Savings Accounts Calculator
Investment Details
Your Results
- Total deposits
- $5,001
- Total Interest Earned
- $1,417
- Tax paid on interest
- 30%
- Final balance
- $6,418
All results are estimates. RateCity's terms of use apply to your use of this calculator.
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Welcome to RateCity's Savings Account section.
If you’re planning to save for a holiday, car or even a deposit for your first home our easy-to-use Savings Calculator will help you to work out how much you need to put away to reach your goals.
Use our savings calculator to calculate the interest earned on your deposits, the time it takes to reach your target as well as the amount of tax you’ll have to pay on your interest earnings.
Here are some points to consider to set up a practical savings goal:
• Additional deposits – If you have a regular income having this automatically deposited into your savings account can help to grow your interest. Most accounts have this as a standard feature and there are generally no additional fees involved.
• Savings frequency – If you’re struggling to save, making small regular deposits into your account can be a great way to start. Our savings account calculator allows you to choose the frequency of your deposit (weekly, fortnightly or monthly) as well as the deposit amount. Start with monthly investments or see how you can increase the frequency of your deposits to earn extra interest.
Get some fast answers today with RateCity’s Savings Account Calculator.
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Savings Accounts Guide
RateCity's Savings Accounts Guide provides you with hints and information to help you with your decision when comparing and chosing a savings account. Whether you have a savings goal that you want to reach or if you want to earn more interest than you are currently, we provide the most up-to-date information to help you get there. RateCity will show you how to choose the best savings account to suit your needs and assist you in reaching your goals. Making money has never been so easy!
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Savings Account Articles
If you need help understanding what an everyday online savings account is or what a cash management account is, then you should head to our articles section. The team at RateCity have a range of easy to understand definitions to make you an expert in next to no time. Start learning from the list below.
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Online Savings Accounts
When you are deciding between the vast varieties of online savings accounts available, you need to be aware of the different types and restrictions that come with them. Online savings accounts don’t suit everyone because they are designed to help you save by depositing money over a period of time. If you have a lump sum of money – such as an inheritance or a bonus – you may be better off with a different investment option such as a term deposit account. But if you are looking for a savings account that will encourage you to build up your savings for a particular goal then an online savings account with a high interest rate might be your best shot. This is because many online savings accounts come with certain rules that you need to follow in order to receive the high interest rate. These include things like you must deposit a certain amount of money each month, set up an automatic savings plan where money is deposited automatically from your linked transaction account, or you have a limited amount and number of withdrawals available per month.
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Latest Savings Account News
When saving too much is a bad thing
Feb 09, 2012You may have heard the advice, "the more you save, the more you earn", but is that necessarily true? Can putting too much into your savings account be a bad thing?
How to avoid the trap of living pay-b...
Dec 21, 2011For some it seems that as soon as we receive our pay it isn't long before we see our bank balance rapidly decline and we can't wait for our next payday to come. But if you look at where your money ...
Get back in the black this party season
Dec 15, 2011We are well and truly into summer and fast approaching the party season. With the endless Christmas parties and New Year's Eve, these are undoubtedly the year's busiest months on the social calendar.
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Latest Savings Account News
Say goodbye to debt: six tips for a c...
Nov 07, 2011For most of us, our mortgage is the biggest debt we'll carry through much of our adult life. But debt comes in all shapes and sizes – furniture or appliances bought on interest-free loans, mounting...
Hate paying fees? Here's how to avoid...
Oct 25, 2011Bank fees are one of the certainties of life. They come under various names and guises, across pretty much every aspect of banking, so it's no wonder Aussies often cite fees as the primary reason f...
A parent’s guide to raising savers no...
Sep 28, 2011Our money habits begin young. Learning the value of saving at a young age can help children grow into regular savers as adults. But instilling a savings mentality into your children isn’t always ea...
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Latest Savings Account News
Popping the savings bubble
Sep 20, 2011Australians have weathered the global financial crisis, rising interest rates, and staggering debts over the past few years and despite this, frugal savers have come out of winter with more savings...
Savings goals and how to kick them
Aug 31, 2011With almost $500 billion in our collective bank accounts, according to Australian Prudential Regulation Authority, Australians are serious savers.
Fancy a discount on your taxable income?
Jul 25, 2011Saving money may soon become easier if a proposed Federal tax incentive gets the green light. It’s a timely initiative for Australians, which are saving more of their income now than in the past 24...