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Calculators and Planners

Compare Savings Rates

Even a small difference in the interest you are paid on your savings can add up over time. Use this calculator to see how different savings rates can impact your savings strategy! By making deposits at the start of each month, compared to the end of the month, can also make a difference.




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Definitions

Starting amount
The starting balance or current amount you have invested or saved. If you haven't started saving yet, set the amount to "$0".

Additional contributions
The amount that you plan on adding to your savings or investment regularly.

Years
The total number of years you are planning to save or invest.

Annual percentage yield (APY)
The annual rate of return for each savings account.
Rate of return
The annual rate of return for this investment or savings account. The actual rate of return is largely dependant on the type of investments you select. For example, for the last thirty years the average annual rate of return for the TSX is about 11%. Savings accounts at a bank or credit union can pay as little as 2% or less. It is important to remember that future rates of return can't be predicted with certainty and that investments that pay higher rates of return are subject to higher risk and volatility. The actual rate of return on investments can vary widely over time, especially for long-term investments. This includes the potential loss of principal on your investment. If you plan on withdrawing your money within five years, you may wish to choose a more conservative rate of return.

The calculators contained on this site is provided for illustrative purposes only and is only intended to assist you in understanding how certain investment strategies may impact your investments over a specific period of time. Dynamic Funds does not warrant or make any representations regarding the use or the results of the Calculator in terms of its correctness, accuracy, timeliness, reliability, or otherwise. Information herein is subject to change without notice and Dynamic Funds is not responsible to update this information, nor does it accept any responsibility for any loss or damage that results from the use of the results of the Calculator. Projections made using the Calculator are not intended to be a substitute for professional advice and, because each person's situation differs, we recommend that you consult a professional investment advisor to ensure you are using the information on this site to your best advantage