Savings calculator

The three levers of a savings plan

A savings projection comes down to three numbers: your starting balance, how much you add each month, and the rate you earn. This tool grows the balance month by month — adding your deposit and compounding the balance at the monthly equivalent of your annual rate — and reports what it becomes after the years you set. The deposit is the lever you control most directly; over short and medium horizons it does far more of the work than the interest rate, which is why a steady monthly habit matters more than chasing the last fraction of a percent. Over longer horizons the rate compounds and starts to pull its weight.

Working backwards from a target

Most people come to a savings calculator with a goal in mind — a house deposit, a wedding, a year of runway — rather than a curiosity about compounding. The practical way to use this is to fix the years you have and the rate you can realistically earn, then adjust the monthly deposit until the future value hits your number. That tells you the actual monthly commitment the goal requires, which is usually more sobering and more useful than an abstract growth chart. If the figure is too high, the honest fixes are a longer timeline or a smaller target — the rate is the one lever you mostly cannot control.

Keep the projection honest

The result is a nominal, pre-tax estimate at a constant rate. Cash savings rates move with central-bank policy, so a fixed figure is a planning assumption, not a promise, and interest is generally taxable unless the account is sheltered. For short-term goals the rate barely matters and certainty does, so a higher high-yield account is the main upgrade worth chasing. For the mechanics underneath this projection, see the compound interest calculator; to check the target holds its value over time, the inflation calculator.

Educational tool only — not financial advice. Assumes a constant rate and excludes taxes and fees.