Use this calculator to estimate how much interest you could earn on a savings account or a term deposit over a chosen period. By adjusting your starting balance, interest rate and contribution frequency, you can see how your money may grow over time.
This calculator is useful if you’re comparing savings and term deposit options, exploring the impact of different interest rates, or planning short‑ to medium‑term savings goals.
How to use the calculator
To use the savings and term deposit calculator, start by entering your initial balance. You can then choose whether you want to model a savings account or a term deposit and apply an interest rate for your chosen time period.
If you plan to add money regularly, you can include extra deposits and select how often they’re made. The calculator will then estimate your final balance, total contributions and interest earned.
Results are indicative only and are based on the assumptions shown on this page.
Factors that influence your results
The results shown in this calculator can vary depending on several factors, including:
- Interest rate – Higher rates generally result in higher returns.
- Time period – Longer timeframes allow more time for interest to accumulate.
- Regular contributions – Adding money regularly can increase your overall balance.
- Account type – Savings accounts usually have variable interest rates, while term deposits typically offer a fixed rate for a set term.
Different financial institutions may calculate interest differently, so actual outcomes may vary.
Definitions of key terms
Starting balance
The amount of money you begin with when using the calculator.
Interest rate
The percentage return applied to your balance over a specific period.
Savings account
An account that allows flexible access to your money and usually has a variable interest rate that can change over time.
Term deposit
An account where your money is invested for a fixed period at a fixed interest rate.
Maturity
The date when a term deposit ends and your funds become available.
Regular contributions
Additional deposits made at regular intervals, such as weekly, monthly or yearly.
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.
Savings account interest is typically calculated daily and paid monthly. Interest rates are usually variable and can change over time.
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.
Yes. Savings account interest rates are generally variable and may increase or decrease depending on market conditions.
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What you need to know
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.