Bees

Savings interest calculator

If you’re wondering what you’ll make on your savings, here’s our handy savings interest calculator to help you work it out. Simply pop in how much you want to save each month and the interest rate of your saving account, and we’ll calculate it for you.

By using our savings calculator, you can see what extra you’ll have added to your pot from your Beehive Money savings. The more you save, the more interest you’ll earn.

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What could you save?

All you need to know is how much you can add to the pot each month and the rate of the account. You can see some of our interest rates here if you’re not sure.

Interest earned after 12 months

Total savings after 12 months

Keep in mind… 

These figures are only a guide, not a precise calculation and they’re subject to change. To get the answer you see here we’ve assumed it’s a fixed, tax-free interest rate; months of equal length; and that you make the same deposit every month, at the same time as cleared funds. The calculator also rounds up to the nearest 0.1%, which means it sometimes underestimates the amount of interest paid. And don’t forget, AER stands for Annual Equivalent Rate. It represents what the interest rate would be if the interest is reinvested in the account every year. 

ISA calculator

We don’t have a specific ISA or tax-free interest calculator as we (like many others) pay your interest without removing any tax you need to pay - so our calculator works for both ISAs and non-ISAs. But, for non-ISA accounts, you'll need to work out whether you need to pay any tax on these. Which you'll only need to do if you go over your Personal Savings Allowance and pay this at the end of the tax year (as you do for your earnings). You can read more about tax-free savings in our helpful guide. 

LISA calculator

We do, on the other hand, have a separate Lifetime ISA interest calculator that also includes the 25% Government bonus. If you have a Beehive Money Lifetime ISA you can work out how much you’ll save by inputting your age and how often you’re saving into the LISA savings goal calculator. In total we’ll show you your contributions over the number of years you’ll be saving plus whatever your Government bonus will be and a final number including your interest. Handy, right? 

If you’re interested in savings and how you can improve them, get some tips and tricks or if you’ve got any questions about savings terms or how your account might work, we have tons of helpful articles in our savings guides section of the website.


Assumptions

The figures provided by the calculator are a guide only and are not a precise calculation.

Interest rates

The calculator assumes the interest rate does not change throughout the calculation. The calculation assumes we pay your interest without tax taken off.

Length of month

Months are of equal length.

Deposit frequencies

The calculator assumes the same deposit is made every month, at the same time as cleared funds.

Rounding

The calculator rounds to the nearest 0.1%, in some cases the calculator may underestimate interest paid.

AER

Stands for Annual Equivalent Rate. It shows what the interest rate would be if the interest was reinvested in the account each year.