Use the Savings Calculator UK to estimate how an initial balance and regular monthly deposits could grow with compound interest. Compare total contributions with interest earned, account for inflation and check progress towards a savings goal.
Enter your savings plan
The estimate assumes a constant interest rate and regular monthly deposits. Actual savings rates can change and tax may apply outside tax-free products or allowances.
How much interest could your savings account earn?
Use this UK savings account calculator to compare more than the headline rate. Enter what you have saved, how much you can add each month and how long you plan to save. The result separates your deposits from interest earned, so you can see how much of the final balance came from each. Try £100 and then £200 a month with the same rate to see the difference regular saving makes.
If your account quotes an AER (annual equivalent rate), select Annually under “Interest compounded” and enter the quoted AER. That makes the tool’s effective annual rate match the advertised AER under its constant-rate assumption. If you know a nominal annual rate and its compounding frequency, enter that rate and select the matching frequency instead. Do not mix an advertised AER with daily or monthly compounding, as that would overstate the effective annual rate.
Compare savings interest rates and goals
When using this as a savings account interest calculator, keep the deposit amount and saving period the same while changing one interest-rate assumption at a time. You can also enter a target amount to see whether the plan reaches it. For example, the worked example below shows how £1,000 initially plus £200 at each month-end grows at a constant 4% nominal annual rate. This is an estimate: actual account rates, tax and account conditions can change the amount you receive.
Compare savings accounts and interest rates
Use this savings account calculator UK estimate to test the same initial deposit and monthly contribution at two possible rates. As a savings account interest calculator UK comparison, it shows the projected interest earned under a constant-rate assumption. Change only the rate, then compare the final balance and interest amount. A saving calculator UK result is a planning figure; an account’s rate and conditions may change.
If you need a savings interest calculator UK estimate with no new deposits, enter 0 for the monthly amount. To calculate savings interest UK savers should check whether their quoted rate is AER or nominal, as explained above. This tool builds savings over time; it does not calculate how long savings would last if you make regular withdrawals.
Choose a savings rate that fits your account
When you use this savings account interest rate calculator UK estimate, start with the rate your account actually pays. Then keep your starting balance and monthly deposits the same while trying a second rate. This makes the difference in estimated interest easy to see. If you are using an AER, choose annual compounding as explained above; a nominal rate can be paired with its stated compounding frequency.
The savings interest rate calculator UK result shows projected pounds earned, while the effective annual rate shows the percentage effect of compounding. If you searched for a savings percentage calculator, use that effective annual rate to compare the rate assumption, then look at the interest-earned figure to see what it could mean for your balance. The savings rate calculator UK estimate assumes the rate stays unchanged; a variable-rate account may pay a different amount.
Tax-free savings and spending your balance
A tax free savings calculator would need to account for the type of account and your personal tax position. This UK savings calculator focuses on balance growth and does not calculate tax or an ISA allowance. If you are comparing an ISA with a standard account, calculate the gross growth here and then check the account’s tax treatment separately.
Wondering “how long will my savings last calculator UK”? That is a different question: this tool adds deposits rather than subtracting withdrawals. For a spending plan, test regular withdrawals in a dedicated drawdown calculator. This keeps the estimate useful without pretending that savings growth and savings depletion are the same calculation.
Saving account calculator UK: plan your monthly deposits
Small, regular deposits can make a savings goal feel more manageable. Start with an amount you can comfortably set aside each month, calculate the result, then try a little more or a little less. Keep the interest rate and saving period unchanged so you can see the effect of your deposits clearly.
Saving interest calculator UK: check your interest estimate
To estimate interest on money you already have, enter your current balance and set the monthly deposit to zero. For a regular savings plan, include your monthly contribution. Check the separate interest-earned result as well as the final balance, so you know how much comes from saving and how much comes from interest.
Interest calculator savings UK: compare rate assumptions
Try your account’s current rate, then a lower rate with the same balance and deposits. This gives you a useful second scenario if your rate changes. Follow the AER and compounding guidance above when entering the rate.
Interest calculator UK savings: understand the result
The estimate assumes your chosen rate stays constant and your deposits arrive on schedule. Use it to plan a goal and compare scenarios, then check your account’s fees, withdrawal conditions and tax treatment before relying on the projected balance.
How compound savings growth works
Compound interest means interest is added to the balance and can itself earn interest later. Regular deposits increase the balance available to earn future interest. The calculator converts the selected compounding method into an effective monthly growth rate and applies deposits for the chosen number of months.
Interest earned = final balance − total deposits
Deposit timing
A deposit made at the start of each month earns one extra month of interest compared with the same deposit made at the end. Over a long period, this small timing difference can add up.
Interest rate and AER
The nominal annual rate is the rate entered. The effective annual rate shown by the calculator reflects the selected compounding frequency. More frequent compounding can produce a slightly higher effective rate when the same nominal rate is used.
Inflation-adjusted savings
The future balance shows the number of pounds expected at the end of the plan. The inflation-adjusted value estimates what that balance could be worth in today’s money if inflation stays at the entered rate.
Worked example
Starting with £1,000, adding £200 at the end of every month for 10 years and earning a nominal 4% compounded monthly produces an estimated balance of £30,940.79. Total deposits are £25,000 and estimated interest is £5,940.79.
Ways to use the result
- Compare different monthly saving amounts
- Test longer and shorter time periods
- See how rate changes affect a goal
- Estimate the effect of inflation
- Compare start-of-month and end-of-month deposits
What is not included?
- Variable or promotional interest rates
- Income Tax or Personal Savings Allowance calculations
- Account fees, withdrawal penalties or bonus conditions
- Investment risk, market returns or capital losses
- FSCS eligibility or provider-specific protections
Guidance source
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Frequently asked questions
Does the calculator use compound interest?
Yes. It compounds the entered annual rate using the selected frequency and applies equivalent monthly growth.
Are monthly deposits included?
Yes. Choose whether deposits are made at the start or end of each month.
What does inflation-adjusted value mean?
It estimates the future balance’s buying power in today’s money using the entered inflation rate.
Does this include tax on savings interest?
No. Tax depends on the account type, allowances and personal circumstances.
Is the interest rate guaranteed?
No. The calculator assumes the entered rate remains unchanged for the whole period.
Important: This calculator is an illustration, not a forecast or financial recommendation.