Savings Goal Calculator

Whether you are saving for a house deposit, a car, a holiday, or an emergency fund, having a clear goal and a monthly savings target makes success far more likely than saving whatever happens to be left at the end of the month. This savings calculator works backwards from your goal: tell it how much you want to save, by when, and what interest rate you expect to earn — and it tells you exactly how much you need to set aside each month to get there.

Interest rates on UK savings accounts have improved significantly since 2022. Keeping savings in an easy-access or fixed-rate account earns you interest that accelerates progress toward your goal. At the moment, easy-access accounts are offering rates well above 4% for competitive products, while fixed-rate bonds can offer even higher rates for money you can lock away for one to five years. Using a high-interest account makes your money work harder without any additional effort on your part.

If your savings goal is long-term (five or more years away), consider whether investing in a Stocks and Shares ISA might deliver better real-term growth than a cash savings account. For shorter-term goals, a cash ISA or high-interest savings account is usually the right choice because the value is guaranteed and there is no risk of losing money. Use this calculator to test different scenarios and find a monthly savings amount that is genuinely achievable for your budget.