Term Deposit Calculator
Calculate the money you'll earn on a term deposit in seconds with our trusted tool
Updated 5 November 2024
Our friends at InvestNow are pleased to support our popular term deposit interest calculator.
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Calculate Term Deposit Interest
Initial Deposit
Over a period of:
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The amount of time until the term deposit matures and funds can be withdrawn without penalty and/or fees.
Term deposit interest rate
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The interest rate is the rate of return on your money, or how much money your money earns over time
$0 Your total balance
Total interest earned=$0
Please note, "Your total balance" and "Total interest earned" are term deposit calculations exclusive of tax. What percentage of tax you pay on term deposit income depends on your PAYE threshold - you can find the current rates here.
​What is a term deposit, and how does it differ to a savings account?
There are two key differences, with term deposits and savings accounts offering unique advantages. We explain these below:
- Interest rates: A term deposit offers a fixed interest rate for the life of your investment. For example, “1.50% p.a. for 3 months” or “1.99% p.a. for 3 years”. Interest rates will usually be higher the longer the term is, as banks pay more for the certainty of re-lending your money for longer. A savings account offers a floating interest rate which means it can change at any time. Savings accounts, in most cases, offer lower interest rates than term deposits because you can access your money at any time.
- Withdrawals: Term deposits are, as their name states, fixed for a ‘term’. If you need to access your money, a penalty will be applied. This is usually a loss of interest rather than any fee taken you’re your term deposit investment. By comparison, a savings account allows you to withdraw money at any time.
Our friends at InvestNow are pleased to support our popular term deposit interest calculator.
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