How to use the calculator
Start by entering your deposit amount. Then enter the interest rate and select your preferred term length. The calculator will estimate: total interest earned, your maturity balance, and the value of your investment at the end of the term.The results are a guide only and are based on the information you enter.
What can affect your savings growth?
Several factors can influence how much your savings may grow over time.
Interest rate
Generally, higher interest rates result in higher returns.
Term Length
Longer terms may provide more opportunity for interest to accumulate.
Deposit amount
Larger deposits typically generate more interest over the term.
Interest payment options
Depending on the product, interest may be paid at maturity or at scheduled intervals during the term.
Actual outcomes may vary because different financial institutions can calculate interest differently.
Term deposit or savings account?
Both savings accounts and term deposits can help you grow your money, but they are designed for different needs.
| Term deposit | Savings account |
| Fixed interest rate for an agreed term | Interest rate may vary over time |
| Designed for money you don't need immediately | Provides ongoing access to your savings |
| Typically funded with a single deposit | Allows regular deposits and withdrawals |
| Greater certainty about returns | Greater flexibility and access |
If flexibility is important to you, try our Savings Calculator to explore how regular contributions and compound interest could help your savings grow.
| Term deposit | Savings account |
| Fixed interest rate for an agreed term | Interest rate may vary over time |
| Designed for money you don't need immediately | Provides ongoing access to your savings |
| Typically funded with a single deposit | Allows regular deposits and withdrawals |
| Greater certainty about returns | Greater flexibility and access |
If flexibility is important to you, try our Savings Calculator to explore how regular contributions and compound interest could help your savings grow.
Key terms explained
Deposit amount
The amount of money invested into the term deposit.
Interest rate
The percentage return applied to your deposit over the agreed term.
Term deposit
A savings product where money is invested for a fixed period at an agreed interest rate.
Maturity
The date when the term deposit ends.
Interest paid at maturity
The amount of interest you will have earned at the end of your loan term.
Maturity value
The total amount you receive at the end of the term, including the principal any interest earned.
Frequently asked questions
Interest on a term deposit is usually calculated using a fixed interest rate over a set period. Depending on the product, interest may be paid at maturity or at regular intervals during the term.
Term deposit rates are typically fixed for the duration of the agreed term.
When a term deposit reaches maturity, you can generally withdraw your funds, reinvest them for another term, or roll them over, depending on the product terms.
Some term deposits allow early withdrawal, but this may result in reduced interest or fees. Conditions vary by product.
The right term length depends on your financial goals and when you expect to need access to the money. With the AMP Bank GO Term Deposit you can choose from 6 or 12 months.
Your maturity value is generally calculated using your deposit amount, interest rate and term length. This calculator helps estimate that amount.
No, most term deposits do not allow additional contributions after the deposit has been established.
Important information
Note: The results from this calculator should be used as an indication only. Results do not represent either quotes or pre-qualifications for the product. Individual institutions apply different formulas.
Assumptions
- You select an interest rate between 0% and 10%, which is assumed for the entire period of the calculation.
- The calculator does not differentiate interest rates for term deposits based on when interest is paid (at maturity or monthly in arrears) where a term of 12 months or more is selected. However, when considering AMP Bank products it is important that you understand that AMP Bank does differentiate interest rates by term. This means a lower interest rate is applicable when selecting an interest frequency other than at maturity. Please refer to the Term deposit rates for current interest rates.
- These assumptions are based on a customer objective of achieving maximum returns from the product. AMP Bank considers these assumptions are reasonable given it is impossible to approximate individual users’ preferences.
Disclaimer
- This calculator is provided by Widget Works.
- The results shown in this calculator are estimates only and are not guaranteed by AMP Bank. They are based on the accuracy of the data entered into the calculator. Any change to the factors used in the calculation would vary the results.
- AMP Bank and its related bodies corporate are not liable for any direct, indirect, incidental, consequential or special loss and/or damages arising out of or in any way connected with the access to or use of this calculator.
- The calculator and the results provided are generic and do not take into account your personal circumstances. It’s important to consider your circumstances and read the relevant terms and conditions before deciding what’s right for you. This information hasn’t taken your circumstances into account and the calculator is a guide only and is not intended to be relied upon for the purposes of making a decision in relation to a financial product. You should consider obtaining independent advice before making any financial decisions.
- The calculator is not an offer for an AMP Bank product and AMP Bank may not provide products with the details indicated in the calculator.
- The product issuer of any AMP Bank deposit account is AMP Bank Limited ABN 15 081 596 009, Australian credit licence 234517, AFSL 234517. Any application is subject to AMP Bank’s approval. Terms and conditions apply and are available at amp.com.au/bankterms or 13 30 30. Fees and charges may be payable.
- Read our Financial Services Guide available at https://www.amp.com.au/amp/financial-services-guide for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relation to products and services provided to you. All information on this website is subject to change without notice.
- AMP Bank is a member of the Australian Banking Association (ABA) and is committed to the standards in the Banking Code of Practice.