Saving 500 pounds per month calculator
What is the value of saving 500 pounds per month?
The Saving 500 Pounds Per Month Calculator shows that if you were to put away this amount each and every month at an interest rate of 3%, you would have over 30,000 GBP at the end of a five-year period. If you are planning on saving such a substantial amount each month, you should consider putting your money into an ISA account before you use any other type of savings account, because this way you do not have to pay any tax on the interest that you earn.
Everyone in the UK has an annual tax-free ISA allowance of 10,200 GBP, and if you do not use your allowance in any given year you lose it. Your allowance can be split between a cash ISA and a stocks and shares ISA, and these do not have to be through the same provider. Of course if you have an ISA that pays a very low interest rate, you are better off putting your savings into a more competitive savings account and paying the tax. The best thing is to shop around and find the best account in which to watch your 500 pounds per month savings grow.