Worked example
You want £3,000 in 12 months and already have £600 saved.
| No interest | 4% AER | |
|---|---|---|
| Save each month | £200.00 | £194.46 |
| Weekly equivalent | £46.15 | £44.88 |
| You pay in over the year | £2,400.00 | £2,333.52 |
| Estimated interest | £0.00 | £66.48 |
With 4% AER, the £600 grows to £624 and each monthly deposit earns interest from the month after it is paid in. The calculator works from the exact number of days to your date, so its result can differ by a few pence.
Make the target fit your budget
If the suggested amount is too high, try moving the date, reducing the target or starting with a smaller regular contribution. A goal you can maintain is more useful than an ambitious figure you have to abandon. The budget planner shows what you can afford each month.