UK Savings Goal
How to save £20,000 in 20 years at 6%
To reach a goal of £20,000 in 20 years with a 6% interest rate (compounded monthly), here's how much you'd need to save each month.
Monthly deposit
£43.29
Total deposited
£10,388.69
Interest earned
£9,611.31
Where to get 6% 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.