Millionaire calculator: How long would it take to save a million?

We’ve built a calculator that determines how long it’ll take you to save a million pounds, based on how much you currently have saved, how much you plan to save each month and the interest you hope to gain on your investments or via the interest rate on your savings account. Try it out to see if you could become a millionaire any time soon.

Best ways to budget to reach a million

According to our research into saving habits, the average adult in Britain had £6,760 saved in their account in 2020, and saves £600 per month. Based on an interest rate of 1.4%, which is the average rate for premium bonds, the average Brit would save up to a million pounds by 2098.

Historical interest rates were much higher, as our research shows that in the 2000’s Brits were enjoying an average interest rate of 4.45% on their accounts. If, in 2021, someone had an interest rate of up to 4.45%, they would be able to save a million pounds by the year 2065 if they were putting £600 per month away and already had £6,760 saved up prior to that.

However, the average interest rate for most accounts in the UK has dropped to 0.25%. Unfortunately, this is bad news for savers, as it would mean saving up to a million wouldn’t be accomplishable within 200 years unless they increased their monthly savings up to £800 at least (this would make it possible to save a million by 2114). For tips on how to budget your money to save as much as possible in the shortest amount of time, check out our video below:

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Matt Mckenna
UK communications manager
M: +44 747 921 7816
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