Saving for a goal like a trip, a house deposit or a wedding is easier than you think. See how regular payments and interest compound to grow your money.
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.