Plan your savings goal

How to use the savings goal calculator

1. Enter the amount you want to reach and what you've already saved.
2. Enter the expected annual return and the term in years.
3. Check the monthly deposit needed and how much you'll pay in overall.

Required deposit formula

D = (G − S × (1 + i)^n) × i / ((1 + i)^n − 1)

What each variable means

D

monthly deposit

G

goal

S

current savings

i

monthly rate

n

number of months

First we work out how much your current savings will grow; the rest of the goal is covered by monthly deposits that also earn interest.

Savings goal example

To reach €20,000 in 5 years at 3% a year, starting from €2,000, you need to deposit €273.44 a month. Your €2,000 will grow to €2,323.23.

Illustrative example with the data shown; not a guaranteed outcome.

Assumptions and limitations

• Deposits at the end of each month, compounded monthly.
• The deposit is rounded up to the cent to make sure the goal is met.
• The return is a constant assumption.

Frequently asked questions