Saving Calculator
Calculator
Working
Enter your saving details
Initial Amount:
Deposit Amount:
Deposit Frequency:
Monthly
Fortnightly
Weekly
Interest Rate:
Saving Term:
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Total amount at end of term:
Total amount invested:
Total interest earned:
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This calculator calculates the total accumulation in a savings account with a regular deposit arrangement.
Assumptions
It does not take into account any possible monthly account fees.
Interest rate does not change over the saving term.
Interest is calculated by compounding on the same repayment frequency selected, i.e. weekly, fortnightly, monthly. In practice, interest compounding frequency may not be the same as repayment frequency.
It is assumed that a year consists 26 fortnights or 52 weeks which is counted as 364 days rather than 365 or 366 days.
No rounding is done throughout calculation whereas account balance is rounded to at least the nearer cent in practice.
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