Anz Savings Account Interest Calculator

Calculate your potential earnings from an ANZ savings account with this easy-to-use interest calculator. Simply enter your deposit amount, interest rate, and term length to see how much you could earn over time.

How to Use This Calculator

Using the ANZ Savings Account Interest Calculator is simple:

Enter the principal amount (the initial deposit amount) in the first field.
Select the interest rate from the dropdown menu. ANZ offers various rates depending on the account type and term length.
Choose the term length (in months) for your savings goal.
Click "Calculate" to see your potential earnings.
Review the results and chart showing your balance growth over time.

The calculator uses compound interest to show how your savings will grow over the selected term. Compound interest means you earn interest on both your initial deposit and any accumulated interest.

Formula Used

The calculator uses the compound interest formula:

A = P(1 + r/n)^(nt)

Where:

A = the future value of the investment/loan, including interest
P = the principal investment amount (the initial deposit or loan amount)
r = the annual interest rate (decimal)
n = the number of times that interest is compounded per year
t = the time the money is invested or borrowed for, in years

For this calculator, we assume interest is compounded monthly (n = 12).

Worked Example

Let's say you deposit $5,000 into an ANZ savings account with a 2.5% annual interest rate for 2 years. Here's how the calculation works:

A = 5000(1 + 0.025/12)^(12×2)

A = 5000(1 + 0.002083)^24

A ≈ 5000 × 1.0512

A ≈ $5,256.00

After 2 years, you would have approximately $5,256 in your account, earning $256 in interest.

Types of ANZ Savings Accounts

ANZ offers several types of savings accounts with different interest rates and features:

Everyday Saver: A basic savings account with a low interest rate, good for everyday savings.
Saver Plus: Offers a slightly higher interest rate than the Everyday Saver.
Term Deposit: Locks your money for a set period (3 months to 5 years) for a higher interest rate.
Bonus Saver: Offers a bonus interest rate for certain conditions, like maintaining a minimum balance.

Interest rates can vary depending on your account type, term length, and whether you're a new or existing customer.

Fees and Considerations

Before opening an ANZ savings account, consider these factors:

Fees: Some accounts may have fees for withdrawals or account maintenance.
Minimum Balance: Some accounts require you to maintain a minimum balance to earn interest.
Accessibility: Term deposits are not as easily accessible as regular savings accounts.
Interest Rate Changes: Interest rates can change, so check for the most current rates before opening an account.

Always compare interest rates and fees from different banks before choosing a savings account.

FAQ

How often is interest calculated on my savings account?: Interest is typically calculated and added to your account monthly.
Can I withdraw money from a term deposit before the term ends?: Yes, but you may incur a penalty fee and lose some of the interest you would have earned.
How do I know which ANZ savings account is right for me?: Consider your savings goals, how often you need access to your money, and your tolerance for risk. Shorter-term goals may benefit from regular savings accounts, while long-term goals may be better suited for term deposits.
Are there any hidden fees with ANZ savings accounts?: ANZ is transparent about fees. Review the account terms and conditions to understand all potential fees before opening an account.
Can I link my savings account to my transaction account?: Yes, many ANZ savings accounts can be linked to your transaction account for easy access and management.