Question 1

How long will it take to reach my savings goal?

Accepted Answer

It depends on the target amount, what you have already saved, your monthly deposit and the interest rate. The calculator compounds interest monthly and returns the number of months and years needed.

Question 2

How is the interest calculated?

Accepted Answer

Interest is compounded monthly at a constant annual rate (AER). Real savings accounts may vary their rate, so treat the result as an estimate.

Question 3

What if I cannot save every month?

Accepted Answer

Enter a lower monthly deposit to see the realistic horizon, then test a higher amount to see how much time it saves.

How long will it take to reach my savings goal?

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