Savings
Savings and term deposit interest
Work out the interest on a term deposit or a savings account, and what the bonus rate is worth.
Interest over 1 year, before taxEffective 4.50% a year
$2,250.00
| Amount at the start | $50,000.00 |
|---|---|
| Interest | $2,250.00 |
| At the end | $52,250.00 |
Interest counts as income in your tax return. Estimate your tax
Assumptions
- Each month counts as 1/12 of a year and each day as 1/365 of a year; calendar dates are not used.
- Interest is paid once at the end of the term (simple interest).
- Rates stay the same for the whole term.
- Tax on interest and account fees are not included.
- Figures are calculated unrounded and rounded to cents at the end. A bank rounds each interest payment, so its figures can differ by a few cents.