UK Savings Calculator

See how compound interest grows your savings over time with regular monthly contributions.

Final Balance
£0.00
after 10 years
Total Contributed
£0.00
Interest Earned
£0.00
Growth
0%
Enter your savings details to see projected growth.
Balance Growth Over Time

Savings Growth · How Much Will You Have?

Compound interest projections at common savings rates. Interest calculated monthly.

Starting Amount Monthly Saving Rate After 1 Year After 3 Years After 5 Years After 10 Years
£1,000£200/mo4.5%£3,474£8,631£14,525£31,720
£5,000£200/mo4.5%£7,524£12,875£18,887£36,515
£10,000£300/mo4.5%£13,860£21,969£31,067£62,074
£0£500/mo4.5%£6,137£19,366£33,629£75,460
£20,000£04.5%£20,904£22,850£24,949£31,178
£50,000£500/mo5.0%£58,550£76,840£96,930£160,000

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Savings Calculator FAQs

What is the personal savings allowance for 2026/27?
In 2026/27, basic rate taxpayers can earn up to £1,000 in savings interest tax-free. Higher rate taxpayers get a £500 allowance. Additional rate (45%) taxpayers receive no allowance and pay tax on all savings interest. Interest above your allowance is taxed at your marginal income tax rate · 20%, 40% or 45%. Savings held in an ISA are always fully tax-free and do not use your personal savings allowance.
What are the best savings account rates in the UK right now?
As of 2026, easy-access savings accounts are offering around 4–5% AER with the best deals from challenger banks and building societies. Fixed-rate bonds (locking money away for 1–2 years) can offer slightly higher rates. Regular savings accounts may offer up to 7–8% but often cap monthly deposits. Always compare current rates at MoneySavingExpert or MoneySupermarket before opening an account.
How long will it take me to save £20,000?
Saving £300/month at 4.5% takes approximately 58 months (just under 5 years) to reach £20,000 from scratch. At £500/month it takes around 35 months. Starting with an existing lump sum significantly reduces the time · £5,000 saved already plus £300/month at 4.5% reaches £20,000 in around 40 months. Use the calculator above to model your exact scenario.
Should I save or pay off debt first?
As a general rule, pay off high-interest debt (credit cards, personal loans above 6–7%) before building savings · the interest cost of the debt will outpace almost any savings rate. However, it is worth maintaining a small emergency fund (1–3 months of expenses) even while repaying debt. For low-rate debt (e.g. 0% credit cards, student loans), saving and investing simultaneously can make sense depending on the rate differential.
ISA vs savings account · which should I use?
A Cash ISA and a standard savings account often offer similar interest rates, but ISA interest is always tax-free · no personal savings allowance needed. If you are a higher rate taxpayer or have significant savings generating interest above £500/year, an ISA becomes especially valuable. For most basic rate taxpayers with modest savings, the personal savings allowance covers the tax anyway · so the choice often comes down to rates and access terms.

For informational purposes only · Not financial advice · Rates are illustrative