Discover how inflation affects your savings using this tool.

To use the inflation calculator, input the amount you have saved and the interest rate you earn. Click "Calculate" to see the impact.

The calculator estimates the annual interest earnings based on a consistent interest rate and savings amount. It then compares this against the current Consumer Prices Index (CPI) inflation rate to show the real value lost to inflation.

This tool can assist you in deciding whether to switch to a savings account with a higher interest rate, especially during periods of high inflation. It is important to maximize savings rates to mitigate the impact of rising prices on your purchasing power.

You can also use the calculator to evaluate the potential benefits of moving your savings to an account with a better interest rate. For instance, switching from an average account with a 2.77% interest rate to Atom Bank's top easy-access savings account at 4.75% could result in an increase in real terms savings due to inflation.