Savings goal calculator
How long until you reach a savings target, how much you need to put aside each month to hit a date, and what interest actually contributes.
Reaching your target
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| Reached in | — |
|---|---|
| Date you get there | — |
| Your own contributions | — |
| Interest earned | — |
| To hit it in 12 months, save | — |
| To hit it in 24 months, save | — |
Two ways to ask the question
Most savings goals are one of two problems. Either you know what you can put aside and want to know when you will get there, or you know the date and need to know the monthly amount. Both are answered above; the second is the more useful one when the date is fixed — a deposit deadline, a wedding, a car that needs replacing.
What interest actually contributes
Over a short horizon, very little. Saving £300 a month toward £10,000 at 4% gets you there about one month sooner than at 0%. The monthly amount is doing nearly all the work. Interest only becomes the dominant force over many years, which is why the advice for a three-year goal and a thirty-year goal is genuinely different: for the first, chase the contribution; for the second, chase the rate and the tax shelter.
Where to keep it
For anything you might need within five years, cash. A cash ISA shelters the interest from tax within the £20,000 annual ISA allowance. Outside an ISA the Personal Savings Allowance covers the first £1,000 of interest for a basic-rate taxpayer and £500 for a higher-rate taxpayer, and nothing for an additional-rate taxpayer — which at current rates is reached with a smaller balance than most people expect.
For an emergency fund specifically, easy access matters more than the rate. A slightly better rate locked away for 12 months is not an emergency fund.
Common questions
How long will it take to save £10,000?
Saving £300 a month from £2,000 at 4% interest takes about 25 months. The exact figure depends on the interest rate and how much you already have; the calculator above compounds monthly rather than dividing the gap by the monthly amount.
How much should I save each month to reach my goal?
Use the 12-month and 24-month lines above, which solve the arithmetic backwards from the target. They account for interest on both your existing balance and each new contribution.
Does the interest rate matter much?
Over a few years, surprisingly little — the monthly amount dominates. Over decades it becomes the main driver. That is why short-term goals reward saving more and long-term goals reward a better rate and a tax shelter.
Should I use a cash ISA?
If the interest would otherwise be taxed, yes. A cash ISA shelters interest within your £20,000 annual ISA allowance. Outside one, the Personal Savings Allowance covers £1,000 of interest at the basic rate and £500 at the higher rate.
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