When are deposits added?

At the end of each deposit period, after that period’s interest is worked out, so a deposit starts earning in the next period. With quarterly or annual compounding, deposits made between credits earn simple interest until the next credit.

Does compounding frequency make a big difference?

Less than the rate or the deposit amount. At 5% a year, monthly compounding lifts the effective annual rate from 5.00% to about 5.12%. A higher deposit or rate moves the result much more.

What rate should I use for shares or ETFs?

Shares and ETFs do not pay a fixed rate. Returns vary from year to year and can be negative, so a fixed-rate projection is an illustration only. Pick a conservative assumption and read the result as one possible outcome, not a forecast.

How is this different from the super calculator?

The super calculator works with annual contributions after contributions tax and a return after fees. Use it for super, and this calculator for savings accounts, term deposits and money invested outside super.

Savings calculator

Savings growth from interest and regular deposits

Start with a balance, add a regular deposit, and set the interest rate and how often it compounds. The year-by-year schedule splits the final balance into what you paid in and what interest added, and shows when you reach a savings target.

Interactive compound interest calculator

Project a savings balance from a starting amount and a regular deposit, and see how much of the result is interest.

Your savings

Starting balance (AUD)

Regular deposit (AUD)

Deposit every

Interest rate (% p.a.)

Compounds

Years to project

Savings target (AUD, optional)

Leave blank to skip. Shows how long your current deposit takes to get there.

Balance after 10 years

$91,269

$91,269, of which $21,269 is interest (23%).

Starting balance

$10,000

Your deposits

$60,000

$500 a month

Interest earned

$21,269

Compounding monthly at 4.5%

Savings target

At $500 a month, you reach $50,000 in 5 yrs 6 mo.

Growth by year

Interest earnedStarting balance and depositsTarget

Year-by-year breakdown

AUD, rounded to whole dollars. Year 0 is your starting balance.
Year	Deposits	Interest	Total interest	Balance
0	$0	$0	$0	$10,000
1	$6,000	$585	$585	$16,585
2	$6,000	$887	$1,472	$23,472
3	$6,000	$1,204	$2,676	$30,676
4	$6,000	$1,535	$4,210	$38,210
5	$6,000	$1,881	$6,091	$46,091
6	$6,000	$2,243	$8,333	$54,333
7	$6,000	$2,621	$10,955	$62,955
8	$6,000	$3,017	$13,972	$71,972
9	$6,000	$3,432	$17,404	$81,404
10	$6,000	$3,865	$21,269	$91,269

Uses your target, or the projected balance if you did not set one.

Estimate only. The rate stays fixed, deposits land at the end of each period, and interest is credited at the end of each compounding period. Figures are before tax on interest and in future dollars, with no allowance for inflation or fees. General information, not advice.

Monthly, quarterly or annual compounding

Weekly, fortnightly, monthly or annual deposits

Time to reach a savings target at your current deposit

Match the compounding to your account

Australian bank savings accounts generally work out interest on the daily balance and pay it monthly, so monthly compounding is the closest match. Some high-interest accounts pay their bonus rate only in months where you meet conditions such as a minimum deposit or no withdrawals, so enter the rate you expect to earn in a typical month. Term deposit interest only compounds if it is added back to the deposit at rollover.

Why the interest share grows each year

In the first few years most of the balance is money you paid in. Interest is worked out on the whole balance, past interest included, so each year adds more than the year before and the interest band on the chart widens. For a rough check, use the rule of 72: at 6% a year, money doubles on interest alone in about 12 years (72 ÷ 6).

Before tax and before inflation

Interest on savings is assessable income taxed at your marginal rate, and this calculator shows the balance before that tax. It is also in future dollars. The RBA targets inflation of 2–3% a year, so subtracting an inflation assumption from the rate gives a rough figure in today’s dollars. If the savings sit beside a home loan, an offset account can come out ahead because the interest it saves is not taxed.

Frequently asked questions

When are deposits added?: At the end of each deposit period, after that period’s interest is worked out, so a deposit starts earning in the next period. With quarterly or annual compounding, deposits made between credits earn simple interest until the next credit.
Does compounding frequency make a big difference?: Less than the rate or the deposit amount. At 5% a year, monthly compounding lifts the effective annual rate from 5.00% to about 5.12%. A higher deposit or rate moves the result much more.
What rate should I use for shares or ETFs?: Shares and ETFs do not pay a fixed rate. Returns vary from year to year and can be negative, so a fixed-rate projection is an illustration only. Pick a conservative assumption and read the result as one possible outcome, not a forecast.
How is this different from the super calculator?: The super calculator works with annual contributions after contributions tax and a return after fees. Use it for super, and this calculator for savings accounts, term deposits and money invested outside super.

Explore related tools and workflows

View all tools

Receipt scanner

Receipt Scanner

Scan receipts, review extracted line items, and turn paper purchases into organized expense records with attached tax evidence.

Statement import

Statement Import

Import PDF and CSV bank statements, detect duplicate transactions, and categorize spending without rebuilding your ledger by hand.

Household budgeting

Household Budgeting

Track shared household expenses, split costs proportionally or equally, and keep family or partner spending visible in one workspace.