Savings Goal Calculator

This calculator makes a number of assumptions when calculating the time taken to reach your nominated target savings goal:

• It assumes you reinvest the interest earned back into the savings account.
• Interest earned is rounded to the nearest cent.
• When calculating the time taken, it will round up to a complete month.
• No allowance is made for inflation, tax payable on the interest earned, or for extras such as account or transaction fees, costs or charges.
• It uses a constant interest rate for the full savings period and compounds on a monthly basis.
• It assumes each year is divided into 12 months of equal length and that you make regular savings payments at the start of each month.

This calculator is intended to be a model only, not a prediction. It gives you an estimate of the time taken to reach a target savings goal based on regular deposits and the interest rate that you nominate. It is not intended to be your sole source of information when making a financial decision and does not take into consideration your personal, financial situation. You should consider obtaining advice from a financial services licensee before making any financial decisions.