A savings calculator projects the future balance of a savings account based on your current balance, regular monthly deposits and the annual interest rate. Interest is compounded monthly, which is typical for savings accounts. The result shows how much of the final balance comes from your deposits versus interest earned.

1. Enter your current savings balance.
2. Enter your planned monthly deposit.
3. Enter the annual interest rate on your savings account.
4. Enter the savings period in years.
5. Click Calculate.

$2,000 current balance, $300/month, 4.5% p.a. over 5 years.
Future balance ≈ $22,600 | Interest earned ≈ $2,600 | Total deposits ≈ $20,000

The interest earned figure shows the benefit of keeping money in an interest-bearing account rather than under the mattress. Higher rates and longer periods produce proportionally more interest. If your goal is to reach a specific target, try adjusting the monthly deposit or time period until the future balance meets your goal.

• Using the advertised rate rather than the effective annual rate — some accounts compound daily or quarterly.
• Forgetting that interest on savings accounts is typically taxable income.
• Not accounting for account fees, which reduce the effective return.

How do I work out how much to save each month to reach a goal?

Enter your current balance, the interest rate and the time period, then adjust the monthly deposit until the future balance matches your target.

Does this work for term deposits?

Yes, for a rough estimate. Enter the deposit amount as the current balance, 0 for monthly deposits, the term deposit rate and the term. Note that term deposits often compound at maturity rather than monthly.

What is a realistic savings interest rate?

High-interest savings accounts typically offer 3–6% p.a. depending on the country and economic conditions. Standard savings accounts often pay less. Check your bank's current rate.