See exactly how much interest your savings could earn — with or without monthly contributions. Updated with live UK rates.
How your pot builds up, month by month
Understanding rates
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.
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.
Same headline rate, different outcome
£10,000 saved for one year at a quoted 4%
4% AER · paid monthly
£407.74
interest earned
4% gross · simple annual
£400.00
interest earned
Takeaway:when two accounts both say “4%”, check whether that's AER. The one compounding monthly typically pays more — even when the numbers on the tin look identical.
Saving strategies
Same rate, different approach — and the calculator above lets you model both. Neither is wrong; it depends what you're starting with.
Lump sum
Needs a larger amount upfront
Monthly contributions
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.
Make your money work harder
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.
Lock 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.
Know 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.
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