Time Required To Double Your Money Calculator


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The Time Required To Double Your Money Calculator shows you the amount of time that you would need to double your money, if you had a savings account with a particular interest rate. For example, if you had an interest rate of 3.5%, it would take you over 20 years to triple your money. Unless you have a savings account that allows you to save tax-free - like an Individual Savings Account (ISA) - you can simply enter the interest rate that you have through your account provider.

However, if you have a standard savings account, you will need to factor in the tax that you pay on your interest, meaning that the overall interest rate that you receive will be lower. If you are serious about wanting to build up your savings to the point where you can put down a deposit on a house, take a holiday or do some home improvements, you should look carefully at your monthly spend and where you could make cutbacks. Put the money into an ISA up to your annual allowance first to make tax-free savings, and use the Time Required To Double Your Money Calculator as an incentive to find the best possible interest rate!

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