Savings Calculator

Use our handy calculator to show how compound interest works on a savings account.

Save the way you want, with an account that works for you

For regular savers

 

Westpac Life
Earn bonus interest each month you grow your savings.
  • Bonus interest every month you grow your savings even if you withdraw money. 1
  • Bucket your money into different Savings Goals.
  • No monthly or online transfer fees. 2
Open now Westpac Life

For short-term savers

 

Westpac eSaver
Get a hot introductory interest rate for the first 5 months.3
  • Bonus introductory rate applies, even if you don't make any deposits during the month.
  • No monthly fees or online transfer fees. 2
Open now Westpac eSaver

For kids and teens

 

Bump Savings
Kick-start good savings habits and earn bonus interest.
  • Get a bonus each month you grow your savings, even if you withdraw money. 1
  • Set goals based on what you're saving for and track progress in our app.
  • No monthly fees or transactional fees. 4
Open now Bump savings

Frequently asked questions

It's a tool that estimates your future savings based on current habits, considering factors like deposit amount, saving frequency, and interest rates.

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Open Westpac Life

Open a Westpac Life savings account online in just minutes

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Things you should know
Deposit Accounts for Personal customers Terms and Conditions (PDF 621KB) 
Online Banking Terms and Conditions (PDF 555KB) 
Find out what information you need to provide to become a customer (PDF 657KB) 
 
Before making a decision about any of our products or services, please read all the terms and conditions. Fees and charges apply and may change.
 
1. Bonus interest: You will be eligible for bonus interest during the month (a month is the period from close of business on the last business day of the previous month to close of business on the last business day of the current month) and subject to transaction processing time, if:
a. your account balance has not fallen below $0; and
b. you (or someone on your behalf) have made a deposit of any amount (interest paid into your account does not qualify as a deposit in terms of bonus interest eligibility); and
c. the account balance on the last business day of the month is higher than the account balance on the last business day of the previous month.
Note: Bonus interest is calculated in the system after 11:59pm on the last business day of the month. Any transaction processed before 11:59pm may impact bonus interest eligibility.
 

2. Westpac everyday account: To open a Westpac Life, eSaver or Bump account, customers must hold a Westpac everyday account in the same name and be registered for Online and Telephone Banking. Fees and charges apply on a Westpac everyday account.
 

3. eSaver: If you have not had a Westpac eSaver account before, an introductory fixed interest rate of 3.55% p.a. applies for the first 5 months, on top of the standard variable rate. After 5 months, the standard variable interest rate, currently 1.10% p.a. will apply. Existing or previous eSaver account holders are not eligible for this offer. Joint accounts are eligible where the primary account holder has not held an eSaver account before.   

 

4. Westpac everyday account: To open a Westpac Bump Savings account, customers must hold a Westpac everyday account, which can be in the name of the child or parent signatory. Fees and charges apply on a Westpac everyday account.
 

Savings Calculator
This calculator should be used as a guide only and shouldn't be relied on for making a decision to open to a savings account or to determine regular savings contributions as you should consider whether the product features suit your situation, objectives and needs.  Interest rates may change, impacting the value of interest earned. The interest calculations are estimates only on the information provided and not intended as a recommendation to make specific savings contributions or to be relied on as an exact amount of what you may earn. This calculator doesn't take into account the impact of fees and charges, tax on interest earned, changes to interest rates, bonus interest eligibility and any withdrawals over the savings period. Calculations don't This tool can't take into account all of your relevant personal circumstances and you should consider whether a savings account is appropriate for you. If you need assistance, contact one of our bankers or obtain advice from financial adviser.

How this calculator works
Interest is calculated using the compound interest formula on the starting balance and factors in any regular monthly deposit. The calculator assumes no withdrawals are made by you and there are no changes in interest rates even though the bank may vary interest rates from time to time. The calculation method varies slightly from Westpac products and therefore results can only be used as an estimate 

Calculator assumptions and method
The displayed interest rate is for illustration purposes only and you may manually input your own interest rate into the calculator. Each calculation starts on the first calendar day of the current month and assumes all deposits are made on the first day of the calendar month. Interest is calculated daily and compounded monthly at the end of the calendar month on the “How much I could save” and “How long it may take me to save” calculators. Interest is calculated and compounded monthly at the end of the calendar month on the “How much I may need to save” calculator. Total amounts (including interest earned) are rounded to the nearest cent.

This information does not take your personal objectives, circumstances or needs into account. Consider its appropriateness to these factors before acting on it. Read the disclosure documents for your selected product or service, including the https://www.westpac.com.au/terms-conditions, before deciding. https://www.westpac.com.au/tmd for the products are available. Unless otherwise specified, the products and services described on this website are available only in Australia from © Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714.