How to use
- Choose the type of deposit.
- Enter the amount (for a monthly plan, the amount you pay in each month) and the annual interest rate.
- Enter the term — days for easy-access savings, the total time and the length of each term for auto-renewing deposits — and read the interest and final balance.
Options explained
- Fixed term
- Paid in once and repaid with interest at the end. Interest = deposit × rate × months ÷ 12.
- Savings with daily interest
- Interest = balance × rate × days ÷ 360. Many banks pay it monthly or quarterly, after which it earns interest too.
- Monthly savings plan
- A fixed amount each month. Each payment earns interest for the months it is held, which adds up to monthly amount × monthly rate × n(n+1)/2.
- Auto-renewing term
- At the end of each term the balance renews with its interest, so interest compounds once per term. The rate is assumed not to change.
Examples
| Deposit | Amount | Rate | Time | Interest |
|---|---|---|---|---|
| Fixed term | 100,000 | 1.50% | 3 years | 4,500.00 |
| Daily interest | 100,000 | 0.10% | 365 days | 101.39 |
| Monthly plan | 2,000 a month | 1.20% | 3 years | 1,332.00 |
| 1-year term renewed | 100,000 | 1.20% | 3 years | 3,643.37 |
Frequently asked questions
Does the calculator take tax off the interest?
No. Whether interest is taxed, and how much, depends on your country and allowances, so the result is the gross interest.
Why do banks use a 360-day year for daily interest?
It is a long-standing banking convention. Some accounts use 365 days; the difference is small over a year.
Is one long term better than several short ones?
It depends on the rates. A longer term usually pays more, while shorter renewing terms let you withdraw or move to a better rate each time. Compare both here.
Privacy
This tool runs entirely in your browser. Your files and text are processed on your device and are never uploaded to our servers.