How it works
Future savings = growth of opening balance + future value of end-of-month deposits.
A worked example
Starting with 1,000 and adding 100 monthly at 0% for 10 years gives 13,000.
What to keep in mind
Deposits are made at each month end. Interest compounds monthly at a constant nominal annual rate. Excludes tax, inflation and fees.
A common question
When are deposits added?
At the end of each month, so each new deposit begins earning interest in the following month.
For general information and planning, not personalised financial or tax advice. Verify important decisions with a qualified adviser.