Savings Calculator
See how your savings could grow over time by combining a starting balance, regular monthly contributions, and compound interest.
Project Your Savings Growth
Enter your starting balance, how much you plan to save each month, and an interest rate to see your projected balance at the end of your savings term.
Savings Growth Projection
See your future balance, total contributions, and interest earned.
How it Works
Understanding savings growth
Starting Balance Grows
Your initial deposit earns interest from day one, compounding at the frequency you choose.
Monthly Contributions Add Up
Each monthly contribution is added to your balance and starts earning interest from that point onward.
Interest Compounds
At each compounding interval, interest is calculated on your full balance, including interest already earned, so growth accelerates over time.
Totals Are Combined
We add up your starting balance, every contribution, and every round of interest to show your final projected balance.
Savings Calculator FAQ
Answers to the most frequently asked questions about compound interest and projecting your savings growth.
Compound interest is interest calculated on both your original balance and on the interest you’ve already earned. Over time this creates growth that accelerates, because each round of interest is calculated on a slightly larger balance than the last.
The more frequently interest is added to your balance, whether daily, monthly, or annually, the sooner it starts earning interest of its own. Monthly compounding will produce a slightly higher final balance than annual compounding at the same stated interest rate, though the difference is usually small.
Yes, slightly. Contributing at the start of the month gives that money an extra few weeks to earn interest compared with contributing at the end of the month, which can add up to a small difference over a long savings term. This calculator assumes contributions are made at the end of each month.
In the UK, most savers can earn interest tax-free up to their Personal Savings Allowance, and interest earned within an ISA is always tax-free regardless of the amount. Above your allowance, savings interest is taxed at your normal income tax rate, so it’s worth checking which type of account best suits your savings.
This depends on the type of account. Easy-access savings accounts, fixed-term bonds, and Cash ISAs all offer different rates that change with the wider interest rate environment, so it’s worth checking current rates for your chosen account type rather than relying on a fixed assumption.