Term Deposit Calculator

See my savings

Total savings


Regular deposits


Total interest



Australia's Money Matchmaker™. The new, smarter way to compare. Take our quiz and we'll find you the best loan matches based on your answers.

Find my match

left arrow

How to use the Term Deposit calculator

To use the term deposit calculator, you’ll need to enter some details about your deposit. These are explained below:

  • Deposit Amount - This is the starting amount of money you plan to deposit into your term deposit. This will be the base amount any interest earnings is calculated on.
  • Compound Frequency - How often interest is applied to your savings. Depending on the type of savings account you are using, this will be monthly or annually.
  • Number of Years - With a term deposit, this will be the length of time you agree to when creating the term deposit.
  • Interest Rate - This is the interest rate applied to your savings. For term deposits, there will be a fixed interest rate applied for the term.

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.

Term Deposit Interest Formula

The formula for compound interest on a single term deposit is: a = d ((1 + ( r / n )) ^ (n * p))

  • a - the amount of money you will have at the end of the deposit period
  • d - your initial deposit
  • r - the annual interest rate expressed as a decimal
  • n - the number of compounding periods per year - e.g. monthly = 12
  • p - the number of years your money will be in savings and you will accrue interest

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.

Term Deposit Example Calculation

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.

  • a = d ((1 + ( r / n )) ^ (n * p))
  • a = 10000 * ((1 + (.05 / 12)) ^ (12*5))
  • a = 10000 * (1.00416666667) ^ (60)
  • a = 10000 * (1.28335867876) a = 12,833.59
  • Total amount in savings = $12,833.59
  • Interest Earned is (a - d). In this example, that would be 12,833.59 - 10,000 = 2,833.59
  • Interest Earned = $2,833.59

Example of Term Deposit Interest

Deposit amount2% interest4% interest5% interest





































Term deposit interest examples are calculated using an initial deposit amount and no regular deposits, with interest compounded monthly for a term of five years.

Need money to reach your goals?



Money Pty Ltd,
Suite 3, Level 2,
1 Taylor Street,
Moorabbin, VIC, 3189 Australia


Money Pty Ltd trading as Money
ABN: 42 626 094 773
ACL: 528698
AFCA: 83955

© Copyright 2021 Money Ltd.


Money Pty Ltd (trading as Money.com.au) provides information about credit products and is authorised to do so as the holder of Australian Credit Licence 528698. Money.com.au does not compare every Lender in Australia. We are not a broker or credit provider and when we provide information via this website, we are not providing you with a recommendation or suggestion about a particular credit product. When you apply for a credit product via the Money.com.au website, you are not applying with us, you are applying directly with a Lender Partner. Before entering into any credit product from one of our Lender Partners, you should confirm the rates and product information with the Lender. All information on this website is general advice only and does not take into account your objectives, financial situation or needs. You should consider whether this advice is right for you and we encourage you to seek independent financial advice.