Savings Calculator
See how much interest your savings could earn — lump sum, monthly top-ups, or both. Uses live rates from 0 UK accounts.
Savings calculator
Work out your interest
Enter a rate or pick a live account, add a starting balance and monthly top-ups, and see what you'd have at the end.
Your savings
Projected returns
4.50% AER · 5 yearsSave this calculation
We'll email you a private link that reopens it with today's rates.
How your balance grows
Year by year, including interest
Understanding rates
AER vs gross — what's the difference?
Banks quote two numbers. One is for comparing accounts; the other is what you might see on a statement. Here's how to read them.
AER
Use this to compare accounts
Annual Equivalent Rate — the standard way to compare savings. It folds in compounding so two accounts with different pay frequencies still compare fairly.
- Best for picking the highest-paying account
- What our calculator uses by default
Gross rate
Often on statements & ads
The headline rate before compounding is baked in. If interest is paid monthly, the gross figure alone can understate what you actually earn over a year.
- Fine for reading your balance
- Misleading if you use it to compare two accounts
Same headline rate, different outcome
£10,000 saved for one year at a quoted 4%
4% AER · paid monthly or yearly
£400.00
interest earned
4% gross · compounded monthly
£407.74
interest earned
Takeaway: AER already includes how often interest is paid, so 4% AER is £400 over the year either way. A 4% gross rate that is paid monthly and compounded comes out higher.
Saving strategies
Lump sum or monthly contributions?
Same rate, different approach — and the calculator above lets you model both. Neither is wrong; it depends what you're starting with.
Lump sum
- Every penny earns interest from day one
- Compound interest works on the full balance
- Best when you already have savings to move
Needs a larger amount upfront
Monthly contributions
- Build from salary without a big deposit
- Creates a consistent saving habit
- Each payment starts earning straight away
Each deposit earns for less time than a lump sum
Try it: run the calculator with only a starting balance, then add a monthly amount — over several years, regular contributions often close much of the gap. Saving towards a target date? Build a savings plan that splits your lump sum and monthly savings across the right accounts.
Make your money work harder
Four ways to maximise UK savings interest
Once you know what you could earn, these steps help you keep more of it — tax-free where possible, and on the best rate you can find.
Use your ISA allowance first
Save up to £20,000 per tax year in a Cash ISA with zero tax on interest — regardless of your income.
ISA HubLock in with fixed rates
If you won't need the money for 1–5 years, fixed bonds often beat easy access — especially when rates may fall.
Compare fixed ratesKnow your tax-free allowance
Basic-rate taxpayers get £1,000 of tax-free interest; higher-rate £500. Over that? ISAs or our tax calculator can help.
Savings tax calculatorKeep comparing rates
The best account today may not be best in six months. Our live table updates as providers change their offers.
Compare live ratesYour questions answered
Commonly asked questions
Ready to find the best rate?
Compare live UK savings accounts — easy access, ISAs, fixed-rate bonds, notice accounts and more.
Written by
Jonny Pease
Reviewed by
Jan Watermann
Uses live UK rates, checked daily
This page is for information only and is not financial advice. Figures are estimates based on today's rates, which can change at any time — always confirm the details on the provider's website before opening an account. Read our full disclaimer.
DepositScout Alerts
Example alert
Easy Access rate just dropped
A top provider just cut their rate. Here's what you need to know about the latest market shift.
Be the first to know when rates drop.
Join 1,000+ savers using DepositScout who get instant email alerts when top UK savings rates change. Never miss out on a better deal again.