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Savings interest rate calculator: How much interest can you earn?

How fast can your savings grow with regular deposits? Find out how much interest you can earn with RateCity's Savings Account Calculator.

Sally Tindall avatar
Sally Tindall
Research Director
Content updated
Product data updated05 Jul, 2025
Fact Checked

Important disclosure

$
%
$

The result provided is an estimate only. Please read our for more information.

Your savings at the end of the term would be

Total interest earned

$0

Based on your details, you can compare the following savings accounts

Promoted

ubank

High Interest Save Account

Real Time Rating™
  • Bonus interest with conditions
  • Online banking
  • Linked account required

*Deposit $500+ a month into your Ubank account (external deposits only). Highest rate applies on first $100K. TMDs at ubank.com.au/tmd

Maximum rate

5.50%*

p.a

Base rate

Not Applicable

variable

More detailsmore-details

Promoted

ING

Savings Accelerator (Kick Starter offer)

Real Time Rating™
  • Intro offer rate
  • App banking
  • Online banking
  • Linked account required
Maximum rate

3.55%

p.a

intro 4 months then 2.85%

Base rate

2.85%

p.a

More detailsmore-details

Product data updated on 5 Jul 2025

Provider
Maximum rate condition
Compare

5.50%*

Not Applicable

variable

*Deposit $500+ a month into your Ubank account ...
High Interest Save Account
  • Bonus interest with conditions
  • Online banking
  • Linked account required
More detailsmore-details

3.55%

2.85%

Not applicable
Savings Accelerator (Kick Starter offer)
  • Intro offer rate
  • App banking
  • Online banking
  • Linked account required
More detailsmore-details

4.25%*

0.01%

*Make a single deposit of $10 or more and no wi...
Progress Saver
  • Bonus interest with conditions
  • App banking
  • Online banking

3.65%

1.40%

Not applicable
Online Saver
  • Intro offer rate
  • App banking
  • Online banking
  • Linked account required

4.90%*

0.40%

*The closing account balance must be higher tha...
GoalSaver
  • Bonus interest with conditions
  • App banking
  • Online banking

5.00%*

2.60%

variable

*Grow your balance (excluding interest and bank...
Youthsaver Account
  • Bonus interest with conditions
  • App banking
  • Online banking

What is a savings calculator?

A savings calculator is an online tool that estimates how fast your savings could grow in a saver account.

To use our interest calculator, all you have to do is enter the following information: 

  • Your initial deposit amount.
  • Your regular savings, or the amount you plan to deposit each month.
  • Total savings term, or the period for which you plan to keep the money in the account.

Based on the information you enter, the calculator will then estimate: 

  • How much you could earn in interest each month.
  • How much you could earn in total after your selected time period has passed.
  • Your estimated final balance.

The great thing about a savings calculator is that you can compare different scenarios and see how your savings could be affected by different deposit sizes and saving periods.

Note that this calculator is designed to help you work out the total interest you could earn on your savings in a specified period. It is not intended to be relied upon for making any decision regarding a financial product. It's advisable to carry out independent research to find a financial product that suits your needs or seek financial advice from a licensed expert instead of solely relying on the results obtained through this calculator.

What's the difference between a savings account and a transaction account?

Most savings accounts let you earn interest on the money you deposit and slowly grow your wealth. A transaction account simply gives you easy access to your funds for everyday spending, such as through online banking or via a debit card.

How is interest calculated on savings?

The deposits in your savings account generally earn interest at a compounded rate. It means you earn interest on your initial deposit amount and your interest income. 

Simply put, the interest you earn is added to your account balance, and each time interest is calculated, it is done so on the larger amount – so that you earn more interest each time. 

This is different from simple interest, where you only earn interest on the initial amount invested by you. Given the same principal and interest rate, compound interest will grow your deposit faster than simple interest. 

Here’s an example to help you understand this better. Imagine you invested $1,000 in a fund that provided a return of five per cent per annum (compounded monthly). If you take out the profits as soon as possible, you’ll pocket $50 of interest every year. However, if you reinvested the profits, you’ll earn interest on interest, increasing your deposit at a faster pace. 

Year Interest Investment 
 0N/A $1,000
 1$51.16$1,051.16
 2$53.78$1,104.94
 3$56.53$1,161.47
 4$59.42$1,220.90
5$62.46$1,283.36

So, by the fifth year, your annual interest would have risen from $51.16 to $62.46 – an increase of 22 per cent. 

A simple way to calculate compound interest is to use the following formula:

A = P * (1+r) ^n

Where:

  • A = ending amount
  • P = principal
  • R = rate of interest
  • N = number of periods 

An even simpler way could be to use this savings calculator to find out the total interest you’ll earn on your initial deposit over a specified period. The calculator also helps you calculate the impact of regular savings on your deposit.

Why use a savings account calculator?

Calculators may help you discover an accurate figure regarding how much you’ll save over a given period, making it easier to compare savings accounts with different interest rates. However, it’s worth remembering that a calculator is a mathematical tool, and your results will be only as accurate as the information you feed into it. To get more accurate results, it could be helpful to use a budget planner to work out your monthly savings before using that figure to calculate the interest you’ll earn over time.

Savings Options

Term deposit

If you have a specific savings goal you're trying to reach and know that you may be tempted to dip into your savings account from time to time, you could consider locking away your money in a term deposit account for a few months or years and earn interest on it. 

A term deposit is where you agree to deposit money in an account that cannot be touched without penalty for a fixed length of time, and earn interest on your savings over this term. 

The more money you deposit, and the longer the savings term you choose, the higher the interest rate you may enjoy. You can't easily access your savings until the end of your term, which could help you make progress towards your savings goal. Consider checking out our term deposit calculator to work out how much interest you could potentially earn.

Superannuation

If you are looking for a savings plan for your retirement, consider checking the status of your superannuation fund. Consolidating your super and selecting one fund with fees, charges, and investment options that suit your needs can help make a big difference to your future lifestyle. Making extra superannuation deposits can help to further build this balance.

Fact Checked

This article was reviewed by Personal Finance Editor Alex Ritchie before it was published as part of RateCity's Fact Check process.

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