If you have a savings bond and would like to know how much it will be worth at a time in the future, you can use the Savings Bond Future Value Calculator. Start by entering the current value of your savings bond or bonds. Then, enter the effective interest rate that you will be earning from now on - effective, that is, because you will have to pay tax on your interest unless you have the savings within a tax-free ISA wrapper. Finally enter the number of years that you plan to deposit the money for.
For example, if you have savings bonds that are currently worth 10,000 and you plan to lock them away for a further five years at an interest rate of 3.5%, your savings will then be worth £11,877 - not a bad return for several years' worth of savings! It is worth looking into the Individual Savings Account (ISA) options that are available, because at least some of your savings could be placed into ISA accounts, meaning that you would then not have to pay any tax on the savings within your annual ISA allowance. Once you have used the Savings Bond Future Value Calculator to pinpoint the interest rate that you need to accomplish your savings goals, consider seeking financial advice to ensure that you get the most from your savings.