Savings goal calculator
Work out how much you need to save each month to reach a target amount — from a starting balance, an interest rate, and a timeframe.
You need to save this much per month
£263.95
To reach £20,000 in 5 years at 4% interest.
Where your target comes from
Balance over time
Move across the chart to inspect any point.
Assumes a fixed interest rate and consistent monthly contributions, compounding monthly. The required monthly figure is solved exactly for your target, rate, and timeframe — it isn't rounded to a “nice” number, so consider rounding up slightly as a buffer against real-world rate changes. Not financial advice.
How this calculator works
This is the reverse of a typical compound interest calculation: instead of asking "what does saving £X a month get me", it starts from your target and works out exactly what monthly contribution gets you there, given your starting balance and the interest rate you expect to earn.
A higher interest rate or a longer timeframe both reduce the monthly amount needed, since more of the target gets filled by interest rather than your own contributions — try adjusting the term to see how much earlier saving (even by a year or two) changes the monthly figure.