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Savings goal calculator

How much to put aside each month, or how long it takes, with interest added month by month.

Savings goal calculator

What do you want to know?

The amount you want to have, for example 10,000.

£

What you have already put aside for this goal; 0 if you are starting from nothing.

£

Up to 50 years (600 months), one saving a month.

Time in

Your account’s annual rate, as its AER if the bank gives one, for example 4.5. Leave 0 for savings with no interest.

%

Monthly saving

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Enter your goal and the time you have, or your monthly saving, to see the result.

Monthly saving
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Time to reach the goal
—
Monthly savings made
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Savings goal
—
Already saved
—
Total paid in
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Interest earned
—
Final balance
—
Annual rate
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Year by year

The year-by-year breakdown appears once a calculation works out.

Recent calculations

Nothing yet: copy, export or save a calculation to find it here.

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See all 12 apps in Savings and investing

How it works

Enter how much you want to have, what you have already saved and when you want to get there: the calculator gives the amount to save each month. Or enter what you can save each month to see how long it will take. Interest is added month by month at the annual rate you enter, so you can compare a savings account with keeping the money at no interest.

Choose the question

“How much to save each month” gives the monthly amount that reaches your goal in the time you have, in years or months. “How long it will take” gives the time needed at the monthly amount you can afford.

Enter the rate

Use your account’s annual rate, as its AER (annual equivalent rate) if the bank gives one. The calculator reads the rate as what a sum left for a whole year earns, interest on interest included, and turns it into the equivalent monthly rate. Leave 0 for money kept with no interest. The result holds only for as long as the rate stays the same.

Read the result

Each month, interest on the balance is added, rounded to the nearest penny (halves rounded up), then that month’s saving, paid in at the end of the month. The monthly amount shown is the smallest amount to the penny that reaches the goal. The year-by-year table shows what you pay in and what you earn. Copy the result, export it as a CSV file or save it to Priostack.

Equivalent monthly rate: i = (1 + annual rate)^(1/12) − 1, so that a sum left for a whole year earns exactly the annual rate.

Balance after n months: saved × (1 + i)^n + monthly saving × ((1 + i)^n − 1) ÷ i.

Monthly saving needed: (goal − saved × (1 + i)^n) × i ÷ ((1 + i)^n − 1), rounded up to the penny, then checked month by month with interest rounded to the penny. With no interest: (goal − saved) ÷ n.

Example: £10,000 in 3 years at 4% AER

You have £2,000 saved and want £10,000 in 3 years, in an account paying 4% AER, which is 0.3274% a month. You need to save £203.20 a month: 36 monthly savings come to £7,315.20, interest adds £684.81 and the balance reaches £10,000.01. Saving £250 a month instead, you reach the goal in 2 years and 6 months.

Frequently asked questions

How much do I need to save each month to reach £10,000?

It depends on the time you have. Starting from nothing with no interest, £10,000 in 2 years takes £416.67 a month (£10,000 ÷ 24, rounded up to the penny) and in 3 years £277.78 a month. Interest lowers that: at 4% AER over 3 years it is £262.19 a month, and interest adds £561.40 in all.

Is the interest on my savings taxed?

It can be. Interest in a cash ISA is tax-free, and in the 2026 to 2027 tax year you can put up to £20,000 into ISAs. Outside an ISA, the Personal Savings Allowance lets basic-rate taxpayers earn £1,000 of interest a year without tax and higher-rate taxpayers £500; additional-rate taxpayers get none. The calculator ignores tax, so for taxed interest enter the rate you keep after tax.

Does it work in Scotland, Wales and Northern Ireland?

Yes. The arithmetic is the same everywhere, and savings interest follows the same tax rules across the UK: Scottish taxpayers pay Scottish Income Tax on wages and pensions, but the same tax as the rest of the UK on savings interest.

Why is my bank’s projection different?

Your bank may pay interest monthly, quarterly or once a year, work it out daily, or change the rate. The calculator adds interest monthly at the equivalent monthly rate, which earns the same as the AER over a whole year, and keeps the rate fixed throughout.

Why does the final balance go slightly past my goal?

Savings are whole pennies, so the smallest monthly amount that reaches the goal usually ends a few pennies above it. When you ask how long it will take, the last month’s saving often takes you further past the goal.

Sources

  1. GOV.UK: Tax on savings interest, how much is tax free (Personal Savings Allowance) (30 September 2026)
  2. GOV.UK: Individual Savings Accounts (ISAs), allowance for the 2026 to 2027 tax year (30 September 2026)
  3. GOV.UK: Income Tax in Scotland (savings interest taxed as in the rest of the UK) (30 September 2026)

This calculator gives general information, not legal, tax, financial or accounting advice. Future returns are never guaranteed and rates change: check your account’s terms with your bank or building society.

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