RateCity
Savings Accounts Calculator
Investment Details
Your Results
- Total deposits
- $5,001
- Total Interest Earned
- $1,417
- Final balance
- $6,418
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All results are estimates. RateCity's terms of use apply to your use of this calculator.
Consider whether this general financial advice is right for your personal circumstances. You may need financial advice from a qualified adviser. Read our detailed disclosure here.
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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
Government grab for your cash
Jun 06, 2013New laws allow for any bank or investment account not used for three years to be automatically closed and the money transferred to the Federal Government.
Money tips to empower women
Jun 06, 2013Becoming smart about money and planning for the future should be a priority - here's how.
Savings rate gouge
May 16, 2013A RateCity analysis reveals that institutions have slashed savings rates by 0.30 percentage points on average, which is more than the RBA’s 0.25 percentage point cut.
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Latest Savings Account News
What all women need to know about money
Nov 25, 2012Four money tips every woman should know, and which could help men too.
Billions languish in accounts paying ...
May 08, 2013RateCity estimates that around one-quarter of deposit funds currently sit in low-interest-earning accounts, but could be earning up to 5 percent interest per annum.
Five ways to save money at home
Apr 18, 2013Last calendar year, Australians spent $642 billion on general living expenses, according to ASIC's MoneySmart.
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Latest Savings Account News
Boost your savings with four simple tips
Mar 28, 2013The average Australian household has $11,798 in their savings account – up 21 percent on last quarter and 37 percent more than a year ago.
Eight ways to save $8000 this year
Mar 18, 2013The cost of living is up and saving can be hard. But we’ve done a few calculations and worked out that you could save up to $8000 a year and, surprisingly, it’s easier than you think.
Money mantras for families to live by
Mar 10, 2013Read on for our guide to raising money conscience children that will help mum and dad, too.
