Savings, budgets and cards
Savings Calculator
Start with what you have, add a regular amount, and see what it grows to with interest.
- Cost
- Free
- Your figures
- Stay in your browser
- Method
- Set out below
Deposit frequency
Balance after 10 years
$83,434
$5,000 to start, plus 120 monthly deposits of $500.
- Total deposited
- $65,000
- Interest earned
- $18,434
Estimate only, based on the figures entered and the assumptions listed below. It is not a quote, an offer of credit or personal advice.
Deposits and interest, year by year
The balance at the end of each year, split into what you have put in, including the opening balance, and the interest earned so far.
- Deposits
- Interest
The last column totals $83,434.
Show the figures as a tableHide the table
| Point | Deposits | Interest | Total |
|---|---|---|---|
| Year 1 | $11,000 | $355 | $11,355 |
| Year 2 | $17,000 | $1,002 | $18,002 |
| Year 3 | $23,000 | $1,954 | $24,954 |
| Year 4 | $29,000 | $3,226 | $32,226 |
| Year 5 | $35,000 | $4,832 | $39,832 |
| Year 6 | $41,000 | $6,787 | $47,787 |
| Year 7 | $47,000 | $9,108 | $56,108 |
| Year 8 | $53,000 | $11,810 | $64,810 |
| Year 9 | $59,000 | $14,913 | $73,913 |
| Year 10 | $65,000 | $18,434 | $83,434 |
How this calculator works
Interest is earned on interest as well as on your deposits, so the balance grows faster each year. The chart separates what you put in from what the interest added.
For a target amount or date, the savings goal calculators work the same sums backwards.
Assumptions
- Interest compounds at the deposit frequency and deposits are made at the end of each period. A year is taken as 52 weeks or 26 fortnights.
- The rate stays the same for the whole term.
- Account fees and tax on interest are not included.
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