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Savings Interest Calculator
Deposit and installment interest, with tax
How to use
For a lump-sum deposit enter the amount, or for monthly deposits enter the monthly amount, along with the interest rate and term, and it calculates interest before tax, the tax, interest after tax and the amount at maturity. You can edit the tax rate to match your own situation.
Q. How is interest on monthly deposits calculated?
A. Simple interest assumes each deposit is made at the start of the month and interest accrues monthly; monthly compounding adds each month’s interest to the balance. Banks use different methods, so the actual amount can differ.
Q. Can I set my own tax rate?
A. Yes. The tax rate field accepts any value, so you can use 0% for tax-free accounts or the rate that applies where you live.