Compound interest calculator

See the power of compound interest

Understand how compound interest could work to grow your wealth, with our simple calculator.

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This calculator is for educational purposes only and designed to give you an estimate of the interest you could earn.

What is compound interest?

Compound interest is a powerful way to grow your cash over the years. It lets you earn interest on your savings, and then go on to earn more interest on that total. This keeps happening, meaning the amount you've saved gets bigger and bigger over time. You can see how this compounding works with our calculator.

How our compound interest calculator works

To work out your results, our calculator assumes a few things.

Assumptions

  • Regular contributions stay the same over the whole timeframe.
  • All earnings from the savings interest are reinvested.
  • The rate of interest doesn't change.
  • No withdrawals are made for the savings timeframe you've specified.
  • We don't consider any costs or charges to any product you might use for your savings.

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Compound interest calculator

Welcome to our compound interest calculator – your tool for future money planning.

Do you ever wonder how your savings could look in years to come? Our calculator takes the guesswork out of the equation and shows you what your money could look like, multiplying through the powers of compound interest.

All we need are a few numbers and a few clicks and off you go. Whether you're saving for a rainy day or something longer term, our compound interest calculator can support you in making the most out of your hard-earned cash.

Your savings details

This is the initial amount of money you'd like to put into your savings.

When choosing the amount you would like to put into your savings, you should always consider your other responsibilities first. Assessing your monthly expenses first, like bills or potential emergencies is vital to ensuring your financial wellbeing.

This is the amount of money you'd like to pay each month, if any, into your savings.

Some savings accounts may have a minimum monthly payment required, so make sure you check whether this is the case. You can also adjust your monthly contributions to see the effects of compound interest for different amounts.

This is how long you intend to save your money for. This must be a minimum of one year.

Savings accounts can be used to help with your financials goals, like saving for a house or a car. We recommend entering a period of longer than the required minimum of one year into this field, which will then highlight the effects of compound interest.

Savings interest rates are like a bonus you earn for keeping your money in a savings account.

Interest rates are a percentage you get back from your bank or building society, based on how much money you have saved. It's also important to consider the AER (Annual Equivalent Rate), which shows the interest that would be paid on your savings if it was compounded once each year.

This helps you to compare savings accounts when interest is added at different times.

Your results

Based on the savings you've told us about you could have a total value of:

Total deposit

This is the initial amount of money you told us you'd be transferring or contributing, plus any monthly payments.

Interest earned

This is the calculated total amount of interest you could earn on your savings, over the timeframe you picked.

Scrollable table showing the value of your savings over the selected timeframe
Year Starting Balance Monthly Contribution Interest Earned Ending Balance

Please note

All information on this page is for educational purposes only and is not an exact representation of what you'll get, if you decide to save your money. The effects of inflation will reduce the worth and impact the spending power of your savings.

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Compound interest FAQs

What effect can compound interest have on your savings?

Compound interest can have a huge impact on your savings over time. It’s basically interest earning interest - so your money grows faster the longer you leave it. Imagine putting away a bit each month; not only does your original amount grow, but the interest it earns also starts to build on itself. Over years or decades, this can lead to surprisingly large gains. The longer you save, the more powerful the effect.

What’s the difference between compound interest and simple interest?

The difference between compound interest and simple interest comes down to how your money grows. With simple interest, you earn interest only on the original amount you invested, so growth stays steady. For example, if you invest £1,000 at 5% simple interest, you’ll earn £50 a year, every year. But with compound interest, you earn interest on your original investment and on the interest it’s already made. That means your savings grow faster over time.



You can read more about compound interest here.

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