Updated 5 December 2020
When you transfer money into a savings account, the interest you earn builds up over time. Our savings calculator helps you see and understand how your money can grow, and how much you can save up over time.
- First, run the numbers without a monthly deposit. Then, re-calculate again with $20, $50 or $100 monthly contribution. You will see that regularly adding even the smallest amount can speed up your savings plan.
- If you're unsure of the interest rate to use, 2% to 2.5% can be found right now from most banks and credit union investment accounts.