Save & Invest · Goals

Savings Calculator — Save toward something.

Set a starting balance and a regular deposit, and watch your savings grow toward your goal.

What you enter

  • Starting balance
  • Monthly deposit
  • Interest rate
  • Years
  • Savings goal (optional)

How this is calculated

Your balance grows monthly: interest at one-twelfth of the annual rate, then your deposit is added. If you set a goal, we run the same simulation forward to find the month your balance first reaches it. Interest figures are before tax.

Common questions

Is savings account interest taxed?

Yes — interest is ordinary income, taxed at your marginal rate. At 30%, a 4.5% rate is really about 3.15% after tax. High earners lose nearly half. That's why the calculator flags the final balance as a before-tax figure.

What rate should I use?

Use the ongoing rate, not the honeymoon rate — many accounts advertise a bonus rate that drops after a few months or requires monthly conditions. Savings rates also track the RBA cash rate, so a 5-year projection at today's rate is an approximation.

Where should an emergency fund sit?

Usually in the highest-rate at-call savings account you can find — or, if you have a mortgage, in your offset account, where it effectively earns your mortgage rate tax-free while staying accessible.

How does it rank?

Once you have your result, see how your number compares against your demographic with our full money rank — by age, sex, state and household composition.

Methodology & data

INDICATIVE · BEFORE TAX. Australian context, FY 2026–27 tax brackets by default (15% lowest marginal rate from 1 July 2026) with a financial-year selector on tax calculators. Calculations are indicative and based on simplified public models — not personal financial, tax or legal advice. See the full disclaimer.

Primary data sources

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