Finance & Pay
Savings Goal Calculator
Calculate how long it takes to reach a savings target with regular contributions and interest.
How this calculator 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.
The total amount you want to save
Amount you can add each month
Savings account or term deposit rate
Our pick
The Barefoot Investor (Classic Edition)
A clear plan makes saving automatic instead of aspirational.
We independently recommend products. We may earn a commission at no extra cost to you.
To put this savings plan into action, the Monthly Budget Planner & Expense Tracker ($10.99, 5★ from 4 reviews) is worth a look. Affiliate link
FAQ
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
Related calculators
Budget Planner
Create a personal budget with categorised income and expenses to find your surplus, deficit, and savings rate.
Open calculatorMortgage Repayment Calculator
Calculate your home loan repayments, total interest payable, and amortisation schedule.
Open calculatorTake Home Pay Calculator
Calculate your net pay after income tax, Medicare levy, and superannuation deductions.
Open calculatorSuper Guarantee Calculator
Calculate the employer superannuation guarantee contribution on your salary.
Open calculatorLearn
Related articles & guides
How Australian Income Tax Works: A Plain-English Guide
Australia's income tax system uses progressive tax brackets, meaning the more you earn, the higher the rate applied to each additional dollar. Here's how it actually works.
Read moreTake-Home Pay in Australia: What Actually Hits Your Bank Account
Your salary and your take-home pay are two very different numbers. This guide breaks down every deduction between your gross income and the dollars you actually spend.
Read moreHELP Debt Repayment Explained: How Student Loans Work in Australia
Australia's HELP scheme lets you study now and repay later — but the repayment system catches many graduates off guard. Here's exactly how your student loan gets repaid through your tax return.
Read moreSuper Guarantee at 12%: What It Means for Your Retirement
From 1 July 2025, the Superannuation Guarantee rises to 12% — the final step in a long increase journey. Here's what changes, what it means for your pay, and how to make the most of it.
Read more