How Long Does It Take to Save a Set Amount?

The time it takes to reach a savings goal depends on three things: how much you already have, how much you contribute each month, and the interest rate you earn. With compound interest, your money grows faster over time — earlier contributions earn interest on their interest, which is why starting sooner makes such a significant difference.

For example, saving £500 per month into an account paying 4.5% AER, starting from zero, will reach £10,000 in approximately 19 months — of which around £350 comes from interest alone. This calculator compounds monthly, which matches how most UK savings accounts work.

To see how much you take home each month to fund your savings, use our Take-Home Pay Calculator. To understand how compound interest builds over longer periods, see our Compound Interest Calculator.