How to use the calculator
To use the savings calculator, start by entering your current savings balance. Next, add the interest rate and choose how long you'd like to save for. If you plan to add money regularly, enter your contribution amount and select how often you'll make deposits. The calculator will estimate: your projected savings balance, total contributions made, and total interest earned. The results are an estimate 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
A higher interest rate can help your savings grow faster, while lower rates may reduce your overall returns.
Time
The longer you save, the more opportunity your money has to grow.
Regular contributions
Even small, consistent deposits can make a significant difference over time.
Compound interest
Interest earned on your savings may also earn interest, helping your balance grow faster over the long term.
Keep in mind that savings account interest rates can change, so actual returns may differ from the estimates shown in this calculator.
Savings account or term deposit?
Savings accounts and term deposits can both help you grow your money, but they work differently.
| Savings account | Term deposit |
| Easy access to your money | Money is generally locked away for a fixed term |
| Interest rates may change | Interest rate is fixed for the agreed term |
| Make regular deposits over time | Usually funded with an upfront deposit |
| Suitable for ongoing savings goals | Suitable for money you won't need immediately |
If you're looking for a fixed return over a set period, try our Term Deposit Calculator to compare different scenarios.
| Savings account | Term deposit |
| Easy access to your money | Money is generally locked away for a fixed term |
| Interest rates may change | Interest rate is fixed for the agreed term |
| Make regular deposits over time | Usually funded with an upfront deposit |
| Suitable for ongoing savings goals | Suitable for money you won't need immediately |
If you're looking for a fixed return over a set period, try our Term Deposit Calculator to compare different scenarios.
Key terms explained
Starting balance
The amount of money you begin with when using the calculator.
Interest rate
The percentage return your savings may earn over time.
Savings account
An account designed to help you save money while earning interest.
Compound interest
Interest earned on both your original balance and any interest already credited to your account.
Regular contributions
Extra money you add to your savings on a recurring basis, such as weekly, fortnightly or monthly.
Frequently asked questions
Savings account interest is typically calculated daily and paid monthly. Interest rates are usually variable and can change over time.
Regular contributions can help your savings grow faster. The most effective contribution frequency is the one you can maintain consistently.
Yes. Savings account interest rates are generally variable and may increase or decrease over time.
Compound interest is interest earned on your original savings balance as well as any interest already earned. Basically this is when you earn interest on interest. If you don't take the interest out of the account, the interest earned can accelerate over time.
A savings calculator provides an estimate only. Actual results may vary depending on future interest rates and other factors.
The amount of interest you earn will depend on your balance, interest rate, savings timeframe and any additional contributions you make.
Yes. You can enter the interest rate that applies to your account to estimate potential savings growth.
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.