Savings Account Goal Calculator

The seemingly endless savings account options can be confusing and if you are wondering how they relate to real savings on your money then you need to get to know our savings account calculator. You can choose any configuration of deposits, interest rates, savings goals and starting amounts to see how your savings plan will pan out, or see how much you need to set aside each week to reach your savings goal.

What to Put Into a Savings Account Calculator

So, now you have the savings account calculator tool, what do you do with it, you need to know the importance and relevance of each variable you choose, and you’ll know everything you need to know about savings accounts.

Featured Savings Account

The UBank USaver offers one of the best interest rates on the market and a range of features to help you reach your savings goals faster. Enjoy zero fees and interest calculated daily and paid monthly.

• Maximum Rate: 6.01%
• Standard Variable Rate: 5.41%
• Bonus Rate: 0.60%
• Monthly Account Fees: $0
• Minimum Balance: $0
• Minimum Deposit: $0

Read the UBank USaver terms and conditions

Comparison of Top Savings Accounts

Savings Account	Account Details	Maximum Variable Rate p.a.	Standard Variable Rate p.a.	Bonus Interest p.a.	Fees	Min Balance/Min Deposit
UBank USaver	The UBank USaver is one of the most continually competitive savings accounts.	6.01%	5.41%	0.60%	$0	$0 / $0
Virgin Saver Account	Enjoy a high introductory rate on accounts up to $250,000.	5.85%	4.65%	1.20%	$0	$0 / $0
Citibank Online Saver	One of the highest intro rates on the market! Take advantage of this offer now.	5.80%	4.75%	1.05%	$0	$0 / $0
ANZ Online Saver	Access your funds 24/7, no minimum balance and earn a high rate.	6.00%	4.25%	1.75%	$0	$0 / $0
Easy Street Bonus Saver Account	Enjoy zero fees and the ability to make unlimited deposits.	5.61%	0.01%	5.60%	$0	$0 / $0
St.George Direct Saver	Enjoy this amazing rate from one of Australias number one banks.	5.75%	4.50%	1.25%	$$0	$0 / $0
NAB iSaver	Open a savings account with one of Australias biggest banks.	5.50%	4.15%	1.35%	$0	$0 / $0

How to Choose Savings Account Calculations:

• Choose a savings target. This doesn’t have to be a specific number, but you do need to make sure you know why you are saving. The reason for your savings is important to help you decide which is the best savings account for you, and having a clear goal can also keep your on track, this is also why many high interest savings accounts will let you name your account things like Holiday or Wedding or House Deposit to keep you motivated and inspired to save.
• Make a budget to see what you can save. There is no point in setting a savings goal you can’t reach because you just don’t have enough spare cash at the end of each week to contribute the funds to your savings, it is not productive to have an unrealistic goal as you are easily discouraged and are more likely to just give up on savings all together. Instead, work out how much you can comfortably contribute to your savings each week, and in the weeks when you have a little spare cash left over, you can add that as a bonus, but for the rest of the time you can keep your savings comfortably on track.
• Choose an interest rate. The interest rate is another way to give your savings a bonus and choosing the best interest rate can see you fulfilling your dream a lot faster. Make sure the interest rate you are entering into the savings account calculator is a realistic one too because you may be entering a bank’s promotional rate which could expire before you reach your savings goal and reverts to a lower rate, extending your savings plan.
• Do you have a starting amount? If you already have some savings, even if it is only a couple of hundred dollars, starting your savings account with a balance of savings can give your goal a boost. High interest savings accounts calculate interest daily, and then compound that interest throughout the month, so even before you’ve made your first scheduled deposit you can be earning interest from your opening balance.

What to Get Out of a Savings Account Calculator

So now you’ve played around with the figures and made some calculations on your savings and the effects different deposits, account choices and interest rates can have, what do you do with all that information?

What the savings account calculations mean:

• Will you exceed your savings goal? The savings account calculator may have revealed that with the amount you can spare each week and the interest rates you’re eligible for, you will reach your savings goal in half the time you expected, therefore you may decide to open two high interest savings accounts to create an emergency fund and a dream purchase fund.
• Will you meet your savings goal? You may have found that the savings goal you entered into the calculator was out of reach with the contributions you could make, and the interest rates offered on your chosen savings account. Therefore, you may consider a term deposit investment which offers a higher interest rate which you can compare here, or perhaps you need to readjust your budget to be able to save more towards your goal.
• Do you need to contribute more often? If you found you would reach your savings goal faster if you make more regular contributions this is because you will benefit from compounding interest and perhaps you need to choose a savings account which rewards you for regular contributions, or which allows you to set up an automated transfer.
• Do you need all the bonus interest you can get? Then perhaps you need to consider a savings account which rewards you with bonus interest when you don’t make a withdrawal, put that higher interest rate into the savings account calculator and see how much faster you reach your goal. So can you exercise enough control to not make any withdrawals?

You don’t need to be a financial planner to start planning your financial future because no one knows your money needs and habits better than you do. Therefore, start with our calculator tools and use our savings account and term deposit comparison tables to see which option best suits your needs.

What Can A Calculator Like This Do For Me?

Restructuring your life by saving one penny at a time may sound like a monumental task until you use a calculator to figure your interest with regular deposit amounts and have a fixed salary in mind. If you do, then you can see ahead of time what your savings will look like in the long-term. This can make it easy to discover where you could be earning without even doing anything. Having your money earn you passive income is a great idea. Setting aside money for the future is easier than ever because you have a tool that can be a source of inspiration for the goals you’ll reach if you just keep saving.

The calculator should suggest the following for input:

• Starting deposit amount, which is at $5,000 in the example herein provided
• Regular deposit, which is at $1,000 as an example provided here
• Deposit frequency, which is weekly as a good example
• Interest rate, which is 6.25% as an example
• Savings term of 3 years, as an example

These figures will output a balance of $177,501.05. The amount you would have deposited is $161,000, and the interest earned was $16,501.05. The table will also output results in a way that is easier to see by breaking it down year by year and showing you what you’ve deposited, earned, and interest each year.

Tell Me More About This Little Bank Interest Calculator

This little calculator will compute the total amount in a savings account after the regular deposit rate has been set, and having the parameters that were entered by the user like the initial amount, deposit amount, the savings term, and the interest rate.

The Calculator Makes Several Assumptions

The calculator makes several assumptions like the fact that all months have the same length. However, many savings account accrue money differently, and there are a varying number of days’ interest accumulated. One year is also specified as containing 52 weeks total, but that is not actually precise. Sometimes, years have 365 or 366 days, as opposed to the 364 that the calculator uses to compute its output results.

All About Rounding

The calculator also makes some rounding decisions. For instance, the repayment frequency options are rounded down the lower month, and so the results come out a bit modest. Furthermore, it rounds the total accumulation, as well as the interest, to the nearer cent. The accuracy of these amounts is a factor of the rounding protocols used in certain amounts of interest that is credited into the account.