See how your savings grow over time with regular deposits and compound interest.
Rates as of Q2 2025 (example)
A savings calculator projects how a savings balance grows over time when you make regular monthly deposits and earn interest, compounded monthly. It's useful for working toward a specific savings goal — such as a house deposit, emergency fund, or holiday — by showing how your balance builds from both your own deposits and the interest earned along the way.
This calculator compounds interest monthly: each month, interest is calculated on the current balance and added to it, then your monthly deposit is added on top — so the following month's interest is calculated on a balance that includes both the previous interest and deposit.
Formula: Each month: Balance = Balance × (1 + monthly rate) + Monthly Deposit, where monthly rate = Annual Rate ÷ 12 ÷ 100. This repeats for the total number of months (years × 12).
Example: Starting with a £1,000 initial deposit, adding £250 per month, at a 4% annual interest rate (example rate — enter your expected rate) over 10 years, the balance grows to roughly £38,300. Of that, £31,000 comes from your deposits (£1,000 initial plus £30,000 over 10 years of £250/month), and about £7,300 is interest earned. (Note: all figures in this example are for illustration purposes only and are not guaranteed.)
Interest rates on UK savings accounts vary considerably — easy access accounts, notice accounts, and fixed-rate bonds typically offer different rates, with fixed-rate products generally paying more in exchange for locking your money away for a set period. Interest earned on savings outside an ISA counts toward your Personal Savings Allowance, beyond which it may be taxable — many savers use a Cash ISA to shelter interest from tax up to the annual ISA allowance (see the ISA Calculator). Savings held with UK-authorised banks and building societies are typically protected up to £85,000 per person per institution under the Financial Services Compensation Scheme (FSCS) — if you're saving a large amount, it's worth checking this protection limit applies to your provider and considering whether to spread large balances across institutions.
This calculator compounds interest monthly. Each month, interest is added to the balance based on the current balance, and then your monthly deposit is added on top, so the following month's interest is calculated on this larger balance.
No — the default is an example only. Savings rates vary significantly between easy access accounts, notice accounts, fixed-rate bonds, and Cash ISAs, and change over time. Use the actual rate for your account, or a realistic rate if you're researching options.
No. This calculator shows growth before tax. In the UK, interest earned outside a Cash ISA may be subject to Income Tax beyond your Personal Savings Allowance. Holding savings in a Cash ISA can shelter interest from tax up to the annual ISA allowance.
Savings held with UK-authorised banks, building societies, and credit unions are typically protected up to £85,000 per person per institution under the Financial Services Compensation Scheme (FSCS). If your total savings with one institution exceed this, consider spreading them across different institutions.
Try entering different monthly deposit amounts and see which one brings your projected balance close to your target amount by your target date. Increasing the time horizon or interest rate (if you can find a better rate) can also reduce the monthly deposit needed to reach the same goal.
Easy access accounts let you withdraw money whenever you like, typically with lower interest rates. Fixed-rate bonds lock your money away for a set term (e.g., 1 or 2 years) in exchange for a typically higher interest rate, with penalties or no access for early withdrawal.
Disclaimer: The information, rates, and figures provided on this page are for educational and illustrative purposes only and do not constitute financial advice or a guarantee of returns. The default interest rate is a sample value and does not reflect rates currently available from any specific account or provider. Savings rates change frequently. Always compare current rates from providers and consult a qualified financial adviser before making financial decisions.