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Savings Accounts that you can't withdraw from?
SimbaSimon
Posts: 810 Forumite
Hi All,
I wonder if anyone knows any accounts that allow you to save into regularly like a normal instant access account but are unable to withdraw from for a specified time? I've had a look at Nationwide's bonds but it seems you have to set a certain amount at the start which I don't think you can add to.
My current situationis this - I have no debts except a mortgage. I'm not a huge wage earner but fairly sensible with money. I overpay my mortgage a bit each month which similar to savings I can ask for it back if I needed but wouldn't dare unless I really needed it. I have a some savings accounts with low amounts in, the problem I have is if I know I can access it easily I'll be more likely to spend that money. So I think the ideal solution is some sort of account I can move small sums of money into, but not get hold off easily? Any ideas?
I wonder if anyone knows any accounts that allow you to save into regularly like a normal instant access account but are unable to withdraw from for a specified time? I've had a look at Nationwide's bonds but it seems you have to set a certain amount at the start which I don't think you can add to.
My current situationis this - I have no debts except a mortgage. I'm not a huge wage earner but fairly sensible with money. I overpay my mortgage a bit each month which similar to savings I can ask for it back if I needed but wouldn't dare unless I really needed it. I have a some savings accounts with low amounts in, the problem I have is if I know I can access it easily I'll be more likely to spend that money. So I think the ideal solution is some sort of account I can move small sums of money into, but not get hold off easily? Any ideas?
0
Comments
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I would just become more strict with your habits.
I was exactly the same as you, but when I restrained myself it worked and now I just deposit deposit deposit.
0 -
Possibly a notice account? You can put money in at will, but can only withdraw on 90 days notice?
In an emergency you can get it out on demand, for a penalty. Or would this be too tempting?
Or a postal account - if you have to write off to get money out would that be sufficient deterrent?0 -
Possibly a notice account? You can put money in at will, but can only withdraw on 90 days notice?
In an emergency you can get it out on demand, for a penalty. Or would this be too tempting?
Or a postal account - if you have to write off to get money out would that be sufficient deterrent?
Yes a notice account should work well I think. 90 days would suit me fine actually. That way if I should need it for a proper valid reason I could still access it with a short wait and if I needed it to buy myself something nice but a luxuary than I can't be tempted by saying oh I'll just use the savings.:rotfl:
Thanks for the tip0 -
Have a look at regular savings accounts.
http://forums.moneysavingexpert.com/showthread.html?t=6086970
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