We’re about human-based banking which means we actively support you and your financial goals through a range of tools, including our online savings calculator and our MyState Bank App from which you can control all of your bank accounts with us. Access a suite of rewarding savings accounts and use our savings calculator to predict what your balance will be.
Our savings calculator is designed to be easy to use. When you use the calculator, you’ll be asked to input what your initial deposit will be, the term of the deposit (how long you will have those savings in that account) plus any ongoing deposit amounts that you intend to make and how often you intend to make them. The interest rate will be pre-populated – as will some of the other fields – but you can amend whatever is automatically included to reflect what you need it to.
Frequently Asked Questions
Interest earned on savings balances are calculated based on the principal amount – the total amount initial deposited – as well as all accumulated interest. Interest is calculated daily, and normally paid into your savings account directly on a monthly basis. That then increases your overall balance and then allows you to earn even more interest the following month.
Compound interest on savings accounts refers to both the interest earned on your principal amount (the opening balance of your savings account) and on the interest gained over time. Compound interest occurs when you earn interest on a deposit or a loan and that income generates you additional interest payments.
To calculate compounding interest on a savings account you will need to know:
- What the interest rate is
- How often interest is paid into the account (monthly, yearly, etc)
Our quick and easy online savings calculator will do all of the hard work for you.
Calculating interest on a savings balance is quick and easy when you use our online savings calculator. Simply input the opening balance amount (how much you wish to deposit first), then input an ongoing deposit amount, the deposit frequency, interest rate and the total savings term (how long you are saving for). The calculator will show you what your savings balance is at the end of your nominated term based on the information that you have input. If the balance isn’t as high as you’d like it to be then perhaps experiment with your ongoing deposit amount or initial deposit amount.
To maintain a healthy account balance, ensure you are aware of any and all conditions relating to your savings account. You may be required to maintain a specific balance, make a number of deposits, and complete a number of EFTPOS transactions or similar conditions to achieve the highest rate of interest.
If you are concerned that you are not meeting your savings goals and you’re not sure whether the type of account you have is right for you, please reach out to our friendly customer care team either via live chat through our website or directly by phoning 138 001.
Managing your money with either one savings account or multiple accounts will depend largely on what your individual financial goals are. Our most popular savings product is the Bonus Saver Account, rewarding you for building your savings balance with competitive interest rates and zero fees. Use your Bonus Saver Account to reach your long term savings goals faster or split your savings over multiple accounts and target all of your savings goals at the same time. Use our online savings calculator to assess how much you could save using any of our available account options.
If you intend to withdraw money from your savings account to cover the cost of one-off or regular bills, then you may wish to consider opening an account that doesn’t limit how much or how often you withdraw from your balance. Our MyState Special eSaver savings accounts may be ideally suited as a bill paying Account.
For a regular saver with a specific financial target in mind, our multi award winning Bonus Saver Account may be ideal. Review our terms and conditions and open a new account online with us today in just a matter of minutes.
