ISA 5 year value calculator
How much will my ISA be worth in 5 years?
The ISA 5 Year Value Calculator is a great tool for working out how much your tax-free ISA savings will grow over the next 5 years. Simply enter the amount you have saved in an ISA - the annual allowance is 10,200 GBP - and the interest rate that your ISA provider is paying. The calculator will then work out how much your initial investment will be worth 5 years from now. Of course, you will continue to earn interest on the money you have placed in the ISA beyond the end of the year, so it really does pay to lock away your money for as long as possible.
Once your money is within an ISA 'wrapper', you are able to transfer it to a different provider in order to get a better interest rate the following year. In fact it is advisable to shop around each year to look for the best deal on your ISA, because otherwise your provider's rate could drop significantly and you would then lose out on potential earnings. Also, if you don't use your ISA allowance in any given tax year you lose it, so do make sure that you take advantage of your allowance if you can. Use the ISA 5 Year Value Calculator to motivate yourself to save, by imagining what you can afford once your ISA savings have grown over five years!