Savings Calculator UK
Estimate how your savings grow over time with regular deposits and interest.
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Enter what you’ve already saved, how much you’ll add each month, the interest rate, how many years you’ll save for and how often interest is paid. The calculator shows your final balance, how much of it you paid in, how much is interest, and a year-by-year table.
Use the account’s AER for the rate. If it’s only fixed for a year, as many are, it’s worth running the numbers again with a lower rate, because that’s often what happens when the bonus ends. Most UK easy-access accounts pay interest monthly or annually.
An example: £250 a month for 15 years
Start with £5,000, add £250 a month and earn 4% compounded monthly for 15 years, and you end up with £70,624.13. You’ll have paid in £50,000; the other £20,624.13 is interest. Most of that interest arrives in the later years, which is the main argument for starting early, even with small amounts.
How much interest will my savings earn?
One year at an example rate of 4%, with nothing more paid in:
| Savings | Interest paid yearly | Interest paid monthly |
|---|---|---|
| £10,000 | £400.00 | £407.42 |
| £20,000 | £800.00 | £814.84 |
Monthly compounding earns slightly more, but the difference is small. When comparing accounts, use the AER, which already includes the effect of compounding.
How long to reach a savings goal?
Put in your monthly amount and change the years until you hit your target, or fix the years and adjust the monthly amount. A few examples at 4%:
| Goal | Monthly saving | Time to reach it |
|---|---|---|
| £10,000 emergency fund | £300 | About 2 years 8 months |
| £10,000 emergency fund | £500 | About 1 year 8 months |
| £20,000 house deposit | £500 | About 3 years 2 months |
| £15,000 in 3 years | About £393 | 3 years |
If you’re saving for a home, the Mortgage Calculator shows what the payments might be once you buy.
Regular savers: why the interest looks low
Regular saver accounts often advertise high rates, but they cap how much you can pay in and usually last 12 months. Because your balance builds up through the year, you earn roughly half what the headline rate suggests.
Save £200 a month for a year at 6% and you’ll pay in £2,400, but earn only about £78 in interest, not £144. Your first payment earns interest for 12 months, your last for just one. To see the real figure, enter £0 as the starting amount, your monthly payment, the rate and one year. They’re still worth having for regular saving; just don’t expect the headline number.
Tax on savings interest
Most people can earn some interest each tax year without paying tax on it:
| Your Income Tax band | Personal Savings Allowance |
|---|---|
| Basic rate | £1,000 |
| Higher rate | £500 |
| Additional rate | £0 |
If your other income is low, you may also get the starting rate for savings of up to £5,000. Interest in a cash ISA doesn’t count towards any of this and is always tax-free.
Interest above your allowance is taxed at your Income Tax rate. That’s going up: from 6 April 2027, the October 2026 Budget set the savings rates at 24% (basic), 44% (higher) and 49% (additional), compared with 20%, 40% and 45% in 2026/27. The allowances themselves stay at £1,000 and £500.
For example, £20,000 in an easy-access account at 4.5% earns about £900 a year. A basic-rate taxpayer pays nothing, because it’s within the £1,000 allowance. A higher-rate taxpayer pays 40% on the £400 above their £500 allowance, about £160 in 2026/27. An additional-rate taxpayer pays 45% on all £900, about £405. If you’re anywhere near your allowance, especially with the rate rise coming, a cash ISA is worth a look.
Getting more from your savings
The habits that make the biggest difference are dull ones: an automatic transfer on payday, so the money moves before you can spend it; checking your rate every few months and moving if it’s dropped; using your ISA allowance; and raising your monthly amount whenever your pay goes up. The Budget Planner can help you find the money in the first place.
Savings accounts are low-risk: the balance doesn’t fall, and eligible deposits are protected by the FSCS up to its limit per person, per banking licence. Investing can grow faster over the long term but can also fall in value. For that side, use the Compound Interest Calculator.
Questions people ask
How much interest will I get on £10,000 savings?
At an example rate of 4%, £400 in a year with annual interest, or £407.42 with monthly compounding.
How long will it take to save £10,000?
Saving £300 a month at 4%, about 2 years 8 months. At £500 a month, about 1 year 8 months.
What is the Personal Savings Allowance?
The interest you can earn tax-free each year: £1,000 for basic-rate taxpayers, £500 for higher-rate taxpayers and nothing for additional-rate taxpayers.
Is tax on savings interest going up?
Yes. From 6 April 2027, savings income above your allowances will be taxed at 24%, 44% or 49%, up from 20%, 40% and 45%.
Does the calculator include tax or inflation?
No. It shows growth before tax and inflation. For a rough real-terms figure, reduce the rate by the inflation rate you expect.
Related: Compound Interest Calculator · ISA Calculator · Budget Planner
Sources: GOV.UK – Tax on savings interest. Example rates are illustrations, not current offers. Last reviewed: 3 November 2026.