For The Following Month Calculated From Flexi Saver

How to Use This Calculator

Using our Flexi Saver calculator is straightforward. Follow these steps to get your projected balance:

1. Enter your current Flexi Saver balance in the first field.
2. Input the monthly interest rate (as a percentage) in the second field.
3. Specify the number of months you want to calculate (typically 1 for the following month).
4. Click the "Calculate" button to see your projected balance.

The calculator will display your projected balance after the specified period, showing how compound interest affects your savings.

Formula Explained

The calculation for your Flexi Saver balance uses the compound interest formula:

Where:

• Current Balance is your starting amount in your Flexi Saver account.
• Monthly Interest Rate is the annual interest rate divided by 12 (converted to a decimal).
• Number of Months is the period you want to calculate (typically 1 for the following month).

This formula accounts for compound interest, which means your interest is calculated on both your initial deposit and the accumulated interest from previous periods.

Worked Example

Let's walk through an example to illustrate how the calculator works. Suppose you have:

• Current Flexi Saver balance: $1,000
• Annual interest rate: 2.5%
• Number of months: 1

First, convert the annual interest rate to a monthly rate:

Now apply the compound interest formula:

After one month, your Flexi Saver balance would be approximately $1,002.08, showing the effect of compound interest.