Savings Calculator

Find out how much you need to put aside to reach your savings goals.

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Whether you are saving for a property or for a particular goal, it is important that you maximise your savings power. If you have a savings goal in mind like a house deposit, it can be daunting to work out how much money you need to put aside on a regular basis to reach your savings goal.

To use this calculator effectively, you may want to use the budget planner calculator first to find out how much you can set aside or what expenses you can cut down to help with your savings goal. Once you have work out how much you can set aside on a regular basis, then you are ready to use the savings calculator.

FAQs about this Calculator

How do you calculate savings?
To calculate your earnings power potential, all you must fill in a few details and the calculator will do the rest for you.
- Initial deposit
  This is how much savings you have to start with and if you are starting from scratch then simply enter zero
- Regular Deposit
  This is the amount that you will regularly deposit into your savings account. If unsure how much you can contribute to your savings, you can use our budget planner to help work out what you can afford to save
- Deposit frequency
  Making regular payments into your savings account is a good boost to your savings balance. You can choose from weekly, fortnightly or monthly repayments
- Interest rate
  Type the interest rate attached to your savings account. This can be found on your online banking statement
- Saving Term
  How long you will be investing your money in an interest savings account
When you deposit money in a savings account, you will earn interest on your deposit which will help build up your nest egg.

Banks generally pays you interest for holding onto your money and the interest is calculated daily. So, the earlier you deposit your savings into a high interest savings account, the faster your nest egg with grow.

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Any calculations or estimated savings do not constitute an offer of credit or a credit quote and are only an estimate of what you may be able to achieve based on the accuracy of the information provided. It doesn’t take into account any product features or any applicable fees.

*2.89% Interest rate based on an Owners Occupied, Principal and Interest, 3 years fixed period, minimum loan size of $250,000, maximum LVR of 80%, over a 30 year term. Eligibility subject to servicing requirements, contact one of our specialised mortgage brokers for more information.

^3.77% Comparison rate based on a loan of $250,000 over a 30 year term. WARNING: The comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Costs such as redraw fees or early repayment fees and cost savings such as fee waivers are not included in the comparison rate but may influence the cost of the loan.