Savings Goal Calculator
Find out exactly how long it will take to reach your savings target with monthly contributions and compound interest.
Your Savings Plan
The total amount you want to save
How much you have already saved towards this goal
How much you plan to add each month
The annual interest rate on your savings account
Savings Projection
Time to Reach Goal
3 years 11 months
Current Progress
£0 saved of £10,000 target
Disclaimer: These results are estimates for informational purposes only and do not constitute financial advice. Always consult a qualified financial adviser before making financial decisions.
How the Savings Goal Calculator works
Monthly compound interest
The calculator assumes interest is compounded monthly. Each month your balance earns interest, which is then added to the balance, so you earn interest on interest in subsequent months.
Setting a realistic target
Enter the total amount you need — whether for an emergency fund, holiday, home deposit, or anything else. The calculator shows the fastest path to get there given your current savings and monthly budget.
Increasing your contribution
Even a small increase in your monthly contribution can cut months or years off your timeline. Try increasing the contribution field to see the impact — the time saving is often surprisingly large.
Interest rate assumptions
The interest rate is the rate on your savings account before tax. Basic-rate taxpayers have a Personal Savings Allowance of £1,000, so most people pay no tax on savings interest. Higher-rate taxpayers have a £500 allowance.
Frequently Asked Questions
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