UK Savings Goal

How to save £50,000 in 7 years at 6%

To reach a goal of £50,000 in 7 years with a 6% interest rate (compounded monthly), here's how much you'd need to save each month.

Monthly deposit

£480.43

Total deposited

£40,355.93

Interest earned

£9,644.07

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.

Save £50,000 in other timeframes

£50,000 in 1yr at 6%£50,000 in 2yr at 6%£50,000 in 3yr at 6%£50,000 in 5yr at 6%£50,000 in 10yr at 6%£50,000 in 15yr at 6%

Other goals over 7 years

£1,000 in 7yr at 6%£2,500 in 7yr at 6%£5,000 in 7yr at 6%£7,500 in 7yr at 6%£10,000 in 7yr at 6%£15,000 in 7yr at 6%