Interest Calculator for Australia
Calculate both Simple and Compound interest on your savings or loans.
Region: Australia (AUD)
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Quick Tip
Use the total rate you will actually earn, including bonus interest only if you expect to meet the conditions every month.
About This Tool
Why use Interest Calculator?
Australian banks quote savings rates per annum, and many high-interest accounts pay a bonus rate only if you meet monthly conditions such as depositing a set amount and making no withdrawals. Term deposits lock in a fixed rate for a chosen period.
Deposits with authorised deposit-taking institutions (ADIs) are protected by the Financial Claims Scheme up to $250,000 per account holder per ADI. For retirement, superannuation receives compulsory employer contributions and concessional tax treatment, so long-term growth there can outpace a regular savings account.
Key Benefits
Bonus rate planning
Compare base and bonus rates to see what meeting the conditions is worth.
Term deposit comparison
Compare a fixed term deposit rate with a high-interest savings account.
Regular deposits
Add monthly deposits to see how steady saving builds a balance.
How to use Interest Calculator
- 1
Use the total rate you will actually earn, including bonus interest only if you expect to meet the conditions every month.
- 2
Choose simple or compound interest.
- 3
Enter the principal amount.
- 4
Add the annual interest rate and the time period.
- 5
Compare the interest earned and the final amount.
Best use cases
Check the return on a fixed deposit or certificate of deposit before you lock money in.
See why compound interest overtakes simple interest on longer terms.
Verify the interest on a simple-interest personal or family loan.
Work through simple and compound interest homework with an instant check.
Interest Calculator FAQs
Are Australian savings accounts guaranteed?
Deposits with authorised deposit-taking institutions are protected by the Financial Claims Scheme up to $250,000 per account holder per ADI.
What is a bonus saver account?
It pays a low base rate plus a bonus rate in months when you meet conditions, such as a minimum deposit or no withdrawals. Miss the condition and you earn only the base rate for that month.
Is interest on savings taxed in Australia?
Yes. Interest is assessable income and taxed at your marginal rate. Earnings inside superannuation are taxed at concessional rates.
Which currency does this interest calculator use?
Amounts are shown in Australian Dollars (AUD). The formulas are the same everywhere, so you can switch to another country version if you need a different currency.
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