Skip to content
FinanceWith Ease
Change country: United Kingdom

Choose your country

Australia Canada Ireland New Zealand United Kingdom United States

Savings Goal Calculator

Work out how much to save each month to reach a goal by a date, or how long it will take at the amount you can afford, with interest from a savings account or Cash ISA.

£
£
years
months
More options· Interest at 4% AER
%

Your savings account’s rate, before tax

Save each month

£350

To reach £15,000 in 3 years, with interest at 4% AER

A week
£81
You pay in
£12,565
Interest
£935

What this means

Set up an automatic transfer to a separate savings account on payday, so the money is put aside before you can spend it. A higher rate helps, but the amount you save each month matters most.

Money you’ll need within about five years is safest in savings, where its value can’t fall. For goals further away, investing may grow faster, but it can drop just when you need it.

Next step

Your plan

AfterPaid inInterestSaved
Year 1£4,188£136£5,825
Year 2£8,377£445£10,322
Year 3£12,565£935£15,000

Towards your goal

Your savings over time
£20,000£10,000£0
123
Saved so farYou pay inInterestGoal
Assumptions in this estimate
  • Savings are added at the end of each month, and interest at 4% AER is added monthly and stays the same throughout. Savings rates change, so check your plan now and then.
  • Interest is shown before tax. Our savings interest calculator works out the tax on it.
  • The goal is in today’s money. If it’s something whose price rises, like a home deposit, aim a little higher.
Spotted a mistake? Tell us

How the calculator works

  1. Your goal and what you’ve saved so far.
  2. How much each month: for a deadline, it works out the monthly amount that reaches your goal, with interest added each month.
  3. How long: for the amount you can save, it works out how many months it will take.
  4. Interest: at the AER you enter, before tax. It starts at a typical easy-access rate: use your own account’s.

Example

To reach £15,000 in 3 years with £1,500 saved at 4% AER, save about £350 a month, or £81 a week. You’d pay in £12,565 and earn £935 of interest. If you can only save £250 a month, you’d get there in 4 years and 1 month.

Tips for reaching a savings goal

  • Automate it: a standing order on payday means the money is saved before you can spend it.
  • Try a regular saver: many banks pay a higher rate if you save a set amount each month, often for a year.
  • Start with an emergency fund of three to six months of essential costs, so a surprise bill doesn’t end up on a credit card.
  • Check your rate: many high-street accounts pay much less than the best buys. Compare with our savings interest calculator.

Learn more

See our emergency fund guide, the Lifetime ISA calculator for a first home, and the budget calculator to find money to save.

Last updated

Frequently asked questions

How much should I save each month to reach my goal?

Take what you still need, spread it over the months until you need it, and let interest cover a little of it. To reach £15,000 in 3 years with £1,500 saved at 4% AER, you need to save about £350 a month.

Where should I keep money for a savings goal?

For goals within about five years, an easy-access account, regular saver or fixed-rate bond, where the value can’t fall. Deposits are protected by the FSCS up to £120,000 per person, per banking licence.

Is interest on savings taxed?

Only above your Personal Savings Allowance: £1,000 of interest a year for basic-rate taxpayers and £500 for higher-rate taxpayers. Interest in a Cash ISA is always tax-free.

Should I save or invest for a goal?

Save for goals you’ll need within about five years, like an emergency fund, a car or a house deposit. For goals 10 or more years away, investing usually grows faster, though it can fall in the short term.

How do I save for a house deposit?

If you’re a first-time buyer aged 18 to 39, a Lifetime ISA adds a 25% government bonus: £1,000 a year on £4,000 saved. Our Lifetime ISA calculator shows what it adds up to.