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Showing posts with label Compound Interest Calculator. Show all posts
Showing posts with label Compound Interest Calculator. Show all posts

Jul 13, 2008

Singapore Compound Interest Calculator

Singapore Compound Interest Calculator:

Using the Singapore Compound Interest Calculator To Compare Effect Of Compounding Interest Rates On Savings Amount

To help you achieve better returns on your savings deposits earning interest at a monthly or annual rates, we present an example to illustrate the effects. At the end we will point you to the Singapore Compound Interest Calculator.

Why is it important to get the best savings deposit interest rates for your savings account? The main financial reason is to maximize your interest earning via higher interest rates. This search for the best savings deposit interest rates will help you make more money at a faster rate for you.

The effect of compounding increases your savings deposit amount exponentially. If you maintain the principal amount with the earned interests in your savings deposit account, the total amount will snowball faster than if you withdraw the interest every time it is paid into your savings account.

We present two hypothetical case scenarios to compare the effect of interest rate changes on the bank balance of savings accounts.

Scenario : A vs B

Amount : $ 1000 $ 1000

Interest Rate : 0.25 % 1.08 %

Time Period : 50 yrs 50 yrs

Results :

End 1st Year : $ 1,002.50 $ 1,010.80

End 5th Year : $ 1,012.56 $ 1,055.18

End 10th Year : $ 1,025.28 $ 1,113.40

End 15th Year : $ 1,038.16 $ 1,174.84

End 20th Year : $ 1,051.21 $ 1,239.67

End 25th Year : $ 1,064.41 $ 1,308.07

End 30th Year : $ 1,077.78 $ 1,380.25

End 35th Year : $ 1,091.32 $ 1,456.41

End 40th Year : $ 1,105.03 $ 1,536.77

End 45th Year : $ 1,118.92 $ 1,621.57

End 50th Year : $ 1,132.97 $ 1,711.05

The major lesson learnt in this comparison is to choose a savings account that pays you higher interest rates as much as possible. Go ahead and look for the best savings deposit interest rates. Have fun making your savings grow faster for your financial health.

The link to the on-line savings interest rate calculator is at CPF.


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