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Savings Calculator
Free savings calculator for Australia: how a high-interest savings account or term deposit grows with a starting amount, monthly deposits and the interest rate.
Your savings
You'll have in 5 years
$39,832
| You deposited | $35,000 |
| Interest earned | $4,832 |
Interest is taxable income: include it in your tax return. Deposits are protected up to $250,000 per person per bank under the Financial Claims Scheme.
Interest added monthly at the same rate throughout; rates change. Not legal, tax or financial advice. 🔒 Everything stays on your device.
📚 Official sources: Moneysmart: savings accounts
We build every tool from the official rules and re-check them when they change. Always confirm with the official source before you rely on a result.
🛠️ Spotted a mistake or an out-of-date rule? Tell us
Questions people ask
How much will $500 a month grow to in 5 years?+
About $33,600 at 4.5% interest added monthly: $30,000 deposited and about $3,600 interest.
Is interest on savings taxed?+
Yes, at your marginal tax rate. Your bank reports it to the ATO.