This saving calculator will calculate the total accumulation in a savings account with a regular deposit arrangement. This can be used to find out how long it will take to save your deposit.
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How To Use The Saving Calculator
- Enter the initial amount you have saved in the ‘Initial Amount’ section
- Enter a deposit amount (how much you plan to deposit regularly over a set period of time) in the ‘Deposit Amount’ section.
- Select your deposit frequency, (weekly, fortnightly or monthly)
- Enter the interest rate you will receive in the ‘Interest Rate’ section
- Enter the number of years you plan to save and keep depositing your deposit amount regularly in the ‘Saving Term’ section
- Under the ‘View Your Results’ section there will be a savings graph that will display your total amount, total investment and total interest.
- To see how this was calculated click on the ‘Working’ tab at the top of the calculator to see the numbers broken down year by year.