Savings Calculator

See how your savings grow over time with compound interest. Add a monthly contribution and watch the numbers work for you.

Initial deposit (£)

Monthly contribution (£)

Annual interest rate (%)

Time period (years)

About This Tool

What it does

Calculates how your savings grow over time using monthly compound interest. Shows your final balance, total amount deposited and total interest earned. Adjust the initial deposit, monthly contribution, interest rate and time period to explore different scenarios.

Who it's for

Anyone saving for a goal — house deposit, emergency fund, holiday or retirement. Also useful for comparing savings accounts with different interest rates. Used in the UK, US, Australia, Canada, Singapore and worldwide.

Your privacy

All calculations happen in your browser. No financial data is transmitted or stored anywhere.

⚠️ For informational purposes only. Results are estimates and do not constitute financial advice. Always consult a qualified financial adviser for personal decisions. ToolBullet is not regulated by the FCA, SEC, ASIC, MAS or any financial regulatory body.

Frequently Asked Questions

How does compound interest help savings?

Compound interest means you earn interest on both your original deposit and all previously earned interest. Over time this creates exponential growth — a £1,000 initial deposit earning 4.5% annually becomes significantly more than just £1,000 + (4.5% × years) due to compounding.

How often is interest compounded?

This calculator compounds monthly, which is typical for most UK savings accounts. Some compound daily (slightly better) and some annually (slightly less). The difference between monthly and daily compounding is small for most savers.

What is a good savings interest rate?

In the UK, competitive easy-access rates typically range from 3-5% AER. Fixed-rate bonds may offer more. Always compare products from FCA-authorised banks. The Bank of England base rate affects savings rates — check current rates from Money Saving Expert or comparison sites.

Savings Calculator

About This Tool

Frequently Asked Questions

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