Savings Calculator

Description

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 deposit frequency selected, i.e. weekly, fortnightly, monthly. In practice, interest compounding frequency may not be the same as deposit frequency.
  • It is assumed that a year consists of 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.

 

Feel free to call us on 1300 537 000 if you need assistance with the calculator

Savings Calculator
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Savings Calculator

Description

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.
  • The interest rate does not change over the saving term.
  • Interest is calculated by compounding on the same deposit frequency selected, i.e. weekly, fortnightly, monthly.In practice, interest compounding frequency may not be the same as deposit frequency.
  • It is assumed that a year consists of 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.

 

Feel free to call us on 1300 537 000 or  if you need assistance with the calculator

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