Forecast the future of your money with our free interest calculators

Determine how much you can save to secure your financial future.

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It can be a struggle to take those first moves to begin saving for the future. The first step is deciding how much you need to sock away to meet your goals, and our interest calculator can help forecast your finances and help you plan for any unexpected bumps in the road there.

Calculate your savings

With so many types of savings accounts on the market, it can be hard to know which savings account is right for you. Once you’ve determined your savings style and have an idea of how much money you can put away weekly or monthly, use our interest calculator to compare rates and see the difference they can make to your savings goals.

To use this calculator, you’ll need to input:

  1. The initial amount you’ll deposit into your account. This can be $0.
  2. The amount you’ll deposit each week or month.
  3. The interest rate you’ll earn.
  4. The number of years you plan to save.

The calculator totals the amount of money you’ll have at the end of the savings term, along with a breakdown of how much of the total is interest compared to how much you’ve deposited.

Compare interest rates to find the best savings account for you

Calculate how compound interest affects GICs

Guaranteed Investment Certificates (GICs) allow you to lock in a certain amount of money at a specified rate for an agreed period of time, usually 1-5 years although terms can last as long as 10 years. This calculator will illustrate how much interest you’ll earn during this time depending on how often it’s compounded. To use it, you’ll need to know the interest rate you’re going to earn, how much you’re depositing and the length of time you’ll be locking your money away.

Dig deeper into Guaranteed Investment Certificates (GICs)

Why use a calculator?

Calculators are a fast, accurate way to predict how your money grows over time. They can also help you realize what you spend your money on each month so you can identify how to improve your spending.

Remember that a calculator is only as accurate as the information you put into it. If you don’t accurately represent your spending patterns, your results won’t be very helpful. Be honest about what you’re willing to set aside each week or month to get an accurate projection.

Compare savings accounts

Name Product Interest Rate Promotional Interest Rate Minimum Balance Account Fee
Tangerine Savings Account
0.40%
2.8%
$0
None
Earn 2.80% interest for 5 months (up to a maximum of $1,000,000) as a new Tangerine client. Offer expires July 30, 2020.
EQ Bank Savings Plus Account
2.00%
N/A
$0
None
Enjoy zero everyday banking fees, free transactions and no minimum balance with an EQ Bank Savings Plus Account.
Wealthsimple Cash
1.40%
N/A
$0
None
Earn 1.4% on any money you invest and withdraw your funds at any time.
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Compare up to 4 providers

*The products compared on this page are chosen from a range of offers available to us and are not representative of all the products available in the market. There is no perfect order or perfect ranking system for the products we list on our Site, so we provide you with the functionality to self-select, re-order and compare products. The initial display order is influenced by a range of factors including conversion rates, product costs and commercial arrangements, so please don't interpret the listing order as an endorsement or recommendation from us. We're happy to provide you with the tools you need to make better decisions, but we'd like you to make your own decisions and compare and assess products based on your own preferences, circumstances and needs.

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