This savings calculator can help you set goals for your future and figure out what you need to do to get there.
It helps you see how much you can gain in interest and what sorts of taxes you can expect to pay in different savings accounts.
There are three different ways to use it, and all of them can be helpful for different situations.
Here's how it works
If you want to just jump right in, click here to be taken straight to the savings tool
How much can I save over time?
The first option on the calculator lets you see how much you can save over time. You simply put in basic information like the amount of money in your savings account now, the amount of money you put into your account yearly or monthly, and your savings rate and tax rate.
The calculator will ask you how long you intend to save your set amount. For instance, you could choose to save £100 a month for a year or £1,000 a year for ten years.
When you get your results, you'll be able to see how much you put into the account over time. Plus, you'll see the total amount paid before tax, the amount of interest you gained, and the amount of tax you can expect to pay on your interest.
This function of the savings calculator is great for figuring out what kind of savings you'll have if you put money into the same account regularly.
You can use it for holidays, saving for a new car or even retirement. You can also use it to compare what a difference a few pounds a month will make when you add in compound interest. You might be surprised at the outcome!
Jump straight to savings tool
How long will it take to reach my savings goal?
If you have a particular savings goal, you can use this calculator to see how long it will take you to get there. Just enter in how much is in your account, how much you can put in monthly or yearly, and your savings target, along with a few other bits of info.
The savings calculator will start by telling you how long it will take you to reach your goal at that rate. It will also show you how much interest you'll gain over time and how much you'll pay in tax on your savings. You can also run different numbers with this tool to see how much of a difference saving just £20 or £50 a month extra can make.
Jump straight to savings tool
How much should I save a month to reach my goal in time?
If you have a savings goal and need to have the funds by a certain time, then this option is for you. Just put in your savings target, how long you have to save, and your interest and tax information. Instead of telling you how much money you'll save over time, the saving calculator will tell you exactly how much money to put into your account each month.
Whether you have a long-term savings goal for education expenses for your children or a shorter-term goal that will allow you to buy a house or a car, this function of the calculator can be really useful. You can also compare different savings plans. What payments would you make if you added six more months or one more year? Or, could you possibly reach your goal even more quickly than you thought?
Choose any one from the options below:
This savings calculator is a useful tool, but remember that it's just for the purposes of estimation. Your bank could calculate savings rates a little differently, or your tax rate could change. Simply use this savings calculator tool to get you started on your savings goal.