UK Savings Goal
How to save £1,000 in 1 years at 7%
To reach a goal of £1,000 in 1 years with a 7% interest rate (compounded monthly), here's how much you'd need to save each month.
Monthly deposit
£80.69
Total deposited
£968.32
Interest earned
£31.68
Where to get 7% on your savings
UK easy-access savings accounts currently pay up to around 5% AER, with fixed-rate bonds going slightly higher. For tax-free growth, use a Cash ISA (up to £20,000/year) before a standard savings account.
Faster to your goal
- Increase your rate — a 1% higher rate can save you years.
- Set up a standing order on payday so saving happens automatically.
- Use a Stocks & Shares ISA for long horizons (10+ years) to chase higher returns.