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

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 - 11 of 180
Finder Score Maximum Variable Rate p.a. Base interest rate Intro/Ongoing Government Guarantee Monthly Max Rate Conditions
Rabobank logo
Finder score
Maximum Variable Rate p.a.
5.60%
Standard Variable Rate p.a.
4.35%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Balances up to $250,000
Go to siteView details
Earn a high interest rate of 5.6% for the first 4 months and then 4.35% thereafter, with $0 account keeping fees and no monthly balance requirements.
ING logo
Finder score
Maximum Variable Rate p.a.
5.40%
Standard Variable Rate p.a.
4.70%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Welcome rate applies up to $500K
Go to siteView details
Ideal for higher balances, savers can earn up to 5.4% for the first 4 months and up to 4.7% thereafter. There are no conditions and $0 account-keeping fees.
Westpac logo
Finder score
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
1.85%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Make a deposit
  • Grow your balance
  • Keep the balance above $0 at all times
Go to siteView details
Suncorp Bank logo
Finder score
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 (excl. interest)
  • Only 1 withdrawal
  • No balance limit on earning interest
Go to siteView details
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.
Macquarie Bank logo
Finder score
Maximum Variable Rate p.a.
5.35%
Standard Variable Rate p.a.
5.00%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Balances up to $250,000
Go to siteView details
Westpac logo
Finder score
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
2.00%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Make a deposit
  • Grow balance
  • Keep balance above $0
Go to siteView details
Newcastle Permanent logo
Finder score
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
Go to siteView details
ING logo
Finder score
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
  • Grow your balance
  • Balances up to $100,000
Go to siteView details
Westpac logo
Finder score
Maximum Variable Rate p.a.
5.20%
Standard Variable Rate p.a.
1.85%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Make a deposit
  • Grow your balance
  • 5 debit card purchases
  • Balances up to $30,000
Go to siteView details
St.George Bank logo
Finder score
Maximum Variable Rate p.a.
5.25%
Standard Variable Rate p.a.
1.85%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Grow balance $50 ($0.01 if under 21)
  • Balance up to $249,999.99
Go to siteView details
Extra 0.10% p.a. for 3 months for new customers who apply online, balances under $250k. Kids may be eligible for $30 bonus (until 28/02/2025, T&Cs apply)
P&N Bank Savvy Saver
P&N Bank logo
Finder score
Maximum Variable Rate p.a.
5.10%
Standard Variable Rate p.a.
0.55%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $500
  • 5 Access Account debit card purchases
  • Balance under $100,000
Go to siteView details
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Showing 11 of 11 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 Finder Score breakdown

Frequently asked questions

Why you can trust Finder's banking experts

freeYou pay nothing. Finder is free to use. And you pay the same as going direct. No markups, no hidden fees. Guaranteed.
expert adviceYou save time. We spend 100s of hours researching bank accounts so you can sort the gold from the junk faster.
independentYou compare more. Our comparison tools bring you more banking products from across the market.
Richard Whitten's headshot
Karen Eley's headshot
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.
Alison Banney's headshot
Written by

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 630 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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10 Responses

    Default Gravatar
    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?

      AvatarFinder
      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!

    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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