Savings Goal Calculator
Enter your target amount, deadline, what you already have and an interest rate — see exactly how much you need to put away each month to get there.
How it works
The calculation runs the compound-interest maths in reverse: your current pot grows at the given rate, and the tool solves for the monthly deposit that closes the remaining gap by your deadline.
Interest does real work over longer horizons: a £20,000 goal in 5 years at 4.5% needs about £280 a month from zero — without interest it would be £333. Over short horizons (a year or two) the rate barely matters; consistency does.
Keep goals in the right wrapper: emergency funds in easy-access savings, sub-5-year goals in cash (fixed or easy-access), longer horizons possibly in a stocks & shares ISA — and remember interest outside an ISA can be taxable.
FAQ
How much do I need to save a month to reach £10,000?
Depends on time and rate: from zero at 4% interest, roughly £394/month over 2 years, £151/month over 5 years, or £68/month over 10. A starting pot cuts these sharply — enter your own numbers above and the tool solves it exactly.
Does the interest rate really matter for short-term goals?
Barely, under about two years — at £400 a month, the difference between 3% and 5% over 18 months is under £100. Time and deposit size dominate. Over 5-10 years the rate compounds into a serious contribution, which is why long-horizon goals justify chasing better rates or investment returns.
Where should I keep money I am saving toward a goal?
Match the wrapper to the horizon: instant-access for emergency funds, regular-saver or fixed-rate accounts for 1-5 year goals, and consider a stocks & shares ISA beyond 5 years (accepting short-term ups and downs). Interest outside an ISA may be taxed above your Personal Savings Allowance — ISAs sidestep that entirely.