Savings planner
See how your savings and investment account balances can grow with the magic of compound interest.
Savings details
Total balance after tax: 14,371.23
An initial deposit of £600 and a monthly contribution of £ 200 for 5 years
Savings details
Total balance after tax: 15.6
An initial deposit of £1.2 and a monthly contribution of £ 0.15 for 8 years
Savings details
Total balance after tax: 130.18
An initial deposit of £0.5 and a monthly contribution of £ 0.3 for 36 years
Guide
INITIAL DEPOSIT
This is the starting sum of money you deposit into your savings account. It serves as the foundation for future growth, with interest accumulating on this principal amount from the start.
CONTRIBUTION AMOUNT
The specific amount of money you regularly add to your savings. These contributions can significantly increase your total savings over time, especially when combined with compound interest.
FREQUENCY
The regularity with which you make contributions to your savings. This could be weekly, monthly, quarterly, or annually, impacting the growth rate and final balance of your savings.
PERIOD
The total duration over which you plan to save or invest. This period is usually expressed in years and affects how long your money can grow through contributions and compounding.
INTEREST RATE
The annual percentage rate at which your savings earn interest. A higher interest rate leads to more significant growth of your savings over time, especially when compounded frequently.
COMPOUND
Refers to how often interest is calculated and added to your account balance. Common compounding frequencies include daily, monthly, or annually, which influence the overall growth of your savings.
INFLATION RATE
The annual rate at which the general level of prices for goods and services rises. It reduces the real value of your savings, making it crucial to consider when planning for future expenses.
TAX
Any taxes applied to the interest earned or gains from your savings. Depending on your location and the type of account, taxes can reduce your net returns, so it's essential to account for them.
BALANCE
The total amount of money in your savings account at any given time. This includes the initial deposit, ongoing contributions, and any interest earned, providing a snapshot of your overall savings progress.