Term deposit interest calculator
*Tax estimate uses marginal rate (if enabled). Interest compounded daily (bank method).
Why use a term deposit calculator Australia 2026?
Whether you're saving for a home deposit, retirement, or simply want a guaranteed return, term deposit calculators give you crystal-clear projections. Our interactive tool uses daily compounding—the standard for Australian banks like CBA, Westpac, ANZ, NAB, ING, and St George. With interest rates shifting in 2026, accurate term deposit interest calculator results help you compare offers and maximise earnings. This page includes real-time figures, tax estimation, and a comparison of leading bank rates.
We’ve built the most comprehensive term deposit calculator Australia to support investors, seniors, and first-time savers. You can instantly calculate interest on any amount, term, and compounding frequency. Bookmark this commbank term deposit calculator alternative to evaluate all major institutions.
How to use this term deposit interest rate calculator
1. Enter deposit amount
Minimum $500 typical for most term deposits in Australia. Use any amount up to $5M+.
2. Input interest rate
Copy rates from your bank's offer sheet. We show comparison rates below.
3. Select term & compounding
Common terms: 6 months, 1 year, 3 years. Compounding frequency affects returns.
4. Toggle tax (optional)
Add your marginal tax rate (e.g., 32.5% for $45k–$135k) to see after-tax earnings.
Australian term deposit rates comparison (March 2026)
| Bank / Institution | 6 months | 12 months | 3 years | Senior/over 65 bonus |
|---|
| Commonwealth Bank (CBA) | 4.30% | 4.55% | 4.20% | +0.10% for seniors |
| Westpac | 4.35% | 4.60% | 4.25% | +0.05% on select terms |
| ANZ | 4.40% | 4.65% | 4.30% | ANZ Advance Notice term deposit perks |
| NAB | 4.25% | 4.50% | 4.15% | NAB reward saver combos |
| ING (ING Direct) | 4.65% | 4.85% | 4.40% | No senior spec, high base |
| St George Bank | 4.30% | 4.60% | 4.20% | St George term deposit rates for seniors: +0.15% |
| Bank of Queensland (BOQ) | 4.45% | 4.70% | 4.25% | BOQ term deposit rates for seniors available |
Rates are indicative and subject to change. Use our term deposit calculator to compare maturity returns based on current offers. Many Australian institutions like Heritage Bank, Suncorp, Bankwest, AMP, and Great Southern Bank also provide competitive fixed-term products.
How to calculate term deposit interest: formula & examples
Banks use the compound interest formula: A = P (1 + r/n)nt, where A = final amount, P = principal, r = annual interest rate (decimal), n = compounding frequency per year, t = years. Our interest calculator term deposit applies daily compounding (n=365) for maximum precision, matching Australian market standards.
Example: $15,000 invested at 4.80% p.a. compounded monthly for 2 years → Maturity = $16,511.25, total interest = $1,511.25. With 32.5% tax, after-tax interest ≈ $1,020.09.
🔑 5 exclusive tips to maximize term deposit returns (2026)
- Laddering strategy: Split your savings across 6, 12, and 24-month terms to take advantage of rising rates and maintain liquidity.
- Seniors & retirees: Ask for "senior term deposit rates" — Commonwealth Bank and St George often add 0.10–0.15% for over-65s.
- Consider monthly interest vs reinvestment: Reinvested interest compounds, while monthly interest gives cash flow – our calculator shows the reinvestment advantage.
- Check introductory/promo offers: ING, Macquarie, and ME Bank sometimes offer rate leaders for new customers (use our ing term deposit calculator style to compare).
- Tax efficiency: If you're on a high marginal bracket (37% or 45%), consider holding term deposits in super or lower-income spouse name for tax optimisation.
Why trust TotalCalcHub’s term deposit calculator?
We combine real bank formulas, daily compounding, and 2026 tax brackets to give you a realistic estimate. Whether you need commonwealth term deposit calculator, anz term deposit calculator, or westpac term deposit calculator, our tool serves as a universal benchmark. Used by thousands of Australian households, students and financial planners for accurate projections.
Frequently asked questions – term deposit Australia
❓ How is term deposit interest calculated in Australia?
Most banks calculate daily interest on your principal (and reinvested interest if compounded) using the daily balance method. Our tool replicates that to give precise maturity figures.
❓ What's the best term deposit rate in Australia right now (2026)?
ING and Macquarie lead with ~4.85% for 12 months, while major banks offer around 4.55-4.65%. Check our comparison table for updated March 2026 data.
❓ Do I pay tax on term deposit interest in Australia?
Yes, interest is added to your taxable income. If you don't provide a TFN, banks withhold 47% tax. Use our tax toggle to calculate after-tax earnings.
❓ What's the difference between monthly interest and reinvested interest?
Reinvested interest (compounding) increases total return because interest earns interest. Monthly interest payouts are for income needs but lower final maturity amount.
❓ Can I withdraw a term deposit early? Penalty?
Early withdrawal usually incurs a penalty: loss of all or part of interest, sometimes a break fee. Always check PDS. Our calculator assumes full term.
❓ Which banks offer term deposits for seniors?
Commonwealth Bank (CBA), Westpac, St George, and BOQ often provide senior-specific rates. Inquire directly or look for "over 65" bonus rates.
❓ How accurate is this term deposit calculator?
It uses daily compounding and real interest rate inputs to provide accurate estimates. For final figures always verify with your financial institution.
Important notice – term deposit estimates
TotalCalcHub's term deposit calculator provides estimations only based on inputs. Rates and tax laws are subject to change. Always refer to product disclosure statements from Australian banks (CBA, Westpac, ANZ, NAB, ING, etc.) before making investment decisions. This tool is for informational purposes and does not constitute financial advice. Updated for March 2026.