Savings Goal Calculator
Calculate how long it takes to reach a savings target with regular contributions and interest.
The total amount you want to save
Amount you can add each month
Savings account or term deposit rate
How It Works
The calculator projects your balance month by month, adding your regular contribution and compound interest at the selected frequency. It finds the month where your balance reaches or exceeds the target and shows the total time, total contributions made, and total interest earned along the way.
Frequently Asked Questions
What are the best savings account rates in Australia?
As of early 2026, competitive high-interest savings accounts in Australia offer around 5.0-5.5% p.a. for balances up to $250,000, typically requiring a monthly deposit and limited withdrawals. Rates vary — compare on comparison sites.
Is interest on savings taxable in Australia?
Yes. Interest earned on savings accounts is assessable income and must be declared in your tax return. Your bank reports it to the ATO. The interest is taxed at your marginal tax rate.
Should I use a savings account or offset account?
If you have a mortgage, an offset account effectively earns you your mortgage interest rate (tax-free) on your savings, which is usually better than a savings account after tax. Without a mortgage, a high-interest savings account is the go.
Related Calculators
Budget Planner
Create a personal budget with categorised income and expenses to find your surplus, deficit, and savings rate.
Mortgage Repayment Calculator
Calculate your home loan repayments, total interest payable, and amortisation schedule.
Take Home Pay Calculator
Calculate your net pay after income tax, Medicare levy, and superannuation deductions.
Super Guarantee Calculator
Calculate the employer superannuation guarantee contribution on your salary.