Use our savings calculator to discover how much your savings could grow over time.

This calculator shows your estimated savings and assumes the interest rate doesn't change during this period of time and that no withdrawals have been made. With Payroll Savings, your monthly contribution is automated and added directly from your pay every month, removing the stress from saving. Start saving effortlessly with Payroll Savings.

  • AER stands for Annual Equivalent Rate.

    It’s the best way to compare savings accounts. It shows you how much interest you’d earn over a year if the interest was added to your savings (typically monthly) and you earned interest on that interest too. This snowball effect is called compounding - more on that below

  • Compound interest (sometimes referred to as The 8th Wonder of the World because of how powerful it can be), is best illustrated like this:

    • Simple interest: you only earn interest on the money you first put in.

    • Compound interest: you earn interest on your savings and on the interest you’ve already earned to date

  • Gross interest, also displayed as a percentage, is the interest rate displayed as a simple interest rate (explained above), before any compounding or tax deductions in a year.