Savings Goal Calculator
Say how much you want to save. Work out how long it will take with a monthly amount, or how much to put aside each month to get there by a set time.
Ce contenu est en anglais.
These figures are estimates only and are not advice. Interest is added every month at one twelfth of the annual rate, and deposits are made at the end of each month. The result ignores tax on interest and changes in rate.
Exemples détaillés
Months to reach a goal
Goal £10,000, starting balance £2,000, monthly deposit £200, interest 0 per cent
40 months, which is 3 years and 4 months.
With no interest, the balance rises by the £200 deposit each month, so £8,000 of growth takes 40 deposits.
Monthly deposit for a fixed time
Goal £10,000, starting balance £2,000, 3 years, interest 0 per cent
A level monthly deposit of £222.22 for 36 months.
The £8,000 still needed is divided by the 36 months, and the figure rises if interest is lower than expected.
À propos de Savings Goal Calculator
This savings goal calculator answers two common questions. How long will it take to reach a target if you save a set amount each month, and how much do you need to save each month to reach it by a certain time? Enter your goal, what you have already saved and the annual interest rate, then choose which question you want answered. Change any figure and the answer updates straight away, which makes it easy to try different plans and see what a higher deposit or a better rate could do.
Interest is added every month at one twelfth of the annual rate and your deposit goes in at the end of the month. In the time mode you see how many years and months it takes, the balance at the end and the interest earned. In the amount mode you see the monthly deposit needed, the total you will put in and how much interest does some of the work. It suits deposits, holidays, weddings, emergency funds and any other target.
Comment utiliser Savings Goal Calculator
- Choose whether to find the time needed or the monthly amount.
- Enter your goal, the amount you have already saved and the annual interest rate.
- Add a monthly deposit, or the years and months you have to reach the goal.
- Read the result and adjust the figures to see how small changes affect it.
Usages courants
- Saving for a house deposit
- Building an emergency fund by a set date
- Planning a wedding, holiday or large purchase
- Seeing how an interest rate shortens the wait
Questions fréquentes
How does the calculator include interest?
Each month your balance earns one twelfth of the annual rate and then your deposit is added. Interest therefore builds on earlier interest as well as on your deposits. The result shows the total interest separately from the money you put in yourself.
What if I have no savings yet?
Leave the already saved box at zero. The tool works from nothing and shows either how long the monthly deposit takes or the monthly deposit needed. If you also set a zero deposit and zero interest, the goal can never be reached, and you are told so.
Why is the monthly amount rounded up?
The amount needed is rounded up to the next penny so that you reach the goal rather than finish a fraction short. The balance shown at the end can therefore be a very small amount above the goal, which is expected.
Does it allow for tax on interest or changing rates?
No. It uses one fixed rate for the whole period and ignores tax and fees. Savings rates often change, and interest above your personal savings allowance may be taxable. Treat the result as an estimate only, not advice.
What if my goal is more than 100 years away?
The time mode stops at 100 years and tells you the goal is not reached in that time. Try a larger monthly deposit, a higher starting balance or a lower goal and the result will appear straight away.