Savings calculator gives a rough estimate of future savings based upon your initial investment, periodic investments, frequency of investment, bank’s interest rate, and time horizon of investment. It uses the power of compounding to grow your savings.
The savings calculator is used as a tool to assist you to determine how much money you'll acquire over time when placing a deposit into an interest-earning account. In general, having an interest-earning savings account is a wise act if you desire to improve your financial health.
The interest building on your account balance can be determined by the savings calculator, as it’ll help you to determine how much you will be making over a long period.
The longer you keep the funds in the account, the more you will accrue in interest. One positive factor of having an interest-earning account is that along with the earning of funds on your deposits, you will also accrue interest over time, which is also known as compound interest.
Following are a few tips on how to use Fintra's Savings Calculator: