Savings Interest Calculator

Estimate the future value of your savings and investments using this calculator - by Alex Bejanishvili
Posted in category SAVINGS & RETIREMENT

Wondering how your bank calculates the interest on your savings?

Spreadsheet123 brings to you Savings Interest Calculator that can help you in calculating the compound interest earned on the savings account during a period. The calculator estimates accurately, the total money saved in your saving accounts after the tax deductions and withdrawals.


This easy to use sheet is divided into four sections:

  • Savings Plan Entries
  • Summary of the Savings Plan
  • Savings Projection Chart (Graphical View)
  • Savings Projection Chart (Tabular View)

The calculator also helps in calculating the profit or loss earned on the savings account, accurately and effectively. Using the template you can plan your future in a better way and can get prepared to handle any unforeseeable financial crisis. It is very important that we make savings to secure our future and ensure all our long term goals are achieved.

Savings Interest Calculator

for Excel® 2003+
Savings Interest Calculator Screenshot
Excel 2003(XP)
File: XLS
Excel 2007 +
File: XLSX
Template Specifications
Microsoft Excel® 2003 or Higher (PC & Mac)
Not Used
Not Required
Help & Questions?
Contact Us

How to use Savings Interest Calculator

The First section of the Savings Interest Calculator sheet is Savings Plan Entries. It allows you to record the details about your saving plan like:

  • Length of the Investment- here you can specify the duration of investment.
  • Initial investment made- here you can specify the initial amount you are planning to invest.
  • Annual Tax Rate- if there is a applicable annual tax rate then you can enable tax calculations and specify it here
  • Annual Earnings Rates- here you can specify the rates and specify if there is variable or fixed rate applicable. In case its variable, you also need to specify the Minimum and Maximum rates applicable and press F9 to recalculate the Average Rate.
  • Scheduled Deposits- here you can record the details of your scheduled deposits like deposit amount, deposit frequency and any additional annual deposits. Also specify the frequency of interest compounded.

Once you have made all the entries , you will get to see the total money saved for a period.

The template has pre-defined formulas that automatically generates the results and summarize them under the summary of the Savings Plan. Savings interest calculator automatically calculates the total amount invested and withdrawn. It also calculates the future value of the contributions made and the cumulative interest earned. This section also provides clarity of profit and loss made after paying all the taxes. You also get to know the exact value of the tax you paid over the years.

The last section displays the Savings Projection Chart where you get a detailed breakup for the contributions and cumulative amounts. The two formats of projections displayed are:

Graphical Projections - displays a graph of amount earned on one axis and the number of years for which the interest needs to be calculated over the other. For the sake of clarity, the graph has three areas displayed in different colours to show investment, interest and tax amounts.

Tabular Projections - displays the actual balance at the end of year after considering applicable interest rates, interest amount and tax amount on scheduled deposits. The table also displays cumulative values of the deposits, interest, taxes for each year.

We recommend you not to change or delete the pre-defined formulas of the template. By doing so the entire template would get altered as the various fields have interconnected formulas and the results in such a scenario would be doubtful.

Function used in template

  • IF(logical_test, [value_if_true], [value_if_false])
  • OFFSET(reference, rows, cols, [height], [width])
  • SUMIF(range, criteria, [sum_range])
  • SERIES(name_ref, categories, values, plot_order)
  • ISERROR( value )
  • AVERAGE(number1, [number2],...)

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