Compare different savings accounts or investment options side by side. Users add up to 4 options, each with a name, interest rate, compounding frequency, and any bonus rate period. Enter initial deposit and monthly contributions. Show projected growth for each option over 1, 3, 5, and 10 years in a comparison table. Highlight the best option. Explain AER vs gross rate.
| Option | After 1 Year | After 3 Years | After 5 Years | After 10 Years |
|---|---|---|---|---|
| Option 1 | £2,233.00 | £4,754.76 | £7,352.75 | £14,196.46 |
| Option 2 | £2,241.66 | £4,783.71 | £7,429.42 | £14,525.34 |
Based on a 10-year projection, Option 2 is the best performing option.
This tool projects the future value of your savings by considering your initial deposit, regular contributions, and the specifics of each savings option. The calculation compounds interest at the frequency you select, which means you earn interest on your interest, accelerating your savings growth over time. It also accounts for any introductory bonus rates, applying the higher rate for the specified duration before reverting to the standard interest rate.
When comparing savings accounts, you will often see two rates advertised: the Gross rate and the Annual Equivalent Rate (AER). AER is the most accurate way to compare accounts with different compounding frequencies because it provides a like-for-like comparison. For more details, check our Compound Interest Savings Calculator.
Pro Tip: Always Compare the AER
The Annual Equivalent Rate (AER) is the most reliable way to compare savings accounts. It shows the real return by including the effect of compounding, giving you a true like-for-like comparison, which is a key feature of this Calculator Site tool. A higher AER means your money will grow faster.
Small differences in rates and compounding can lead to big differences in your final balance. Here are some key factors to consider when using our ISA Calculator or other savings tools.
+£255
Monthly vs Annual compounding on £10k @ 3% over 10 years
12 Months
Typical length of an introductory bonus rate period
-£1,500
Potential loss over 5 years if you forget to switch after a bonus ends
How to use this Calculator Site tool
Start by entering your initial deposit and planned monthly contribution. Then, for each savings account you want to compare, fill in the interest rate, compounding frequency, and any bonus details. You can add up to four options to see a clear side-by-side projection. The table will show you which account gives you the best return over time.
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