Savings accounts where you cant take the money back out!??

Christie22

Hey everyone,

I am saving to buy a house and im aiming to save £13500 by Dec 2009

I have become very good at saving but also very good at taking it back out of my savings account again!!

Just wondering if anyone knows of any savings accounts where you can put in money as often as you like but you can't take the money back out again?

So I could maybe have a date of Dec2009 and pay in as much as possible but can't take it out till that date?

Im thinking this would help me tons to save as much as possible!

If anyone could help it would be very much appriciated

Many Thanks

Christie

Penguintron

Icesave?

/slaps himself on the wrist

Christie22

LOL!! Any other ideas?

alanq

There are Christmas savings accounts that only allow withdrawals by account closure. You would need to save at least a minimum amount each month. You would need to open a few different ones as the the ones below only allow a max of £250 pm and some may only allow saving for the following Christmas.

http://www.monbs.com/content.php?nID=329
http://www.skipton.co.uk/savings_and_investments/savings_accounts/christmas_saver_account/

You could also open some fixed term bonds for 6-12 months as and when you have additional funds.

p.s. Chorley Building Society Santa Saver max £150pm NO EARLY WITHDRAWALS. Can open in December for next year's Christmas.
http://chorleybs.co.uk/index.php?option=com_content&task=view&id=189&Itemid=570

isofa

You'd be much better off teaching yourself not to touch the money! It'll be a very good lesson to learn and be very beneficial for the future. Setup a good instant access account, separate to your other accounts (or even a regular saver if that is what you need), and just don't touch the money!

Some fixed rate accounts or "bonds" allow more deposits (but no withdrawal until the term ends), however this only usually lasts while the bond is available. So once it's withdrawn from "sale" no further deposits are usually allowed.

However check the T+Cs as some fixed rate savings may do what you require.