says

"When using the savings calculator, keep in mind that it assumes you've met any account conditions to earn the full interest rate.

Many savings accounts will have a monthly deposit requirement in order to earn interest, sometimes as high as $1,000. Make sure you check what this is before opening the account."

Alison Banney

Editorial Manager, Money

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 $5,000 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, most savings accounts will require you to deposit a certain amount each month in order to earn the high interest rate.

Don't want to meet a monthly deposit condition? Look at savings accounts with no conditions to meet, or see how much interest you could earn with our term deposit calculator instead.

Current savings account interest rates

18 of 170 results

Finder Score	Maximum interest rate	Base interest rate	Max rate type & duration	Monthly max rate conditions
Finder score 9.5 Excellent AMP Bank GO Save	Finder score 9.5 Excellent	Maximum Variable Rate p.a. 4.25%	Standard Variable Rate p.a. 4.25%	Intro/Ongoing Ongoing rate (conditions apply)	Balance $0 to $250,000	Go to site More info Compare product selectionCompare	loading
Finder score 9.1 Excellent Rabobank High Interest Savings Account	Finder score 9.1 Excellent	Maximum Variable Rate p.a. 5.00%	Standard Variable Rate p.a. 3.45%	Intro/Ongoing 4 month intro rate	Balance $0 to $250,000	Earn a high interest rate of 5.00% p.a. for the first 4 months and then 3.45% p.a. thereafter, with $0 account keeping fees and no monthly balance requirements.	Go to site More info Compare product selectionCompare	loading
Finder score 9.5 Excellent Bankwest Easy Saver	Finder score 9.5 Excellent	Maximum Variable Rate p.a. 4.80%	Standard Variable Rate p.a. 4.00%	Intro/Ongoing 4 month intro rate	Balance $0 to $250,000	Go to site More info Compare product selectionCompare	loading
Finder score 9.5 Excellent ING Savings Accelerator Most Loved	Finder score 9.5 Excellent	Maximum Variable Rate p.a. 5.00%	Standard Variable Rate p.a. 3.95%	Intro/Ongoing 4 month intro rate	Welcome rate applies to balances $150,000 - $500,000 Ongoing rate applies to balances $150,000 - $5 million	Ideal for higher balances, savers can earn up to 5% for the first 4 months and up to 3.95% thereafter. There are no conditions and $0 account-keeping fees.	Go to site More info Compare product selectionCompare	loading
Finder score 9.1 Excellent ING Savings Maximiser Most Loved	Finder score 9.1 Excellent	Maximum Variable Rate p.a. 4.75%	Standard Variable Rate p.a. 0.01%	Intro/Ongoing Ongoing rate (conditions apply)	Deposit $1,000 5 transactions Grow your balance Balances up to $100,000	Welcome bonus: Get $100 when you open a new Orange Everyday and Savings Maximiser account with code OE100JOIN and deposit $1000, plus make 5 debit purchases by 31 January 2026. T&Cs apply.	Go to site More info Compare product selectionCompare	loading
Finder score 8.7 Great Suncorp Bank Growth Saver Account	Finder score 8.7 Great	Maximum Variable Rate p.a. 4.30%	Standard Variable Rate p.a. 0.05%	Intro/Ongoing Ongoing rate (conditions apply)	Grow balance by $200 each month (excl. interest) Only 1 withdrawal No balance limit on earning interest	Get a solid interest rate on your entire balance, with minimal conditions in order to get the max rate. This account doesn’t offer card access but you can make 1 withdrawal per month & grow your net balance by $200 (excl. interest) to earn the max rate.	Go to site More info Compare product selectionCompare	loading
Finder score 8.7 Great IMB Reward Saver Kick Start	Finder score 8.7 Great	Maximum Variable Rate p.a. 4.75%	Standard Variable Rate p.a. 0.00%	Intro/Ongoing Ongoing rate (conditions apply)	Balances $0 to $100,000 Deposit $20+ each month No withdrawals	You can open this account if you are aged 13 to 17, or if you're a student, trainee or apprentice aged 18 to 30.	Go to site More info Compare product selectionCompare	loading
Finder score 9.1 Excellent Ubank Save Account Finder Award	Finder score 9.1 Excellent	Maximum Variable Rate p.a. 5.10%	Standard Variable Rate p.a. 0.00%	Intro/Ongoing 4 month intro rate	Balance $0 to $1,000,000 Have a Spend account Grow balance by $1 or more (excl. interest)	5.1% p.a. welcome bonus rate for new customers for the first 4 months, then an ongoing bonus rate of 4.35% p.a. when you hold a Ubank Spend accout and grow your Save balance by at least $1 (excluding interest) each month.	Go to site More info Compare product selectionCompare	loading
Finder score 8.2 Great Newcastle Permanent Smart Saver Account	Finder score 8.2 Great	Maximum Variable Rate p.a. 3.75%	Standard Variable Rate p.a. 0.05%	Intro/Ongoing Ongoing rate (conditions apply)	Grow balance No more than 2 withdrawals	Go to site More info Compare product selectionCompare	loading
Finder score 8.6 Great Regional Australia Bank Savings Booster Account	Finder score 8.6 Great	Maximum Variable Rate p.a. 4.25%	Standard Variable Rate p.a. 0.00%	Intro/Ongoing Ongoing rate (conditions apply)	Balance up to $250,000 Deposit $100 each month No withdrawals	Go to site More info Compare product selectionCompare	loading
Finder score 9.5 Excellent BCU Bank Power Saver	Finder score 9.5 Excellent	Maximum Variable Rate p.a. 4.35%	Standard Variable Rate p.a. 0.50%	Intro/Ongoing Ongoing rate (conditions apply)	Deposit $100 Balances up to $250,000	Go to site More info Compare product selectionCompare	loading
Finder score 9.2 Excellent BCU Bank Boss Saver	Finder score 9.2 Excellent	Maximum Variable Rate p.a. 4.65%	Standard Variable Rate p.a. 0.20%	Intro/Ongoing Ongoing rate (conditions apply)	Balance $0 to $100,000 Deposit $500 5 Access Account debit card purchases	Earn an ongoing 4.65% p.a. when you deposit $500 per month and make 5+ card payments from your BCU Bank Access Account each month. You can make withdrawals and still earn bonus interest.	Go to site More info Compare product selectionCompare	loading
Finder score 8.9 Great P&N Bank Savvy Saver	Finder score 8.9 Great	Maximum Variable Rate p.a. 4.65%	Standard Variable Rate p.a. 0.20%	Intro/Ongoing Ongoing rate (conditions apply)	Balance under $100,000 Deposit $500 5 Access Account debit card purchases	Get 4.65% p.a. ongoing when you deposit $500 and make 5 debit card purchases per month. Make withdrawals and still earn bonus interest.	Go to site More info Compare product selectionCompare	loading
Finder score 7.2 Great BCU Bank Bonus Saver	Finder score 7.2 Great	Maximum Variable Rate p.a. 4.25%	Standard Variable Rate p.a. 0.05%	Intro/Ongoing 4 month intro rate		Go to site More info Compare product selectionCompare	loading
Finder score 8.7 Great Westpac Life (18-34 year olds only)	Finder score 8.7 Great	Maximum Variable Rate p.a. 5.00%	Standard Variable Rate p.a. 0.10%	Intro/Ongoing Ongoing rate (conditions apply)	Make a deposit Grow your balance 20 debit card purchases Balances up to $30,000	Go to site More info Compare product selectionCompare	loading
Finder score 7.2 Great P&N Bank Hi Saver Account	Finder score 7.2 Great	Maximum Variable Rate p.a. 4.25%	Standard Variable Rate p.a. 0.05%	Intro/Ongoing 4 month intro rate		Go to site More info Compare product selectionCompare	loading
Finder score 9 Excellent St.George Incentive Saver	Finder score 9 Excellent	Maximum Variable Rate p.a. 4.40%	Standard Variable Rate p.a. 0.10%	Intro/Ongoing Ongoing rate (conditions apply)	Balance up to $249,999.99 Grow balance by at least $50 ($0.01 if under 21)	Go to site More info Compare product selectionCompare	loading
Finder score 8.9 Great P&N Bank Smart Saver Account	Finder score 8.9 Great	Maximum Variable Rate p.a. 4.45%	Standard Variable Rate p.a. 0.50%	Intro/Ongoing Ongoing rate (conditions apply)	Deposit $100 No withdrawals Balance up to $250,000	Go to site More info Compare product selectionCompare	loading

