Savings Calculator for United Kingdom
Project your savings growth over time with monthly contributions and interest.
Region: United Kingdom (GBP)
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Quick Tip
Enter the AER from the account you are considering; regular saver accounts often have a monthly deposit cap.
About This Tool
Why use Savings Calculator?
UK banks and building societies quote savings rates as AER (annual equivalent rate), which shows what you would earn over a year including compounding. That makes AER the figure to compare between easy-access accounts, fixed-rate bonds and regular savers.
Money in an ISA grows free of UK income tax and capital gains tax, within the annual ISA allowance. Outside an ISA, the Personal Savings Allowance lets many basic-rate and higher-rate taxpayers earn some interest tax-free. Eligible deposits at authorised UK banks and building societies are protected by the Financial Services Compensation Scheme (FSCS) up to its limit per person, per banking licence.
Key Benefits
AER-based growth
Model your balance using the same annual rate UK providers publish.
Regular saving
Add a monthly deposit to mirror standing orders into a regular saver or stocks and shares ISA.
Interest versus deposits
See how much of your future balance comes from interest and how much from your own contributions.
How to use Savings Calculator
- 1
Enter the AER from the account you are considering; regular saver accounts often have a monthly deposit cap.
- 2
Enter your current savings balance.
- 3
Add how much you can save each month.
- 4
Enter the annual interest rate from your savings account and the number of years.
- 5
Review the final balance, total deposits and interest earned.
Best use cases
Work out how long it takes to build a three- or six-month emergency fund.
Compare what a high-yield savings account earns against your current rate.
Plan monthly deposits toward a house deposit or a car.
Show a teenager how small monthly savings grow over ten or twenty years.
Savings Calculator FAQs
What is AER?
AER stands for annual equivalent rate. It shows the interest you would earn in a year if interest is compounded, so you can compare accounts that pay monthly and annually on equal terms.
Is my savings account protected in the UK?
Eligible deposits with UK-authorised banks and building societies are covered by the FSCS up to its compensation limit per person, per banking licence. Some brands share one licence, so check before spreading money across them.
Do I pay tax on savings interest?
Interest inside an ISA is tax-free. Outside an ISA, the Personal Savings Allowance covers some interest each year depending on your tax band; interest above it is taxed at your income tax rate.
Which currency does this savings calculator use?
Amounts are shown in British Pounds (GBP). The formulas are the same everywhere, so you can switch to another country version if you need a different currency.
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