How do I use the savings calculator?
Our savings calculator can be used to calculate the amount of interest you’ll earn on your savings. With the basic savings calculator just type in your opening account balance, and the account’s interest rate and click ‘calculate’ to work out how much interest you’ll earn each month, and how much over the course of a year.
With the advanced calculator you can work out how much interest you’ll earn over 12 and 18 months, and what your account balance will be after 12 and 18 months, by submitting your opening account balance, how much you’ll be saving each month, and the interest rate for your account.
Using the savings calculator is really easy: Just enter the a few simple figures and we’ll work out the rest for you.
You can even use our calculator to help you compare savings accounts, working out how much interest you’ll earn with different interest rates, so you can make sure you get the best account for your money.
Savings Accounts
When it comes to Savings Accounts, the list of what’s available is endless. Banks and building societies are continuously updating and expanding the range of accounts they offer, so shopping around to find the right one for you can be time consuming.
Here is a basic overview of the types of savings accounts available at the moment:
Instant Access Savings Accounts - Instant Access Savings Accounts are accounts which pay interest on savings while giving instant access to your money, allowing you to make immediate withdrawals whenever you need the cash.
Notice Savings Accounts - Notice-based savings accounts only give you access to your money after a specified time period. If you don’t need your money straight away, then you might be able to get a better rate of interest with a Notice Savings Account.
Child Trust Funds - Child Trust Funds (CTFs) are savings and investment accounts for children, with the Government giving a voucher to every child born since 1 September 2002 to get them started. CTF accounts cannot be touched until a child turns 18, at which point they will assume responsibility for it and have some money to help start their adult life.
ISAs - Individual savings accounts (ISAs) were introduced by the Labour government nine years ago, replacing PEPs and Tessas. They permit each UK tax payer to save a certain amount of money each year, offering an increased interest rate.
|
