About this calculator
Saving for a deposit, a holiday or an emergency fund? Choose whether you want to know how long it will take or how much to save each month.
Enter the goal, your starting balance, the annual interest rate and either the monthly saving or the time you have. Interest is added monthly.
Worked examples
Real numbers, worked out by the same calculator. Press “Use these numbers” to try one above.
£10,000 goal saving £200 a month at 5%
- Time to reach the goal
- 3 years 10 months
- Months
- 46
- Total you pay in
- £9,200.00
- Interest earned
- £917.65
- Balance at the end
- £10,117.65
Saving £200.00 a month at 5% reaches £10,000.00 in 3 years 10 months.
Show the working
- Each month: balance = balance × (1 + annual rate ÷ 12) + monthly saving, until it reaches the goal.
- After 46 months the balance is £10,117.65, of which £917.65 is interest.
- Assumes interest is added monthly and the rate stays the same. Tax on interest is ignored.
£10,000 in 3 years at 5%
- Monthly saving needed
- £258.04
- Total you pay in
- £9,289.52
- Interest earned
- £710.48
To reach £10,000.00 in 3 years at 5% you need to save £258.04 a month.
Show the working
- Future value of savings: FV = S × (1 + i)^n + c × ((1 + i)^n − 1) ÷ i, with i = annual rate ÷ 12.
- Solving for the monthly payment c: c = (£10,000.00 − £0.00 × 1.161472) × 0.004167 ÷ (1.161472 − 1) = £258.04.
- Assumes interest is added monthly and the rate doesn't change.
£20,000 house deposit from £2,000 at 4%, £500 a month
- Time to reach the goal
- 2 years 10 months
- Months
- 34
- Total you pay in
- £19,000.00
- Interest earned
- £1,208.71
- Balance at the end
- £20,208.71
Saving £500.00 a month from £2,000.00 at 4% reaches £20,000.00 in 2 years 10 months.
Show the working
- Each month: balance = balance × (1 + annual rate ÷ 12) + monthly saving, until it reaches the goal.
- After 34 months the balance is £20,208.71, of which £1,208.71 is interest.
- Assumes interest is added monthly and the rate stays the same. Tax on interest is ignored.
How it works
Each month your balance grows by one twelfth of the annual rate, then your monthly saving is added. The calculator repeats this until the balance reaches your goal, or solves the standard savings formula to find the monthly amount you need.
Why interest matters less than saving
On a short goal, the amount you put in is far larger than the interest. £200 a month for four years is £9,600 saved, of which only about £900 is interest at 5%. Raising your monthly saving usually shortens the journey more than chasing a slightly higher rate.
Keep the real world in view
Interest rates change, and tax can apply to interest above your personal savings allowance. Inflation reduces what a fixed goal will buy later. Treat the results as a plan to check every few months.
Frequently asked questions
How long will it take to save a set amount?
Enter the goal, your monthly saving and the rate. The calculator counts the months until the balance reaches the goal.
How much should I save each month?
Choose 'how much to save each month' and enter the time you have.
Does it include interest?
Yes, added monthly at one twelfth of the annual rate.
What if I have no interest?
Enter 0% and it simply divides the goal by the number of months.
Is the interest taxed?
Not here. Check the personal savings allowance for your situation.
Formulas tested against hand-worked answers. Last reviewed 29 September 2026. These calculators do arithmetic only; they are not financial, tax or legal advice.