Does interest make much difference to a savings goal?

Over a few years, not much. Tax takes 33% of the interest, and most of the money goes in near the end. €10,000 over three years at 3% paid yearly needs €269.79 a month, against €277.78 with no interest.

Is the monthly amount exact?

Yes. It's the smallest amount, to the cent, that reaches the goal when interest is paid and taxed the way the bank does it. A cent less a month falls short.

Savings

How much to save each month for a goal

The exact amount to save each month to reach a goal by a date, with interest (after tax) doing part of the work.

Self-assessment tool. The figures come from your own answers. It isn't advice, and you're responsible for what you file or claim. heypenny.ie is a trading name of Kinch Press. Read the disclaimer.

Common questions

Does interest make much difference to a savings goal?: Over a few years, not much. Tax takes 33% of the interest, and most of the money goes in near the end. €10,000 over three years at 3% paid yearly needs €269.79 a month, against €277.78 with no interest.
Is the monthly amount exact?: Yes. It's the smallest amount, to the cent, that reaches the goal when interest is paid and taxed the way the bank does it. A cent less a month falls short.

Loading the calculator…