Savings Calculator
Reach Your Goal ⚡
Work out exactly how much you need to save each month to hit your target — or see how your existing savings will grow over time.
Work out exactly how much you need to save each month to hit your target — or see how your existing savings will grow over time.
Mode 1 — How much do I need to save each month? Enter your target, starting amount, interest rate, and time period. The calculator works out the required monthly contribution using the future value of an annuity formula, accounting for interest earned along the way.
Mode 2 — How much will I have? Enter your starting amount, planned monthly contribution, interest rate, and time period to see the total pot you will accumulate, broken down by contributions and interest earned.
What interest rate should I use?
Use the actual AER (Annual Equivalent Rate) offered by your savings account. Easy access accounts currently offer around 4–5% AER in the UK. Fixed-rate bonds may offer slightly more.
What is an ISA?
An Individual Savings Account (ISA) allows you to save up to £20,000 per year tax-free. Interest earned inside an ISA does not count towards your personal savings allowance. Cash ISAs are the simplest form; stocks and shares ISAs can offer higher returns but carry investment risk.
Does saving little and often really make a difference?
Yes — even small regular contributions add up significantly over time, especially with compound interest. Saving £100 per month at 4.5% for 20 years grows to over £38,000 — more than double the £24,000 in contributions alone.
Should I save or pay off debt first?
Generally, if your debt interest rate is higher than your savings rate, it makes mathematical sense to pay off debt first. However, maintaining a small emergency fund alongside debt repayment is usually recommended.