Simple Savings Calculators
Use these savings interest calculators to work out the interest on your nest egg. With the standard savings calculator you can see figures and graphs for compounded interest on your savings lump sum. The regular deposit savings calculator allows you to include an additional monthly deposit, with or without a yearly inflation increase. Calculations can be made for a period of either months or years. Note that savings goal calculators are also available.
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Whilst every effort has been made in building the savings calculators tool, I am not to be held liable for any special, incidental, indirect or consequential damages or monetary losses of any kind arising out of or in connection with the use of the calculator tools and information derived from the web site. This tool is here purely as a service to you, please use it at your own risk.
The calculations given by the savings calculators tool are only a guide. Please speak to an independent financial advisor for professional guidance. Read the full disclaimer.
Savings - choosing how often interest is compounded
My simple savings interest calculators allow you several options for compounding the interest on your savings. These options include daily, weekly, monthly, quarterly, half yearly and yearly. If you wish to know what the chosen option is for your savings account, you are advised to contact your financial institution to find out. The standard interval for compounding savings with most banks appears to be either monthly or yearly compounding.
What is the best way to save?
Whether you're saving for a new car, perfect holiday, the home of your dreams or for your retirement, it can be tricky to work out where to put your money to maximise your savings.
With so many options available for your savings - from a simple savings account (paying compound interest) to investing in the stock market, tax-free ISAs (UK) and IRAs (US) and even peer-to-peer lending - comparing the advantages and disadvantages of each, and the risks involved, becomes very important.
It's always advisable, in a situation like this, to assess yourself as a person - are you risk averse or do you prefer a more high risk, high reward strategy? Consideration should be given to the idea of diversification - splitting your money between various options in order to spread your risk.
The best advice remains, however, to speak to a qualified, independent financial advisor. They will assess your options based upon who you are and what you want to achieve. That way you can be assured that your savings are in good hands and that you have savings options tailored to your requirements.
If you have any problems using my savings interest calculators, please contact me.