Work out savings timelines and calculate how much interest you could earn
Our helpful savings calculator will show you how much interest you could accrue on your lump sum or monthly savings, and how long it might take to save towards a specific financial goal
Savings calculator
Whether you're saving for a house, a holiday, or a rainy day, our handy Savings calculator can help you find the best way to reach your goal.
How do you want to save?
Tell us the amount
How do you want to save?
* You can find this in your online banking, on your monthly or annual statements, or by phoning your bank
Oops! Are you sure? This doesn't look right.
Oops! You'll need to save more to reach your goal in the next 20 years.
You'll need to reach your savings goal of *
* From 6th April 2016, you can earn £1,000 of interest on your savings each year tax-free (£500 if you're a higher rate taxpayer). Our calculations assume all interest is received without any tax being deducted.
* You can find this in your online banking, on your monthly or annual statements, or by phoning your bank
Oops! Are you sure? This doesn't look right.
Oops! You'll need to save more to reach your goal in the next 20 years.
You'll need to save per month to reach your savings goal of by *
* From 6th April 2016, you can earn £1,000 of interest on your savings each year tax-free (£500 if you're a higher rate taxpayer). Our calculations assume all interest is received without any tax being deducted.
Tell us the amount
* You can find this in your online banking, on your monthly or annual statements, or by phoning your bank
Choose a savings deadline
Oops! Are you sure? This doesn't look right.
Oops! You'll need to save more to reach your goal in the next 20 years.
On you'll have saved *
* From 6th April 2016, you can earn £1,000 of interest on your savings each year tax-free (£500 if you're a higher rate taxpayer). Our calculations assume all interest is received without any tax being deducted.
How do interest rates work?
The interest rate on your savings accounts tells you how much you will earn on your money saved.
For example, if you have £100 in your account and the annual interest rate is 3%, you will have earned (£100 x 3%) = £3 in interest by the end of the year. This will bring your account balance to £103.
Savings accounts also calculate compound Interest - meaning you earn interest on the interest.
Using the same example, after the first year you have £103 in your savings account. If you don’t add or withdraw any money over the next 12 months, you will earn (£103 x 3%) = £6.09 by the end of the second year.
Your account balance increases to £106.09, with the extra 9p being the result of the compound interest generated. This may not seem like a big difference, but when interest is compounded over years on bigger amounts it can be substantial.
What does the savings calculator show me?
Depending on what you want to achieve, the savings calculator can show you…
How long it will take to reach a specific savings goal
How much you’ll need to save regularly to reach your goal by a set date
How much you’ll earn by a set date if you save a certain amount each month
What are the benefits of using the savings calculator?
There are several benefits to the savings calculator.
It tells you how long it will take to reach your target so you can plan and adjust accordingly
You can quickly change the amounts, dates and interest rates to see what impact it will have on how much you need to save or how long it will take you to save the total you need
Using the savings calculator can inspire you to get into the savings habit. Putting a little away each month is a great way to build for the future
How much money should I have in savings?
How much money you should have in savings depends on a couple of factors. Consider the following
Enough for emergencies. While we can’t plan for every eventuality, it’s worth calculating how long your finances would last if you were out of work and had no income for three to six months. You could then determine a minimum amount of savings that you’d need to cover your overheads, such as your mortgage, food and other household bills during this period.
Your overall wealth. Once you have enough to cover your day-to-day spending and a stopgap fund for emergencies, splitting the rest between savings and investments is a sensible idea. While long term investments may help your wealth grow more over time, savings usually give you the benefit of being able to access your money quickly.
Keeping your money protected. Through the Government’s Financial Services Compensation Scheme (FSCS) your money will be protected up to £85,000 per financial institution. If your savings are more than this amount, you might want to consider splitting them between different providers.
How much should I save each month?
This really is down to personal preference. If you are saving for a particular goal, such as a new car or a house deposit, then our calculator can help you decide how much you’ll need to save each month.
Even if you don’t have a specific target, it is often sensible to put money away for emergencies, to help loved ones further down the line, or for a time when you might not want to or be able to work as much.
Compare savings accounts with MoneySuperMarket
If you’re looking for a new savings account, MoneySuperMarket has a wide range of products for you to compare, including:
We’ll show you the interest rates on offer and any terms, such as the minimum deposits, so you can pick a deal that’s best suited to you.
Once you’ve made your choice, just click through to the provider to open your account in minutes.