Savings Interest Calculator — Deposits, Monthly Savings and Compound Interest
What you get at maturity
Enter the amount, rate and term to see the result.
- Total deposited
- Interest (before tax)
- Tax
- Interest (after tax)
Money added later earns interest for fewer months, so monthly savings effectively earn about half the stated rate.
Month by month (before tax)
| # | Deposited | Interest | Balance |
|---|
Banks may round daily or differently, so results can differ by a few cents.
How to use
- Choose lump sum or monthly savings and enter the amount.
- Enter the annual rate and term, then pick simple or monthly compound.
- Enter your tax rate on interest if you want after-tax results.
- See the balance at maturity, interest before and after tax, and a monthly table.
FAQ
Why is monthly savings interest lower than the rate?
Each deposit earns interest only from the month it is added, so later deposits earn for fewer months. Over a year you earn roughly half the stated rate on the total.
Simple or compound?
Simple interest is paid only on what you deposited. Monthly compound also earns interest on interest, which adds up over long terms.
How is tax handled?
Enter the tax rate on interest that applies to you. It is applied to the total interest at maturity.
Why does my bank show a slightly different number?
Banks may calculate daily interest or round differently, so expect small differences. Bonus rates are not included.