Savings Goal Calculator

Work out exactly how long it will take to reach your savings target. Enter your goal, starting balance, monthly contribution and interest rate to see when you will get there.

Last updated: April 2026

Your savings goal
Current easy-access rates: 4–5% AER. Set to 0 to ignore interest.
Your savings plan
Time to reach goal
-
Enter your details to calculate
Monthly saving needed -
Total contributions -
Interest earned -
Remaining to save -

How the savings goal calculator works

This calculator works out how many months it will take to reach your savings target, given a starting balance, monthly contribution, and interest rate. Interest is compounded monthly on the running balance, so even a modest rate meaningfully reduces the time needed to hit your goal.

Choosing the right account

For goals up to 12 months away, an easy-access savings account or cash ISA keeps your money accessible. For goals 1–5 years out, a fixed-rate bond or fixed ISA typically pays a higher rate in exchange for locking in your money. For goals beyond five years, a Stocks and Shares ISA may deliver higher long-term returns, though with more risk. The right choice depends on when you need the money and how you would feel if the balance fell in the short term.

The ISA advantage

Interest earned inside a Cash ISA or Stocks and Shares ISA is free from UK income tax and capital gains tax. Outside an ISA, savings interest is subject to income tax above the Personal Savings Allowance - £1,000 for basic rate taxpayers and £500 for higher rate taxpayers. If your savings pot is growing, sheltering it inside your annual ISA allowance (£20,000 in 2026/27) is almost always worth doing.

Frequently asked questions

Current easy-access savings accounts in the UK pay 4–5% AER (2025). Fixed-rate bonds for 1–2 years pay slightly more. Cash ISAs pay similar rates but interest is tax-free. The Bank of England base rate heavily influences savings rates - when rates fall, savings rates typically follow within a few months.
If your goal is more than 10 years away and relates to retirement, a pension is almost always more tax-efficient than a savings account. Pension contributions benefit from tax relief at your marginal rate, meaning a £100 pension contribution costs a basic rate taxpayer only £80. However, you cannot access pension savings until age 57 (rising to 57 in 2028). For shorter-term goals, a Cash ISA or easy-access account is more appropriate.
Compound interest means you earn interest on your accumulated interest as well as your original deposits. Over short periods the effect is modest - on £5,000 at 4.5% AER over 12 months you earn around £225. Over longer periods the effect becomes substantial. At the same rate over 10 years with £200 monthly contributions, you would earn over £5,000 in interest on top of your £24,000 of deposits.

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