Compound interest calculator
Thinking about putting some money into a term deposit? These sorts of long-term investments can be a great way to put money aside for a rainy day, boosting your savings while also earning more interest than you might regularly earn from keeping it in a traditional bank account. The compounding nature of interest on these investments means you’re essentially earning interest on interest. This calculator will help you determine the compound interest using the deposit amount, interest rate and saving term (based on how long you want to save for)– and then provide you with data regarding the difference in yield between annual, monthly or daily compounding. The chart that is produced showing the differences between the three means you can visualise how various compounding rates affect the long-term outcome of a term deposit, including total interest earned and the yield rate, and can assist you in making a decision on the best strategy given your personal savings goals.
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