There is a certain amount of motivation required to meet your saving needs, and the Savings Future Value After 5 Years Calculator is the perfect tool for showing you that your goals are imminently achievable. Firstly enter the amount that you plan to deposit, and then enter the effective interest rate that you will be earning on your savings over this time period. The calculator will then work out the total value of those savings after ten years have passed.
If you have a lump sum right now that you are able to do without for 5 years, and you wish to purchase a house, consider taking out an offset mortgage. This is a combined mortgage and savings product where you have a savings account that is directly linked to your mortgage balance. This could save you significant amounts on your mortgage, because you deduct the total savings from your mortgage balance and only pay interest on the remainder. You would not then earn any interest on your savings, but as a trade-off it may well work in your favour. If you are unsure about your saving options, consult an independent financial adviser once you have used the Savings Future Value After 5 Years Calculator.