Monthly savings for £15,000 in 2 years
Two scenarios — zero interest vs 5% AER.
Short answer
£625/month cash, or £596/month in a 5% AER account.
Breakdown
- Total months: 24
- Cash-only plan: £625 × 24 = £15,000
- 5% AER plan: £596/month (compound growth does some of the work)
- Interest earned over 2 years at 5%: ~£696
Other rates on the same target
- 3% AER (typical easy-access): ~£607/month
- 4% AER (competitive easy-access): ~£601/month
- 7% (long-run equity tracker): ~£584/month — but equities are not appropriate for a horizon under five years
Weekly & daily equivalents
- Per week (cash): ~£144
- Per day (cash): ~£21
- Per week (5% AER): ~£138
If you can only save less
Saving £438/month instead — 70% of the target rate — still reaches roughly £10,500 in 2 years (cash) or £10,500 at 5% AER. A smaller amount you sustain every month almost always outperforms a larger pledge that collapses in month four.
Where to keep this money
For a 2-year horizon, cash is almost always the right answer — a competitive easy-access account or fixed-rate bond protects the capital from short-term market swings. Equities can lose 30%+ in a year and may not have time to recover.
Inflation-adjusted target
At 3% long-run inflation, £15,000 in 2 years' time is worth roughly £14,139 in today's money. To preserve real purchasing power you'd actually need to hit £15,914 in 2 years — about £38/month extra on the cash plan. A 5% AER account broadly keeps pace with inflation; a 3% account does not.