Savings Goal Calculator
Find out how much you’d need to put aside each month to reach a savings target in time.
Enter your target, what you’ve already saved, when you want to get there and the interest rate you expect. No sign-up — everything is calculated in your browser.
What it takes to reach your goal
Your path to the target
How your balance is projected to build up month by month if you save the amount shown, against your target.
How the interest rate changes the monthly amount
The same goal and timescale at a range of interest rates. Rates aren’t guaranteed, so it can help to plan around a cautious figure.
| Interest rate (AER) | Monthly saving | You pay in | Interest earned |
|---|
Year-by-year timeline
Your projected balance at the end of each year, and how far along you’d be.
| Period | Ends | Paid in | Interest | Balance | Progress |
|---|
How the monthly amount is worked out
First, the calculator projects what your existing savings would grow to by the target date on their own. Whatever is still missing has to come from monthly deposits, and each deposit earns interest for the months it’s in the account — so a deposit made in month one does more work than one made near the end. The calculator finds the single monthly amount that, added every month and left to compound, closes the gap exactly:
monthly saving = (target − current savings grown to the target date) ÷ annuity factor, where the annuity factor is ((1 + r)n − 1) ÷ r for n monthly deposits at monthly rate r (multiplied by 1 + r if you deposit at the start of each month). The monthly rate is the one that compounds to your AER: (1 + AER)1/12 − 1.
When interest is zero
With no interest the formula simplifies to the gap divided by the number of months. That makes 0% a useful cautious baseline: it’s what you’d need if rates fell to nothing, and anything interest adds is a bonus.
Already there, or nearly
If what you’ve saved already covers the target, there’s nothing more to calculate. If it doesn’t yet, but would grow past the target through interest alone before your deadline, the calculator tells you no further deposits would be needed at that rate — while bearing in mind that a lower rate could change that.
Assumptions to keep in mind
- The interest rate stays the same for the whole period. In practice variable rates change and fixed rates end.
- You deposit the same amount every month and make no withdrawals.
- No tax is deducted from interest. If your interest would exceed your Personal Savings Allowance and the money isn’t in an ISA, you’d need slightly more.
- The target is in today’s pounds only if you ignore inflation. If the goal is a purchase whose price may rise, consider aiming a little higher.
To see how a set monthly deposit grows without a fixed target, use the Savings Growth Calculator.
Sources
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GOV.UK — Tax on savings interest: how much is tax-free
The Personal Savings Allowance (£1,000 basic rate, £500 higher rate, £0 additional rate) and the starting rate for savings of up to £5,000.
Frequently asked questions
How much should I save each month to reach my goal?
It depends on the gap between your target and what you already have, how long you have, and the interest rate. This calculator solves for the exact monthly amount that closes that gap, taking account of interest earned along the way.
Should I count on interest when planning?
Interest helps, but rates aren’t guaranteed. The rate comparison table shows how the monthly amount changes at different rates — planning around the 0% figure means you’d reach the goal even if rates fell, while a higher rate would get you there with room to spare.
What if I can’t afford the monthly amount shown?
The main levers are time and the target itself: extending the deadline spreads the gap over more months, and a smaller target reduces it. You can change the years and target above to see a figure that fits your budget.
What happens if I already have enough saved?
If your current savings already meet the target, the calculator says so. If they would reach it through interest alone before your deadline, it shows that no further monthly deposits are needed at the rate entered.
Does it account for tax on savings interest?
No — interest is shown before tax. Many savers pay no tax on interest thanks to the Personal Savings Allowance or by using a cash ISA, but if yours would be taxed you would need to save slightly more than shown.