Saving Calculator

A saving calculator that shows what your money grows to. Enter a starting amount, a regular deposit and how often you make it, the interest rate and the number of years, and it works out the balance at the end, how much of it you paid in and how much came from interest. Use it for a home deposit, an emergency fund or any goal with a fixed time frame.

Want a more accurate result?

Calculator results are estimates only. They assume the rate and your deposits stay the same for the whole term, and a broker can show you how your savings fit into a home loan plan.
Free review. No obligation. Takes 2 minutes

$5,000 plus $1,000 a month, four numbers

At the 4.80 per cent Reserve Bank bonus savings rate, from the table further down this page.
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Per cent of the balance after 10 years that is interest
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Per cent of the balance after 20 years that is interest
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Years of delay that cost about $25,600 in the worked example
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Interest a year on $20,000 at 4.80 per cent, before tax
Rates are published Reserve Bank figures for September 2026 and will change. Read the figures as a guide to how much each factor moves the result.

What this calculator works out

Enter what you start with, what you add and how often, the rate and the term. The calculator returns three figures and a chart of the balance year by year.

What you will have

Total amount at end of term
The balance after the last deposit and the last interest payment. With the calculator’s default figures, $5,000 plus $1,000 a month for 10 years at 2.5 per cent, it is $142,590.

What you paid in

Total amount invested
Your starting amount plus every regular deposit. In the default example that is $125,000, the part of the balance that comes from you.

What interest added

Total interest earned
The difference between the two, $17,590 in the default example. It is shown before tax, and interest on savings is taxable income.

How is the end balance worked out?

Each month the account adds interest to the balance, and then your deposit lands on top. The next month, interest is calculated on the larger balance, including the interest already added. That is compounding, and its effect grows with time.

In the first year, $5,000 plus $1,000 a month at 4.80 per cent earns $513 in interest, about 3 per cent of the balance. After 10 years interest makes up about 23 per cent of the balance, and after 20 years about 41 per cent. Your deposits do most of the work early on, and interest does a growing share of it later.
Balance at the end of the term, with monthly deposits

= S (1 + r)^n + D [ (1 + r)^n – 1 ] / r

Where S is the starting amount, D is the monthly deposit, r is the annual rate divided by 12 and n is the number of months. With deposits at the end of each month, this gives the calculator’s default result of $142,590.
The formula has two consequences for a saver.

First, time multiplies the rate. On the same deposits, the gap between a 3.10 and a 4.80 per cent account is $184 after one year and $14,421 after ten.

Second, over a short term what you deposit matters more than the rate. Over three years, adding $100 a month puts about $3,768 more in the account, three times the $1,248 gained by moving from 3.10 to 4.80 per cent.

What $5,000 plus $1,000 a month becomes

The same deposits at two of the Reserve Bank’s published September 2026 rates: 3.10 per cent for online savings accounts and 4.80 per cent for bank bonus savings accounts. Balances are before tax.
TimeYou depositOnline savings, 3.10Bonus savings, 4.80Interest share of the 4.80 balance
1 year$17,000$17,329$17,5132.9%
3 years$41,000$43,163$44,4117.7%
5 years$65,000$70,647$74,01312.2%
10 years$125,000$147,284$161,70522.7%
20 years$245,000$341,200$414,70940.9%
After 20 years the bonus account is ahead by $73,509 on the same $245,000 of deposits. Bonus rates usually come with monthly conditions, such as a minimum deposit or no withdrawals, and a month that misses them earns the much lower base rate. One year term deposits averaged 5.00 per cent in the same series, but they lock the money away and suit a lump sum better than regular deposits.

Worked example: start now, or start bigger later

Two savers each put in $120,000 over 20 years at 4.80 per cent. One starts now with $500 a month. The other waits five years, then deposits about $667 a month for 15 years. The figures are illustrative and assume the rate holds.

$200,838

Saver one starts now and deposits $500 a month for 20 years.
Deposited $120,000
Interest earned $80,838
Balance after 20 years $200,838
Started five years earlier

$175,248

Saver two waits five years, then deposits about $667 a month for 15 years.
Deposited about $120,000
Interest earned $55,248
Balance after 20 years $175,248
About $25,600 behind saver one

What the calculator does not show you

A projected balance assumes nothing changes for years. These are the things that can move it.

Tax on the interest

Interest on savings is taxable income. At a 30 per cent marginal tax rate, before the Medicare levy, $960 of interest leaves $672. The calculator shows interest before tax.

Bonus conditions and balance caps

Many bonus rates apply only in months you meet the conditions, and some stop above a balance cap. Miss a month and that month earns the base rate, which can be far lower.

Inflation

A balance that grows on paper buys less if prices rise faster than your after-tax interest. Compare your after-tax rate with inflation, not the advertised rate.

