Monthly compounding
The calculator divides the annual rate by 12, applies that monthly rate, and assumes regular contributions are made at the end of each month.
Savings Goal Calculator
Plain-English savings planner
Plan a savings goal with visible assumptions.
How much should I save each month?
Find the monthly saving needed to reach a target by a chosen date.
How much per month to save GBP 10,000 in 24 months?
About this estimate
PlanningUse this for a quick savings plan where the assumptions are simple enough to check.
Interest is compounded monthly. Real savings can differ because rates, tax, fees and payment timing vary.
Recent results
Useful notes
GlossaryHow the savings goal calculator works
This savings goal calculator helps you plan a target by changing one assumption at a time. You can work out how much to save each month, estimate how long a goal may take, calculate the future value of regular contributions, or check what interest rate would be needed to reach a target.
The calculator uses the values shown in the form: savings target, starting balance, monthly contribution, time period and interest rate. Interest is treated as a simple planning assumption and is compounded monthly where relevant. Real accounts can differ because banks may calculate interest daily, pay interest monthly or annually, apply bonus rates, change rates over time, or deduct fees and tax.
Example savings plan
Suppose you want to save GBP 10,000 in 24 months and already have GBP 500. The calculator first works out the gap between your current savings and the target. It then estimates how much needs to be saved each month, with any interest assumption reducing the monthly amount slightly. If the interest rate is set to 0%, the calculation becomes a straightforward target minus starting balance divided by months.
If you already meet the target, the result can show that no extra monthly saving is needed. If you choose the time-to-goal mode, the same information is rearranged to estimate how many months your current monthly contribution may take.
Questions to ask before relying on the estimate
Is this financial advice? No. It is a planning calculator for general information only. It does not recommend a savings account, investment product or tax arrangement.
Should I include interest? Include it if you want a rough savings-account estimate, but use a conservative rate if you are unsure. A lower rate gives a more cautious plan.
Why might my real balance differ? Payment dates, changing rates, withdrawals, fees, tax treatment, account rules and missed contributions can all change the final result.
Savings goal examples
Planning checks| Question | Mode to use | Check before relying on it |
|---|---|---|
| How much should I save each month for a GBP 5,000 emergency fund? | Monthly saving needed | Use a cautious interest rate and allow for missed contributions. |
| How long will a GBP 300 monthly saving plan take? | Time to reach goal | The result rounds up to a whole month because a part-month usually still needs another payment. |
| What could GBP 250 a month grow to over 3 years? | Projected savings | This is a projection using the rate entered, not a guaranteed return. |
| How much should already be saved to hit a target? | Starting amount needed | Check whether account rules, payment limits or fees affect the plan. |
Assumptions and tax notes
Estimate onlyRates can change
The rate is only the assumption you enter. Real savings accounts may use variable rates, bonus periods, daily interest calculations, deposit limits or withdrawal restrictions.
Tax not deducted
The projection does not deduct tax. Savings interest tax can depend on your income, allowances, account type and whether your savings are in a tax-free account.
Source note: UK savings-interest tax wording checked against GOV.UK tax on savings interest. Last reviewed 13 June 2026.
Contains public sector information from GOV.UK licensed under the Open Government Licence v3.0.
Common savings-plan mistakes
Sense-checksUsing a rate as a promise
The calculator applies the rate you enter. It does not predict future rates or guarantee a return.
Ignoring tax, fees or limits
Account rules, tax treatment, fees, deposit caps and withdrawal conditions can all change the real result.
Forgetting payment timing
The calculator assumes monthly contributions are added at the end of each month. Earlier or later payments can change interest earned.
Savings goal FAQs
Quick answersWhat does the savings goal calculator show?
It can estimate how much to save each month, how long a savings target may take, or what a regular contribution could grow to under simple assumptions.
Does it include interest?
Yes. You can enter an annual interest or growth rate. The calculator compounds it monthly for a simple planning estimate.
Is this financial advice?
No. It is a general calculator for planning and comparison only. Real savings results can differ because rates, tax, fees, timing and product rules vary.
How does the calculator compound interest?
The calculator divides the annual rate by 12 and applies that monthly rate in the projection. It assumes regular contributions are added at the end of each month.
Does it include tax on savings interest?
No. The calculator does not deduct tax. UK tax treatment can depend on your income, account type, allowances and whether savings are held in a tax-free account such as an ISA.