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Saving Calculator

This Savings Calculator calculates the total accumulation in a savings account with a regular deposit arrangement.

Saving Calculator

 

Saving Calculator Calculator Assumptions

  • It does not take into account any possible monthly account fees.
  • Interest rate does not change over the saving term.
  • Interest is calculated by compounding on the same deposit frequency selected, i.e. weekly, fortnightly, monthly. In practice, interest compounding frequency may not be the same as deposit frequency.
  • It is assumed that a year consists 26 fortnights or 52 weeks which is counted as 364 days rather than 365 or 366 days.
  • No rounding is done throughout calculation whereas account balance is rounded to at least the nearer cent in practice.

 

This Saving Calculator has been provided in good faith as a guidance tool only. Results are not financial advice, are a guide only, and are not a guaranteed outcome or quote. You should always discuss your individual situation with an Australian Credit Licensee or Authorised Credit Representative.

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