An offset account, if you have a home loan

Money in an offset account earns no interest. It cuts the interest charged on your home loan instead, and $20,000 offset against a loan at 6.2 per cent saves about $1,240 a year. That saving is not income, so it is not taxed the way savings interest is.
To work out how long a goal will take, or how much to deposit to reach it by a date, use the savings goal calculator or the how much to deposit calculator.

Turn savings into a home deposit plan

Three steps, from target to account.

1

Set the target from a real price

Start from the price range you are looking at, then add stamp duty and fees on top of the deposit. In South Australia the government charges alone are $26,612 on a $500,000 home, as our stamp duty calculator shows.

2

Pick the account that fits the timeline

Regular deposits suit a bonus savings account if you can meet the monthly conditions. A lump sum you will not touch for a year can sit in a term deposit. If you already own a home, an offset account may do better than either.

3

Check what the deposit unlocks

A larger deposit can lower your loan-to-value ratio and the cost of lenders mortgage insurance, and some buyers qualify for options that need less. We show you the numbers at each deposit level before you decide how long to keep saving.

Related tools and sources

The rates on this page are the Reserve Bank’s published retail deposit rates for September 2026, used so the scenarios can be compared side by side. Your own account rate will differ, so run it in the calculator above.
Related tools on this site: savings goal calculator (how long a goal will take), how much to deposit calculator (what to save by a date), compound interest calculator and the home loan offset calculator.

If you are saving for a home, see first home buyer loans or home loans in Adelaide.
Sources
Reserve Bank of Australia: Statistical Table F4, Retail Deposit and Investment Rates, 30 September 2026: online savings accounts 3.10, bank bonus savings accounts 4.80, one year term deposits 5.00 per cent; and Table F6, for the 6.2 per cent average rate on outstanding owner-occupier variable home loans.
Australian Taxation Office: myTax, Interest, on declaring interest as income.
Moneysmart: Mortgage offset accounts, on how an offset balance reduces home loan interest, and Save for a house deposit.

About the figures. Every figure on this page uses monthly compounding with deposits at the end of each month. The same method gives the calculator’s default result exactly: $5,000 plus $1,000 a month for 10 years at 2.5 per cent grows to $142,590. Rates are published Reserve Bank figures and are not an offer. Last updated 21 October 2026.

General information only, and not tax advice. Nothing on this page takes your objectives, financial situation or needs into account. How interest is taxed depends on your circumstances, and your accountant or registered tax agent is the right person to confirm it. Loanity is a credit representative and can provide credit assistance once we understand your situation.
STILL GOT QUESTIONS?

Savings questions, answered

How much will my savings grow?

It depends on what you start with, what you add, the rate and the time. $5,000 plus $1,000 a month at 4.80 per cent grows to about $74,013 after five years and $161,705 after ten, against $65,000 and $125,000 deposited. The table on this page shows five time frames at two rates.

Most savings accounts work out interest daily on the closing balance and pay it monthly, and the next month’s interest is calculated on the higher balance. The calculator above compounds monthly, which gives a very close estimate for an account that pays monthly.

The Reserve Bank’s published rates for September 2026 were 3.10 per cent for online savings accounts, 4.80 per cent for bank bonus savings accounts and 5.00 per cent for one year term deposits. A bonus rate usually depends on monthly conditions, so compare the rate you would actually earn, not the headline.

It suits a different job. A term deposit locks a lump sum away for a set term at a set rate, and taking it out early usually needs notice and can reduce the interest. A savings account suits regular deposits and money you may need. Many savers use both.

Starting from $5,000 at 4.80 per cent: about $17,513 after one year, $44,411 after three, $74,013 after five, $161,705 after ten and $414,709 after twenty. At 3.10 per cent the same deposits give $147,284 after ten years.

Yes. Interest from savings accounts and term deposits is income, and it goes in your tax return. The calculator shows interest before tax, so your real result depends on your marginal tax rate.

If you have a home loan with an offset account, often yes. Money in the offset earns no interest but reduces the interest charged on your loan, and the home loan rate is usually higher than the savings rate. $20,000 offset against a 6.2 per cent loan saves about $1,240 a year. Check the account fees first.

Less than most people expect. Over 10 years, $5,000 plus $1,000 a month at 4.80 per cent ends about $891 higher with monthly compounding than with yearly compounding. The rate, the deposit and the time matter far more.

This calculator starts from a fixed time and tells you the balance at the end. The savings goal calculator starts from a target and tells you how long it will take. The how much to deposit calculator starts from a target and a date and tells you what to deposit each period.

They can. A steady record of deposits shows where your deposit came from, which a lender may ask about. It also shows that you can set money aside regularly, which helps when you plan loan repayments.

Talk to a broker about your deposit

A free 30 minute session on your savings, your target price and what lenders will need from you. Call 1800 237 537 or book a time that suits you.