Savings Goal Calculator
Choose a savings goal, how much you already have and how long you have to reach it. Discover the monthly contribution required, including estimated compound interest.
Calculator guidance reviewed
Your details
Start with your figures.
Change the numbers below to see how they affect your estimate. Nothing needs to be saved.
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Try this calculatorAbout this calculator
Choose a savings goal, how much you already have and how long you have to reach it. Discover the monthly contribution required, including estimated compound interest.
How to reach a savings goal
How to use this savings goal calculator
Enter your target savings amount, your current savings balance, your annual savings interest rate (AER) and the number of months until you need the money. The calculator estimates how much you must add at the end of every month to reach your target.
How compound interest helps
The calculator converts the annual equivalent rate to a monthly effective interest rate and applies it to the growing balance. Interest already earned can earn further interest. Monthly savings are assumed to arrive at the end of each month, so the new deposit starts earning interest in the following month.
Worked example
Imagine you need £10,000 in two years, already have £2,000 and expect 4% AER. A monthly contribution is calculated to cover the difference after allowing for growth on your opening savings and deposits. If your current savings already meet your target, the monthly saving required is £0.
What the result means
The required monthly saving is rounded up to the nearest penny so the model does not fall short due to rounding. The breakdown shows contributions from today, future deposits and interest earned. Savings goals are not guaranteed: actual bank rates can change, and tax and fees may reduce the return.
How does this differ from the Savings Interest Calculator?
The Savings Interest Calculator estimates the growth of a chosen deposit schedule and when interest is credited. This goal tool solves the opposite problem: you set the amount you want to have and it works backwards to the monthly saving required.
Relevant UK data
Check the official figures behind the wider picture
Frequently asked questions
What if I have already saved more than my target?
The calculator shows £0 required monthly saving. It still estimates interest growth on your existing balance.
Does this include compound interest?
Yes. It assumes monthly effective compounding derived from your AER.
When do the monthly deposits happen?
At the end of each month, starting one month from now.
Does it include tax or inflation?
No. Rates are assumed constant and the estimate does not include tax or inflation. Use the related calculators to explore those effects.
Guides for your next step
- How much should I save each month to reach a savings goal?
Work backwards from a target and deadline, allow for existing savings and compound interest, and build a monthly savings plan.