Savings Plan Calculator

Compound interest means you earn interest not just on the money you save, but also on the interest you’ve already earned. In most savings accounts, interest is calculated daily and paid monthly. Over time, this can really add up, helping your savings grow faster the longer you leave them untouched.

Your interest is calculated based on your account balance and the interest rate that applies to your savings account. The rate is expressed as an annual percentage, but interest is usually worked out daily and credited monthly. Our savings calculators can give you a helpful estimate of how your balance could grow over time.

Savings accounts are designed to be a low-risk way to store your money. Your balance won’t go backwards due to market movements, but fees or withdrawals could reduce your total savings. It’s also worth remembering that inflation can affect the real value of your money over time.

All deposits with Bank of us are covered by the Australian Government’s Financial Claims Scheme.
Giving you peace of mind that your deposits are covered up to $250,000 per account holder.

That depends on what you’re saving for. Some people prefer one account to keep things simple, while others like having separate accounts for different goals—such as holidays, emergencies or big purchases. Multiple accounts can make it easier to track progress and stay motivated.