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Savings Account Calculator

Calculate the net interest on your savings account considering tax withholding and stamp duty.

Sources: FDIC -- Deposit Insurance FAQs · Investopedia -- Savings Account

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How the Savings Account Calculator Works

This tool calculates the net interest on your savings account, taking into account the 26% tax withholding and the 0.20% annual stamp duty.

How Savings Account Interest Is Calculated

The formula is linear: Gross Interest = Capital x Gross Rate x (Months / 12)

From the gross interest, the following are subtracted: Tax withholding (26% of gross interest, withheld by the bank) and Stamp duty (0.20% annual on deposited capital, proportional to duration).

Fixed vs. Flexible Accounts

A fixed-term account offers higher rates in exchange for the inability to withdraw before maturity. A flexible account allows you to withdraw capital at any time but offers lower rates, typically 0.5-1.5 percentage points less.

Savings Accounts in the Investment Context

Savings accounts are a very low risk tool, ideal for emergency funds, short-term parking of cash, and diversification. They are not suitable as a long-term investment, as the real return (after taxes and inflation) is often close to zero or negative.

Deposit Guarantee

Deposits are protected by deposit guarantee schemes up to $250,000 per depositor per bank (FDIC in the US) or EUR 100,000 (EU Deposit Guarantee Scheme). This means your capital is protected even in case of bank failure up to this threshold.

Frequently Asked Questions

How is savings account interest taxed?▼
Interest on savings accounts is typically subject to tax withholding (rates vary by country: 26% in Italy, varies in USA). The bank withholds tax at source. Additional stamp or account duties may also apply depending on jurisdiction.
Fixed-term or flexible: which is better?▼
Fixed-term accounts offer higher rates (typically 0.5-1% more) but you cannot withdraw until maturity without penalties. Flexible accounts offer lower rates but full flexibility. The choice depends on your time horizon.
Are savings accounts safe?▼
Deposits up to regulatory limits are guaranteed by deposit insurance schemes (FDIC in the US up to $250K, DGSD in EU up to EUR 100K per depositor per bank). This guarantee covers both checking and savings accounts.