Free Savings Calculator
Calculate the maturity amount based on your flexible deposit plan.
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Free Savings Calculator: Add Freedom to Your Saving Style
Tired of the rigid routine of regular savings, where you must deposit a fixed amount on a fixed date every month? As its name suggests, a free savings account is an innovative and flexible product that lets you build a lump sum by depositing freely, whenever you want and as much as you want. It is a smart money-management tool that reduces saving stress and boosts your sense of achievement.
🎯 Who needs it most?
- Freelancers, self-employed: Those whose monthly income is irregular and find fixed savings burdensome
- New grads, students: Those with little income who still want to build a habit of saving steadily, even in small amounts
- Office workers: Those who, when receiving irregular bonuses or incentives beyond salary, want to save them immediately rather than leave them idle
- Side-hustlers, gig workers: Those who want to efficiently manage money from multiple income streams in one account
The biggest charm of free savings is its 'flexibility'. There is less pressure to break the account when you suddenly need a lump sum, and conversely, when you have spare funds, additional deposits can raise your maturity interest. But because of this freedom, the interest calculation can feel somewhat more complex than with regular savings.
SeriesCalc's free savings calculator adapts to your flexible saving style, clearly showing at a glance how much all deposits made on different dates and amounts will become at maturity, and how much tax will be deducted. No more complicated Excel calculations. We will be a reliable navigator for your saving journey.
Term Glossary
- Free savings
- A savings product that lets you freely deposit as much as you want, whenever you want, without being tied to a fixed date or amount, to build a lump sum.
- Non-taxable comprehensive savings
- A product where, if you meet conditions such as being 65 or older or disabled, interest income is exempt up to a combined 50 million KRW limit across all institutions.
- Early-payment effect
- The effect that, for the same amount, depositing earlier in the term yields more interest because the days on deposit are longer.
💰 How is free savings interest calculated?
The core principle of free savings interest is to 'treat each deposit as a separate time deposit'. That is, the same interest is not applied to every deposit; the earlier and the more you deposit, the more interest you earn. The biggest feature is that interest is calculated on a daily basis.
💡 Understanding with a real example
- Agreed rate: 3.5% annual (simple)
- Maturity: Dec 31, 2025
- Deposits:
- Jan 1, 2025: 1,000,000 deposited (364 days on deposit)
- Jul 1, 2025: 500,000 deposited (183 days on deposit)
1. Interest on 1,000,000:
1,000,000 × 3.5% × (364 days / 365 days) = 34,904 KRW
2. Interest on 500,000:
500,000 × 3.5% × (183 days / 365 days) = 8,763 KRW
3. Total pre-tax interest:
34,904 + 8,763 = 43,667 KRW
Simple vs Monthly Compound: Which is better?
This is a factor you must consider when choosing a savings product. This calculator supports both methods to help you choose optimally.
Simple Interest
The simplest method, where interest is calculated at the agreed rate only on the principal. It is intuitive and easy to understand. Most bank savings products use simple interest.
Monthly Compound Interest
A magical method where interest accrues again on 'principal + interest'. Each month's interest is added to the principal, and interest is then charged on that sum. The longer the term, the exponentially larger the gap from simple interest, which is very advantageous for long-term lump-sum goals. (This calculator provides monthly compound as an approximation.)
🚀 Tips to Get 200% from Free Savings: Beyond Simple Saving!
1. Deposit "early", "often", and "a lot" (early-payment effect)
With free savings, the 'days on deposit' are everything. For the same amount, depositing early in the term earns far more interest than depositing close to maturity. When you have spare funds, depositing promptly rather than delaying makes the difference in interest income. In particular, depositing a lump sum early gives you virtually the same effect as a time deposit. (This is called the 'early-payment' effect.)
2. Compare rates: regular vs free savings!
Generally, free savings tends to have a base rate about 0.1–0.5 percentage points lower than regular savings, because from the bank's perspective the predictability of fund management is lower. So if you can save a fixed amount every month, regular savings may be more advantageous. But if you examine preferential rate conditions closely, free savings sometimes offers a higher rate, so it is wise to always compare the final applied rates of the two products.
3. Compensate for free savings' weakness with auto-transfer.
The advantage of freedom can lead to the drawback of 'postponing saving'. To prevent this, set up an auto-transfer of at least a minimum amount on a certain day each month. Then operate with 'ad-hoc deposits' whenever extra income arrives, and you can catch both rabbits: a steady saving habit and flexible fund management.
4. Don't miss non-taxable and preferential tax benefits! (as of 2025)
The tax on interest income (15.4% general) is larger than you might think. As of 2025, residents aged 65 or older, persons with disabilities, and independence activists can receive all interest tax-free within the non-taxable comprehensive savings limit (up to 50 million KRW). Also, subscribing via an ISA (Individual Comprehensive Asset Management Account) grants separate non-taxable benefits. If you qualify, prioritize these tax-saving products to maximize your maturity amount.
5. Use "account splitting" to achieve your goals.
Free savings is a great tool for achieving short- and mid-term financial goals. Create a separate free savings account for each goal, such as 'overseas trip funds in 1 year', 'car down payment in 2 years', or 'jeonse deposit in 3 years'. Naming each account after its goal greatly strengthens saving motivation and lets you intuitively track progress.