Savings and Deposit Interest Calculator

About the Savings and Deposit Interest Calculator

A deposit is a lump sum you leave in the bank; installment savings means a fixed amount each month. Amounts use the currency of the country selected at the top (US dollars by default). Pick the type, amount, yearly rate, term, interest method (simple or monthly compound) and tax rate to see the total principal, interest before tax, tax, interest after tax and maturity amount. The tax choices follow the country selected at the top (for example US federal brackets, UK income tax bands, or Korea's 15.4% and 9.5%), and you can compare with a tax-free account at 0%. Real products differ because of bonus rates and how interest is calculated, so use this as a guide.

Frequently asked questions

What is the difference between simple and compound interest?

Simple interest is paid only on the original amount. With compound interest, interest earns interest. This calculator uses monthly compounding.

How much tax is taken from interest?

That depends on your country and income. Interest is usually taxed as ordinary income in the US, UK, Canada and Australia, at a flat rate in many EU countries, Japan and Korea, and not at all in tax-advantaged accounts such as an ISA, TFSA or IRA. The list changes with the country you choose at the top; pick the rate that applies to you, or 0% to see the pre-tax result.

How is interest on installment savings calculated?

The calculator assumes you deposit at the start of each month. For simple interest, interest = monthly deposit × (rate ÷ 12) × n(n+1)/2 for n months.

Why does my bank give a different figure?

Banks include bonus rates, daily interest, early withdrawal rules and different deposit dates. Check the example maturity amount in the product description before you open an account.

Is what I enter stored on a server?

No. Everything is calculated inside your browser. Nothing you enter is sent to or stored on any server.