Savings Calculator
Use our handy calculator to show how compound interest works on a savings account.
Save the way you want, with an account that works for you
Frequently asked questions
It's a tool that estimates your future savings based on current habits, considering factors like deposit amount, saving frequency, and interest rates.
No, the calculator can't be adjusted to reflect your objectives and savings goals, but you can use it as a tool to estimate interest earned in various hypothetical scenarios for a savings account by adjusting the assumptions, like the size of regular deposits, the length of time and interest rate. It can't reflect your personal objectives or savings goals because it cannot factor all of your relevant circumstances, like the effect of income tax on interest earned in a savings account, whether you need to make withdrawals that could impact bonus interest, or if another financial product is more suitable to our objectives, situation and needs.
The calculator uses a default rate representative of typical Australian savings accounts, but rates may vary for different account types. Other factors like fees or periods of bonus interest are not factored in, as only standard variable rates are used in the calculations.
Interest is compounded monthly, aligning with common features in savings accounts. Slight differences in interest calculations between savings accounts means this is just an estimate for the interest you may earn on an actual product.
No, this calculator focuses on interest earned and doesn't factor the impact of inflation or taxes on your net savings.
Absolutely, it's designed to help with both short and long-term maths by adjusting the savings period up to 20 years.
Consider visiting our Master your Money webpage, speaking with one of our bankers who can provide you with financial advice about our savings accounts and term deposits, or you can visit ASIC's Moneysmart website at www.moneysmart.gov.au. If you would like to consider more complex savings and financial planning, you may like to speak to a financial adviser.
Your data is secure and private. No personal information is stored by the calculator, even if you sign into Online Banking while using the calculator.
You can print the screen showing the results, but there is no option to save or export results from the calculator.
For further assistance, please contact one of our bankers or your personal finance advisor.
No, currently periods of bonus interest are not factored into the calculations, only standard variable rates are considered.
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Things you should know
Online Banking Terms and Conditions (PDF 1MB)
Find out what information you need to provide to become a customer (PDF 657KB)
a. your account balance has not fallen below $0; and
b. you (or someone on your behalf) have made a deposit of any amount (interest paid into your account does not qualify as a deposit in terms of bonus interest eligibility); and
c. the account balance on the last business day of the month is higher than the account balance on the last business day of the previous month.
Note: Bonus interest is calculated in the system after 11:59pm on the last business day of the month. Any transaction processed before 11:59pm may impact bonus interest eligibility.
2. Westpac everyday account: To open a Westpac Life, eSaver or Bump account, customers must hold a Westpac everyday account in the same name and be registered for Online and Telephone Banking. Fees and charges apply on a Westpac everyday account.
4. Westpac everyday account: To open a Westpac Bump Savings account, customers must hold a Westpac everyday account, which can be in the name of the child or parent signatory. Fees and charges apply on a Westpac everyday account.
Savings Calculator
This calculator should be used as a guide only and shouldn't be relied on for making a decision to open to a savings account or to determine regular savings contributions as you should consider whether the product features suit your situation, objectives and needs. Interest rates may change, impacting the value of interest earned. The interest calculations are estimates only on the information provided and not intended as a recommendation to make specific savings contributions or to be relied on as an exact amount of what you may earn. This calculator doesn't take into account the impact of fees and charges, tax on interest earned, changes to interest rates, bonus interest eligibility and any withdrawals over the savings period. Calculations don't This tool can't take into account all of your relevant personal circumstances and you should consider whether a savings account is appropriate for you. If you need assistance, contact one of our bankers or obtain advice from financial adviser.
How this calculator works
Interest is calculated using the compound interest formula on the starting balance and factors in any regular monthly deposit. The calculator assumes no withdrawals are made by you and there are no changes in interest rates even though the bank may vary interest rates from time to time. The calculation method varies slightly from Westpac products and therefore results can only be used as an estimate
Calculator assumptions and method
The displayed interest rate is for illustration purposes only and you may manually input your own interest rate into the calculator. Each calculation starts on the first calendar day of the current month and assumes all deposits are made on the first day of the calendar month. Interest is calculated daily and compounded monthly at the end of the calendar month on the “How much I could save” and “How long it may take me to save” calculators. Interest is calculated and compounded monthly at the end of the calendar month on the “How much I may need to save” calculator. Total amounts (including interest earned) are rounded to the nearest cent.
This information does not take your personal objectives, circumstances or needs into account. Consider its appropriateness to these factors before acting on it. Read the disclosure documents for your selected product or service, including the https://www.westpac.com.au/terms-conditions, before deciding. https://www.westpac.com.au/tmd for the products are available. Unless otherwise specified, the products and services described on this website are available only in Australia from © Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714.