Savings Goal Calculator
Find out how long it’ll take to reach your goal — or flip it around to see how much to save each month to get there on time.
Time to reach $20,000
2 years, 10 months
Putting away
$500/month
Reach your goal sooner
The rate you earn changes the timeline — especially on bigger goals over longer periods. Compare high-interest options on our savings account comparison, and read how to start saving to set the goal up to run on autopilot. Saving for a fixed term you won’t touch? A term deposit can lock in a rate.
FAQs
How long will it take to reach my savings goal?
It depends on your starting balance, how much you add each period, and the interest rate. Enter those and this calculator solves for the time — accounting for the interest your balance earns along the way, which gets you there sooner than saving the deposits alone.
How much do I need to save each month to hit my goal?
Switch to 'How much per month?' mode, enter your goal, starting balance, interest rate and a target timeframe, and the calculator works out the regular deposit required — including the interest your savings earn over that period.
Does the interest rate make a big difference?
Over short periods the rate matters less than how much you put in; over longer periods compounding does more of the work. Use a rate you'll realistically earn — many high-interest savers only pay their headline rate if you meet monthly conditions.
Is this calculator financial advice?
No — it gives general estimates using a constant interest rate and regular deposits, and ignores tax on interest and account fees. Your actual result will differ. Confirm details with your bank.
Estimates only, for general information. Assumes a constant interest rate with deposits and compounding at the chosen frequency, and excludes tax on interest and account fees. Not financial advice — confirm figures with your bank.