Savings Goal Calculator
Find out how much to save each week, fortnight or month to reach your goal, or how long it'll take with what you can put away.
Your savings over time
Interest is compounded monthly and deposits are made at the end of each period. Interest is shown before tax, and the rate is assumed to stay the same.
Printed from ClearCalc (clearcalc.com.au/savings-goal-calculator/). Estimates only, not financial advice.
How much do you need to save?
Pick a goal, a date and an interest rate, and the calculator works out the regular amount to put away. For example, to grow $2,000 into $20,000 in two years with a 4.5% savings account, you'd need to save about $711 a month, $328 a fortnight or $164 a week. Interest does some of the work too: about $940 of the goal comes from interest.
Already know what you can save? Switch to How long it takes to see when you'll get there.
Where to keep your savings
- High-interest savings accounts pay the most when you meet the conditions, such as depositing a set amount each month or not making withdrawals. Bonus rates around 4.5% to 5% were common in late 2026, but the base rate without the bonus can be much lower.
- Term deposits lock in a rate for a fixed time. They suit money you won't need until a set date. See the term deposit calculator.
- Offset accounts save you interest at your home loan rate, which can beat a savings account, especially after tax. Try the invest vs offset calculator.
Tips to reach your goal sooner
- Automate it. Set up a transfer for the day after payday so the money is saved before you can spend it.
- Match your pay cycle. If you're paid fortnightly, save fortnightly. It's easier to stick to and earns a little more interest.
- Use a separate account for each big goal, such as a holiday, car or home deposit.
- Find spare money in your budget. Our budget planner shows where it's going.
Don't forget tax
Interest on savings counts as taxable income, so you'll pay tax on it at your marginal rate (see 2026–27 tax rates). This calculator shows interest before tax. To see how compounding builds over longer periods, try the compound interest calculator.
Results are estimates only. Real accounts may compound daily and pay monthly, and rates can change at any time.
Frequently asked questions
How much should I save each week to reach $10,000 in a year?
Starting from nothing at 4.5%, about $188 a week, or $817 a month. Without any interest it'd be about $192 a week.
What is a good savings account interest rate in Australia?
In late 2026, the best bonus savings rates were roughly 4.5% to 5% a year, usually with conditions. Check the base rate too, as that's what you get if you miss a condition.
Do I pay tax on savings interest?
Yes. Interest is taxable income and must go in your tax return. Your bank reports it to the ATO, so it usually appears in your pre-filled return.
Is it better to save weekly or monthly?
The total is almost the same. Saving each time you're paid is usually easiest, and saving more often earns slightly more interest.
Official sources used for this calculator include: Moneysmart – Personal loans, Moneysmart – Credit cards, Moneysmart – Saving. See how we calculate.
Reviewed by the ClearCalc team. Last reviewed October 2026. This calculator gives an estimate for general information only. Check important figures with the relevant government agency or a licensed professional.