Monday, 21 March 2011

Online tool - Savings Calculator

Here is a link to the Savings Calculator that is useful for one to calculate compound interest earned.

However, the limitation of this is that it assumes same day length for every month. Some interest are calculated by the bank on an accrued-daily-interest basis and each month length vary so the interest amount reported by your bank may vary slightly with this.

Nevertheless, this is able to give you a quick calculation and estimate of how much interest you will earn with your regular saving deposits in X years. Happy calculating! :)

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