Showing 18 of 18 results

How the Finder Score helps you find a better savings account

The Finder Score is a simple score out of 10. The higher a savings account's score, the better we think it is for the average customer.

We score each savings account in our database of hundreds based on a data-driven methodology with 2 main criteria: Does the account offer a high interest rate? And is it easy for savers to actually earn that rate?

Read the full breakdown

Frequently asked questions

Sources

Thank you for your feedback!

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

Editorial Manager, Money

Alison is an editor at Finder and a personal finance journalist with over 10 years of experience, having contributed to major financial institutions and publications such as Westpac, Money Magazine, and Yahoo Finance. She is frequently quoted in media outlets like SmartCompany and SBS, offering expert insights on superannuation and money management. Alison holds a Bachelor of Communications in Public Relations and Journalism from the University of Newcastle, and has earned three ASIC RG146 certifications in superannuation, securities and managed investments and general financial advice, ensuring her expertise is fully aligned with ASIC standards. See full bio

Alison's expertise

Alison has written 660 Finder guides across topics including:

Superannuation
Savings accounts, bank accounts and term deposits
Budgeting and money-saving hacks
Managing the cost of living

More resources on Finder

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10 Responses

BonnieFebruary 4, 2025

I want to dump 100,000 into a bank account and not have to do anything like deposit or withdrawal so pretty much set and it and forget it and let it build as much money as possible without having to do anything. What type of account is this and which bank has the best return for 5 years..and how much money can I expect my account to grow by each year?

Finder

SarahFebruary 4, 2025Finder

Hi Bonnie,

Most high interest savings accounts have at least one condition of making a deposit, or making a deposit of a minimum amount each month, but you can satisfy this condition by setting up a direct debit, so you can ‘set and forget’. For instance, the Suncorp Bank Growth Saver Account pays interest of 5.05% provided you grow your balance by at least $200 per month (and make no withdrawals). You review a number of options that might suit your needs here.

Keep in mind that interest rates will change regularly, especially as the RBA is expected to lower rates over the next 12-18 months – economists predict rates to come down by 1-1.5% in that period. If you wish to lock in a higher rate now for that period, you could look at a long-term term deposit for 5 years. There are no conditions so you can set and forget, although you can’t access this money for any reason during that period (if you do, penalty fees and lost interest will apply).

Hope this helps!

AdrianJuly 17, 2019

Looking for a high interest savings account.

Finder

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

ElizbethOctober 27, 2018

What is my credit score ?

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

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

Finder

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

JimPApril 20, 2017

History of Banks term Deposit Interest Rate since 1992?

Finder

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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