Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

Search
  • FIRST POST
    • madfistbt
    • By madfistbt 12th Feb 18, 8:29 AM
    • 6Posts
    • 0Thanks
    madfistbt
    account that i can add to but cant withdraw
    • #1
    • 12th Feb 18, 8:29 AM
    account that i can add to but cant withdraw 12th Feb 18 at 8:29 AM
    Hello, I am making money with a 5k float, and wanted to lock away every 500 i make over this every few months to an account but one that doesnt let me withdraw for a set period too, is there anything like this? I just do not trust myself as ill spend it all, lmao.
Page 1
    • PeacefulWaters
    • By PeacefulWaters 12th Feb 18, 8:46 AM
    • 7,703 Posts
    • 9,669 Thanks
    PeacefulWaters
    • #2
    • 12th Feb 18, 8:46 AM
    • #2
    • 12th Feb 18, 8:46 AM
    Self discipline.

    Or multiple fixed rate fixed term accounts.
    • madfistbt
    • By madfistbt 12th Feb 18, 8:49 AM
    • 6 Posts
    • 0 Thanks
    madfistbt
    • #3
    • 12th Feb 18, 8:49 AM
    • #3
    • 12th Feb 18, 8:49 AM
    i was looking at fixed term accts, but i got the impression you only add the money at the start and cant add to it after? or maybe that is only some of them?
    • eskbanker
    • By eskbanker 12th Feb 18, 8:58 AM
    • 6,234 Posts
    • 6,330 Thanks
    eskbanker
    • #4
    • 12th Feb 18, 8:58 AM
    • #4
    • 12th Feb 18, 8:58 AM
    i was looking at fixed term accts, but i got the impression you only add the money at the start and cant add to it after? or maybe that is only some of them?
    Originally posted by madfistbt
    Hence the recommendation for multiple accounts, i.e. one per deposit!

    If you're only planning to save money "every few months" that shouldn't be too onerous - if you wanted to keep putting money in one single account then how would you see that working, given that some deposits would obviously be locked in there for much longer periods than others?
    • madfistbt
    • By madfistbt 12th Feb 18, 9:14 AM
    • 6 Posts
    • 0 Thanks
    madfistbt
    • #5
    • 12th Feb 18, 9:14 AM
    • #5
    • 12th Feb 18, 9:14 AM
    So maybe i could open a fixed rate account with one company then once i open one it would be easy to open another? and just add one acct for every £500 i save? thanks for the help by the way never saved in my life haha
    • ColdIron
    • By ColdIron 12th Feb 18, 10:00 AM
    • 3,844 Posts
    • 4,733 Thanks
    ColdIron
    • #6
    • 12th Feb 18, 10:00 AM
    • #6
    • 12th Feb 18, 10:00 AM
    Virgin Double Take E-Saver at 1.26%?

    Make 2 quick withdrawals and it's locked until 2019

    • Two withdrawals can be made per calendar year. Once the second withdrawal has been made no further withdrawals can be made until the next calendar year. Closing your account counts as a withdrawal and so you will not be able to close your account if you have already made two withdrawals in a calendar year.
    https://uk.virginmoney.com/savings/find/double_take_e_saver_issue_3/overview/
    • badger09
    • By badger09 12th Feb 18, 11:18 AM
    • 5,760 Posts
    • 5,227 Thanks
    badger09
    • #7
    • 12th Feb 18, 11:18 AM
    • #7
    • 12th Feb 18, 11:18 AM
    Hello, I am making money with a 5k float, and wanted to lock away every 500 i make over this every few months to an account but one that doesnt let me withdraw for a set period too, is there anything like this? I just do not trust myself as ill spend it all, lmao.
    Originally posted by madfistbt
    i was looking at fixed term accts, but i got the impression you only add the money at the start and cant add to it after? or maybe that is only some of them?
    Originally posted by madfistbt
    You haven't said how long you want to 'lock away' for

    Are these any use? You can buy them in chunks of £500, which is the figure you mentioned.

    https://www.nsandi.com/guaranteed-growth-bonds
    • Kim_13
    • By Kim_13 12th Feb 18, 12:49 PM
    • 1,883 Posts
    • 2,020 Thanks
    Kim_13
    • #8
    • 12th Feb 18, 12:49 PM
    • #8
    • 12th Feb 18, 12:49 PM
    There are also some Regular Savings accounts which don't allow withdrawals during the term of the account - HSBC, Halifax and M&S for instance. These accounts also allow you to miss payments, so you wouldn't need to pay in every month even though the accounts allow you to do this. You'll likely need to split the money between accounts to get in £500 per month though.

    This thread may be useful to you: http://forums.moneysavingexpert.com/showthread.php?t=5776240
    Sealed Pot 11 #520 ~ /£100
    VSP 2018 #9 ~ £19.55/£180.00
    CCCC 2018 #1 ~ £20.75/£180.00

    I'm a Board Guide on the Savings and Investments , Budgeting and Bank Accounts , Credit Cards and Marriage, Relationships and Families boards which means I volunteer to help get your forum questions answered and keep the forum running smoothly. Please remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this.) Any views are mine and not the official line of MoneySavingExpert.com
    • dawyldthing
    • By dawyldthing 12th Feb 18, 7:54 PM
    • 2,799 Posts
    • 2,723 Thanks
    dawyldthing
    • #9
    • 12th Feb 18, 7:54 PM
    • #9
    • 12th Feb 18, 7:54 PM
    Premium bonds. You'll just have to make sure you lock yourself out the account and reinvest winnings
    My targets to end 2018:
    1) To get down to 11 stone then treat to a safari. At start 17 stone 7 lbs *60lbs lost* *31lbs to go*
    Started SW16st13lbs tues11/7/17 - 32 weeks in -52lbs
    -> target 11 st 13lbs by mid June -> 15 weeks & 18lbs to go
    2) to find new challenges
    • thenewcomer
    • By thenewcomer 12th Feb 18, 11:16 PM
    • 48 Posts
    • 6 Thanks
    thenewcomer
    quick answer to your question no.

    but there are a few ways to force you not to spend your money!
    1. keep cash, rather than in banks. - some people appreciate physical cash, rather than cash in the bank.
    2. fixed deposit account
    3. regular saver
    4. premium bonds
    5. reinvestment

    with 500 quids a month, my choices would be 3 or 5.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

5,360Posts Today

5,078Users online

Martin's Twitter