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Our savings calculator uses a bit of clever maths and our investment team’s forecasting to give you an idea of what your money could be worth at a point in the future. We do make a few assumptions when it comes to working these things out – namely, that you’re not withdrawing money from either your savings or investments, and that any returns are put back in as well.
With your savings, it’s simple, we look at how much you already have saved, how much you plan on saving and then calculate that against how long you’re looking to save for and factor in your current savings rate. This will give you an idea of what your money might look like in a savings account.
When investing, the calculation is similar, although instead of factoring in your savings rate, we use our investment team’s forecasting tools. These are only projected values and could change due to different market conditions, but it can give you an idea of the potential you might see when investing.
We’ll regularly update the average high street savings rate, however what you get may be higher or lower than this so feel free to add your own. You can normally find your current savings rate by logging into your account with online banking provider, choosing your savings account and finding your interest rate. This should also appear on your statements.
When you save money, your savings provider typically pays you for putting money away – this is called interest and is generally presented as a percentage. The rate they pay is guided by the central bank – in the UK this is the Bank of England – and depends on a huge range of factors. ‘Low’ is subjective, as it’s typically based off a historic average – so if the interest rate was 2% for 10 years but then dropped to 1%, then that is considered to be a ‘low interest rate.’