Use this savings calculator to work out the interest on your IRA, ISA, bond or savings account balance. The regular deposit savings calculator allows you to include an additional monthly deposit or withdrawal. If you are looking to save towards a goal and want to know how long it might take, give the savings goal calculators a try.
Whilst every effort has been made in building these savings calculators, we are 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. These tools are here purely as a service to you, please use them at your own risk.
The calculations given by the savings calculators 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
Our simple savings calculator gives you several options for compounding the interest on your savings, and uses the compound interest formula. Options include daily, weekly, monthly, quarterly, half yearly and yearly compounding. If you want to know the compound interval for your savings account or investment, you should be able to find out by contacting your financial institution. The standard interval for compounding savings with most banks appears to be either monthly or yearly compounding. We have another compound interest calculator here, should you wish to use it.
What is the best way to save?
Whether you've got a specific savings goal in mind - from 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.
How long do you need to save for?
If you're wondering how long it might take you to save for your specific goal, check out our calculator and article: how long will it take me to save?.