Savings Calculator for Australia
Project your savings growth over time with monthly contributions and interest.
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 Savings 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 Savings Calculator
- 1
Use the total rate you will actually earn, including bonus interest only if you expect to meet the conditions every month.
- 2
Enter your current savings balance.
- 3
Add how much you can save each month.
- 4
Enter the annual interest rate from your savings account and the number of years.
- 5
Review the final balance, total deposits and interest earned.
Best use cases
Work out how long it takes to build a three- or six-month emergency fund.
Compare what a high-yield savings account earns against your current rate.
Plan monthly deposits toward a house deposit or a car.
Show a teenager how small monthly savings grow over ten or twenty years.
Savings 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 savings 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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