Savings Goal

We’ve assumed monthly compounding interest, with your savings contribution added every month. This calculator doesn’t take into account taxes, changing interest rates, changing deposit amounts etc. It’s designed to give you a starting point for your savings goal, but variables will always change over time.

It’s always best to be conservative. For example, interest rates for a savings account at the start of 2025 generally sit between 4% and 5%. However, interest rates are currently higher than they have been historically. If you’re planning to save over a 10-year period with only a savings account, a more conservative estimate of the long-term interest rate might be 2-3% (in line with the RBA inflation target). Similarly, if you’re planning to invest your money in the Australian share market, don’t set a growth rate of 10%. Over the short-term the market can be volatile, so maybe try 5-6%. 

Try out a few different rates to see how it affects the number!

That totally depends on your own circumstances and goals! You can check out one of our free investing courses to get some ideas and general information, but if you’re looking for specific advice, it’s best to speak to a financial advisor.