Savings Goal Calculator

How to use this savings goal calculator

Start by entering the total amount you want to save — your target. Then add your current savings balance, how much you plan to contribute each month, and the annual interest rate you expect to earn. The calculator shows you the total months and years until you reach your goal, alongside a growth chart and year-by-year table.

The goal line on the chart shows you exactly where your balance intercepts your target. If you adjust your monthly contribution upward, you'll see the crossing point move to the left — meaning you reach your goal sooner.

Worked example: saving for a house deposit

Suppose you want to save £25,000 for a house deposit. You currently have £3,500 in savings and can put aside £400 per month. Your savings account earns 3.5% annually.

Increasing the monthly contribution to £500 reduces the timeline to just under 3 years and 9 months — saving approximately 10 months. Small increases to your monthly saving rate can make a meaningful difference over a multi-year goal.

The difference a higher rate makes

For short-term savings goals (under 5 years), the interest rate has a modest impact — your regular contributions are doing most of the work. For longer-term goals (10+ years), the difference between 2% and 5% can be significant. Using our calculator, you can model both scenarios and decide whether moving to a higher-yield account is worth the effort or trade-offs involved (such as locking money away in a fixed-rate account).

When your goal is already partially funded

A meaningful starting balance dramatically shortens the timeline. Even £2,000 already saved reduces your total contribution requirement and means you start earning compound interest on a larger base immediately. This is why building an initial lump sum — even a small emergency fund first — can accelerate all your future savings goals.

Frequently Asked Questions

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