What is your savings goal?
This is the total amount you want to save up. For example, if you want ₦2,000,000 for rent or a new phone, type that amount here.
Drag the slider or type the amount you want to save up
₦
How many months do you have?
This is how long you plan to save. For example, 12 months means you want to reach your goal in one year. A longer timeline means you need to put away less each month.
Longer timeline = smaller monthly savings needed
months
What interest does your savings earn?
Some savings accounts and fixed deposits pay you interest on your money. Nigerian banks typically offer 2% – 15% per year on savings. If your account earns no interest, just leave this at 0%.
Nigerian savings accounts typically earn 2% – 15% per year
% / yr
Save each month
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You will deposit
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Interest earned
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Your deposits vs interest earned
| Month | You deposit | Interest earned | Balance |
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Frequently Asked Questions
How does this savings calculator work?
Enter your target savings amount, the number of months you have, and the interest rate your account earns. The calculator figures out how much you need to put away each month so that your deposits plus the interest earned add up to your goal.
What if my savings account earns no interest?
Set the interest rate to 0%. The calculator will simply divide your goal by the number of months. For example, if you want ₦1,200,000 in 12 months with 0% interest, you would need to save ₦100,000 every month.
What interest rate should I use?
Check with your bank. Regular savings accounts in Nigeria typically offer 2% – 5% per year. Fixed deposits or high-yield savings accounts may offer 8% – 15%. Use the rate your bank quotes you for the most accurate result.
Can I use this for a fixed deposit plan?
Yes! If you make regular monthly contributions to a fixed deposit or investment that earns a known annual return, this calculator will give you an accurate estimate of your monthly contribution.
Is this calculator really free?
Completely free, with no sign-up required. NairaCalc is built to help Nigerians make better financial decisions without any cost.