Savings goal calculator
A deposit, a car, a wedding, an emergency fund.
The AER on your savings account. Use 0 to leave interest out.
Save each month
£178.90
for 24 months, to reach £5,000 by November 2028
10% saved already
- You pay in
- £4,794
- Interest earned
- £206
- Each week
- £41.28
- Each day
- £5.88
Set up a standing order for the day after payday, so the money moves before you can spend it.
How it works
The calculator adds your monthly saving at the end of each month and grows the balance at your interest rate. Real accounts may pay interest monthly or yearly, so treat the result as a close estimate.
Make your goal stick
- Give it a name and a date. "House deposit, June 2028" is easier to protect than "savings".
- Keep it separate. A dedicated account or savings pot stops it being spent by accident.
- Automate it. A standing order on payday beats saving what is left at the end of the month.
- Speed it up. Put side hustle income, cashback or a pay rise straight in.
Related
Questions
Common questions
How much do I need to save each month to get £10,000?
Without interest, £10,000 takes £834 a month for a year, £417 a month for two years or £278 a month for three years. Interest brings those down slightly.
Where should I keep money for a savings goal?
For goals within a few years, use a savings account or cash ISA so the money is safe and earns interest. For goals more than five years away, investing may grow it more, but the value can fall.
Is a regular saver account worth it?
Often, yes. Regular savers usually pay higher rates on a fixed monthly amount for a year. They suit goal saving well, but check the rules on withdrawals and missed payments.
Does this include tax on interest?
No. Most people pay no tax on savings interest thanks to the Personal Savings Allowance, and interest inside an ISA is always tax free.
Sources
This tool gives an estimate for general information. It is not tax advice. Check your own position on GOV.UK or with an accountant.