What interest rate do I need to achieve my savings goals?

What interest rate do I need to achieve my savings goals?





If you already have some money put aside and you want to know how long it is going to take you to grow the money to your target amount, the Savings Goal Interest Calculator is the perfect tool for you. Enter the amount that you currently have saved up, and then the amount that you would like to have. Finally enter the number of years that you are able to lock away your money, and the calculator will tell you what interest rate you would need to get for your savings in order to reach your financial goal within the allotted time period.



One useful savings tips is that you should always plan to do without the money that you have saved up if at all possible, because if you are always dipping in and out of it, you will eat away both at your core savings and also at the interest rate that you are earning. Savings account providers are far more prepared to offer higher interest rates to savers who plan to lock their money away for five, ten or even twenty years, because this represents a much greater level of commitment to the bank. However, easy access savings accounts do exist, where you can either access your money immediately or after a short notice period. The Savings Goal Interest Calculator may motivate you to make more savings than you are currently budgeting for.

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