NHS Staff Savings and Interest Calculator
How your savings grow with monthly deposits and interest.
Your details
A standing order on payday makes saving automatic.
Balance after 5 years
£11,144
£1,144 of it is interest
- You pay in
- £10,000
- Interest earned
- £1,144
- After year 1
- £2,873
- After year 2
- £4,820
- After year 3
- £6,846
- After year 4
- £8,953
- After year 5
- £11,144
- Interest in the first year
- £72.77
Assumes the rate stays the same, interest is added monthly, and deposits are made at the end of each month. Interest is taxable above your Personal Savings Allowance (£1,000 a year for basic-rate taxpayers and £500 for higher-rate), except in an ISA. Rates change, so this is an estimate, not financial advice.
How it is worked out
- 1Interest is added every month at the rate equal to the AER you enter.
- 2Monthly deposits are added at the end of each month.
- 3The result shows your balance, how much you paid in and how much came from interest.
Worth knowing
- Interest above your Personal Savings Allowance is taxable unless it is in an ISA.
- Some NHS trusts offer savings schemes through payroll, and credit unions often work with NHS employers.
Common questions
How much interest will I get on £10,000?+
At 4% AER, about £400 in a year if you leave it untouched.
What is AER?+
The Annual Equivalent Rate shows what you would earn in a year with interest compounded, so you can compare accounts fairly.
Sources
The rules and figures behind this calculator come from:
- GOV.UK: Tax on savings interest
- GOV.UK: Individual Savings Accounts (ISAs)
- Financial Services Compensation Scheme
Results are estimates that assume a fixed interest rate. They are not financial advice. Savings interest may be taxable outside an ISA.
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