Would you like to know how much your savings are going to grow over a five, ten, fifteen or twenty year period? If so, you'll find the Savings Growth Calculator to be a useful financial tool. Firstly, enter the amount that you plan to deposit in the account, and then enter the interest rate that you are going to get on your savings. Finally enter the savings term over which you will commit to locking away your money. The calculator will then let you know the final value of your savings after this period.
Please note that the interest rate that the calculator will come back with will be subject to tax, unless you have entered your money into a tax-free savings account such as an ISA or a PEP. As with any other financial product, you should shop around for a savings account that meets your needs. For example, there is no point getting a great interest rate if you are then losing some of that return to tax, so try and use up your ISA allowance before putting your money into a standard account. Conversely, there is no use in putting your money into a low-paying ISA, because a standard account might still work out more cost-effective, even when you take tax into consideration. The Savings Future Value After 2 Years Calculator can help you make the best choice for your money.