UK Savings Calculator
Our free UK savings calculator projects how your money will grow using compound interest and regular monthly deposits. Whether you are saving for a house, car, or emergency fund, see your savings target reached with a clear year-by-year breakdown.
Future Balance
Total Contributions
£29,000
Total Interest
+ £10,292
The Power of Compound Interest
Compound interest is interest calculated on the initial principal, which also includes all of the accumulated interest from previous periods.
How Your UK Savings Growth Is Projected
This calculator projects savings growth using compound interest plus regular contributions. The formula applied is: FV = PV × (1 + r)^n + PMT × [(1 + r)^n − 1] / r, where PV is the initial deposit, PMT is the monthly contribution, r is the monthly rate (annual rate ÷ 12), and n is the number of months. Inputs: initial deposit (£), monthly deposit, annual interest rate, and saving period in years. Outputs: projected final balance, total deposits made, and total interest earned.
Frequently Asked Questions
What is the best UK savings account for high interest rates in 2026?
In 2026, the best UK savings rates are typically found with fixed-rate bonds, easy-access accounts from challenger banks, and cash ISAs. Platforms like Savings Champion or Moneyfacts compare live rates. Always check the FSCS protection limit of £85,000 per provider applies to your account.
How much interest will I earn on £10,000 in the UK?
At a 4.5% annual interest rate compounded monthly, £10,000 will grow to approximately £10,459 after 1 year, and to around £15,530 after 10 years with no withdrawals. Use our calculator to run your own projections with any interest rate and saving term.
How much should I save each month in the UK?
A common UK budgeting guideline is to save at least 20% of your net monthly income — the 50/30/20 rule. Even saving 10% consistently makes a meaningful long-term difference thanks to compound interest. Our calculator helps you see the long-term impact of any monthly saving amount.
What is the UK Personal Savings Allowance and how does it affect me?
The Personal Savings Allowance (PSA) lets Basic Rate taxpayers earn up to £1,000 in savings interest tax-free per year. Higher Rate taxpayers receive a £500 allowance, and Additional Rate taxpayers receive no PSA. Interest above your allowance is taxable at your marginal rate. Holding savings in a cash ISA avoids this entirely.
Is a cash ISA better than a savings account in the UK?
A cash ISA offers tax-free savings interest up to the annual ISA allowance (£20,000 in 2026/27). If your savings interest exceeds the Personal Savings Allowance, a cash ISA is generally more tax-efficient. However, standard easy-access savings accounts often offer higher interest rates — compare both before deciding.