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Savings Goal Calculator

How much do you need to put away each month to hit your savings target? Enter your goal amount, timeline and expected interest rate below. The calculator works backwards from your target to show the exact monthly saving required — accounting for compound interest along the way.

🎯 Goal planner 📈 Compound interest 💷 Monthly amount

Plan your savings

Goal, timeline and rate

£
£
Monthly saving needed
£0
Total deposits: £0 · Interest earned: £0
Amount
Savings goal£0
Existing savings£0
Amount still needed£0
Total you deposit£0
Interest earned£0
Final balance£0

Interest compounded monthly (gross, before tax). Actual rates vary. Not financial advice.

🎯 Goal planner 📈 Compound interest 💷 Monthly amount 🔒 Free & private
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How the savings goal calculation works

The calculator uses the future value of an annuity formula, solved for the monthly payment. It accounts for compound interest earned each month on your growing balance.

Monthly = (Goal - Existing x (1+r)^n) x r / ((1+r)^n - 1)

Where r is the monthly interest rate (annual rate / 12) and n is the number of months. If the interest rate is zero, it simplifies to (Goal - Existing) / months.

House deposit example: To save £25,000 for a 10% deposit on a £250,000 home in 3 years (36 months) at 4.5% interest, you need about £654 per month. Without interest you would need £694 — so compound interest saves you roughly £40 per month.

For related savings tools, try the savings calculator, the ISA calculator, or the compound interest calculator.

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Savings goal FAQs

How much do I need to save per month for a £10,000 goal?

To save £10,000 in 2 years with no interest you need about £417 per month. With a 5% savings rate, the monthly amount drops to around £397 because interest does some of the work.

How does compound interest help my savings?

Compound interest means you earn interest on your interest, not just on your original deposits. Over time this accelerates your savings growth. The longer your timeline and the higher the rate, the more compound interest contributes.

What is a good savings rate in the UK right now?

Easy-access savings accounts typically offer 3% to 5% AER. Fixed-rate bonds and regular savers may offer higher rates. Rates change frequently with Bank of England decisions.

Should I use an ISA for my savings goal?

If your savings interest exceeds your Personal Savings Allowance (£1,000 basic-rate, £500 higher-rate), a Cash ISA shields interest from tax. The ISA allowance is £20,000 per year (2026/27). See the ISA calculator.

How do I calculate savings needed for a house deposit?

Most lenders require 5% to 20%. On a £250,000 property that is £12,500 to £50,000. Enter your target deposit and timeline above to see the monthly saving needed.

Does this calculator account for tax on interest?

No. The calculation shows gross interest. If your interest exceeds the Personal Savings Allowance, you owe tax on the excess. See the PSA calculator.

Mustafa Bilgic
Reviewed by Mustafa Bilgic
Founder, WebCalculator · Last updated 26 July 2026

ISA allowance and PSA from HMRC/GOV.UK. Savings rates are illustrative — check current best buys. Not financial advice.