Total savings
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Regular deposits
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Total interest
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YEAR | REGULAR DEPOSITS | INTEREST | TOTAL SAVINGS | TOTAL |
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To use the term deposit calculator, you’ll need to enter some details about your deposit. These are explained below:
Once you have entered the details about your estimated savings, you can click See My Savings to see how much you will gain through interest each year, including the total balance of your term deposit over the years.
The formula for compound interest on a single term deposit is: a = d ((1 + ( r / n )) ^ (n * p))
Keep in mind that this is a simple formula, and when calculating the compounding interest on an amount that includes a frequent deposit, you’ll need to alter the way you calculate the interest. You use the compound interest calculator to calculate interest for a savings account.
Let’s see how compound interest works in a simple example on a single term deposit. We’ll use a $10,000 deposit earning 5% interest compounded monthly. You plan to leave the money untouched for 5 years.
Deposit amount | 2% interest | 4% interest | 5% interest |
---|---|---|---|
$2,000 | $220 | $447 | $567 |
$5,000 | $553 | $1,137 | $1,418 |
$10,000 | $1,105 | $2,237 | $2,836 |
$15,000 | $1,660 | $3,355 | $4,254 |
$20,000 | $2,212 | $4,473 | $5,671 |
$25,000 | $2,764 | $5,593 | $7,090 |
$30,000 | $3,317 | $6,711 | $8,508 |
$40,000 | $4,423 | $8,948 | $11,344 |
$50,000 | $5,529 | $11,184 | $14,180 |