Savings goal calculator
United Kingdom · 2026/27 tax year
Also for Canada
Also for United StatesSaving for a house deposit, a car, a wedding or a rainy-day fund? Find out how much to put away each month, or how long it will take to get there.
How the calculator works
Your current savings and each monthly deposit earn interest, which is added every month. The calculator finds the monthly amount that reaches your goal exactly on time, or counts the months until your balance passes the goal.
Example
To turn £1,000 into £10,000 in 3 years at 4%, you need to save £232.38 a month. You pay in £9,365.77 in total and interest makes up the other £634.23. If you can only save £250 a month, you get there in 2 years and 10 months.
Where to keep your savings
- Easy-access savings for an emergency fund you might need at short notice.
- Regular savers often pay higher rates if you pay in every month, usually for one year.
- ISAs keep your interest tax-free. You can pay in up to £20,000 a year across all your ISAs.
Frequently asked questions
Will I pay tax on the interest?
Most people can earn some interest tax-free under the Personal Savings Allowance: £1,000 a year for basic-rate taxpayers and £500 for higher-rate taxpayers. Interest in an ISA is always tax-free.
How big should an emergency fund be?
A common guide is three to six months of essential spending, kept somewhere you can get to quickly.
Assumes the interest rate stays the same and interest is added monthly. Estimates for guidance only.
Last checked and updated: October 2026