Australian Savings Calculator
Project savings growth with regular deposits and compound interest.
Details
Result
Ending Balance
A$82,906
Total Deposits
A$63,000
Interest Earned
A$19,906
Australian savings rates in 2026
Online savings accounts (bonus interest tier): 5-5.5% p.a. if conditions are met (monthly deposits, no withdrawals). Standard savings: 0.5-2%. Term deposits: 4-5.25%. Compare via Canstar or RateCity before committing.
Beware: savings interest is fully taxable
Interest is added to your taxable income at your marginal rate — up to 47% for high earners. If you have a mortgage, $10,000 in offset account saves ~6% tax-free, beating any savings account after tax for most earners.
Frequently Asked Questions
Everything you need to know, in one place.
Are Australian savings taxed?
Yes — interest is added to your taxable income at your marginal rate. Joint accounts split interest 50/50 between holders.
Offset account vs savings account?
If you have a mortgage, an offset account is almost always better than a savings account — offset interest saved is effectively tax-free "return" at your mortgage rate (~6%), while savings interest is taxable.
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