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Compare potential earnings with our free calculator
If you're unsure about which savings account to open, use our free calculator to compare potential earnings.
With so many types of savings accounts available on the market, it can be hard to know which one is right for you. Once you determine your savings style or have an idea of how much money you can put away on a weekly or monthly basis, use our calculator to compare different interest rates and see the difference it can make to your savings goals.
Calculate your savings
The Savings Calculator allows you to work out how much you’ll save over a given number of years. To use the calculator you need to input:
- The initial amount you’re going to deposit into your account (this can be $0)
- The sum you wish to deposit each week, fortnight or month
- The interest rate you’re going to earn
- The number of years you wish to invest your money
Once this is done, the calculator shows how much money in total you’ll save at the end of the term, plus a breakdown of how much of this is interest compared to how much money you invested.
Maximising your savings
One way to calculate your potential savings is to analyse real-life examples of high-interest savings accounts in the market. By comparing some of the best interest rates offered by Kiwi banks and calculating how much interest these accounts accrue over time, based on your deposit amount and the period you invest your money for, you can find the best savings account for your needs.
Why use a savings account calculator?
Calculators eliminate an element of human error from your calculations, meaning you’re more likely to achieve an accurate figure when working out how much you save over a given period. Add to this the fact that calculators, like the budget planner, can help you think of items you might not even realise you spend your money on each month, and you can also identify how to improve your spending.
Remember that a calculator is only as accurate as the information you input. If you don’t enter accurate figures that truly represent your spending patterns, you eliminate the human error aspect but still achieve a useless total. When using a calculator, ask yourself if what you’re inputting is an accurate representation of your spending or savings situation.
In some cases, for example, using the budget planner, you might have to estimate certain costs, such as health and car costs. No one knows how much car repairs or health issues might cost so you might want to do some research to achieve an estimate.
Other frequently asked questions
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