Enter your savings target and monthly contribution to see when you'll reach your goal, how much interest you'll earn, and how adjusting your contributions can speed things up.
Enter your savings goal and monthly contribution, then click Calculateto see when you'll reach your target.
Most financial experts recommend keeping 3 to 6 months' worth of essential expenses in an easily accessible savings account. For example, if your monthly bills total £1,500, aim for £4,500 to £9,000. Start with a smaller target like £1,000 if that feels more achievable, and build from there.
As of 2024-2025, easy-access savings accounts in the UK typically offer between 3.5% and 5% AER, while fixed-rate bonds can offer slightly more. Rates change frequently, so it's worth comparing accounts on sites like MoneySavingExpert. Remember that interest earned above your Personal Savings Allowance (£1,000 for basic-rate taxpayers, £500 for higher-rate) may be taxable.
AER (Annual Equivalent Rate) shows what you'd earn over a full year including the effect of compounding. The gross rate is the simple annual interest rate before compounding is applied. AER makes it easier to compare accounts with different compounding frequencies. This calculator uses the annual rate compounded monthly.
Generally, if your debt interest rate is higher than your savings rate (which it usually is), focus on clearing debt first while maintaining a small emergency buffer of £1,000. However, having no savings at all can force you into more debt when unexpected costs arise, so a balanced approach often works best.
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