What account will stop me accessing my money?

initpatch

I am trying to save but not very well! I am with lloyds and would like to know if there is an account either with or without them where I can deposit money and not touch it for say three months?

vectistim

You've got two main options - either:
A notice account, where you have to give notice before being able to take money out (allegedly in exchange for a higher interest rate), or you might be able to take money out straight away but just lose interest on the amout withdrawn.
Or lots of banks do regular savings type plans where you set up a DD to pay a regular amount each month, which you then only receive at the end of the year (With some of these its possible to get at the money earlier in an emergency but again there will be an interest loss)

Have a look for options with names like notice account, or 30 (60, 180) day account, or regular saver/monthly saver.

Is it the case that you want to take the temptation away of just spending the money too easily? If so could you give your parents/OH your bank card so you have to go and ask them for the card if you want to make a withdrawal, and get them to make you justify why you need to take the money out?

btacay

One of the biggest problems we all face with saving money these days is that it is always instantly available. When we get paid the money is instantly in our account and it is sometimes difficult to truly value what we have earned because it is so easy to instantly spend!

By changing access levels to your accounts, you will be able to control which accounts you have access to and which ones you don't. Instead of the ATM card, change your account into internet access only.With that kind of access level, it will protect your money and save you from wasting it too easily and overspending.

Having a banking structure that helps you to delay your decision to buy things, you will significantly increase the amount of money you have available to save.

pcombo

If you want an account where u cannot access funds i suggest looking here.
http://www.bankofscotlandhalifax.co.uk/savings/Highinterestaccounts.asp

I had to contact FOS to get access to my funds early as it was needed in emergency and the bank and bank manager refused me like 5 times.

opinions4u

Term deposits. Some players will allow you to close them with a penalty, others - like Lloyds, allow you no access at all for the agreed term.

Alternatively, place your savings in to a provider that isn't your main bank and doesn't have Faster Payments out.

Egg, for example. Your money is 3 working days away, reducing the temptation.

The real solution is, of course, a little bit of self-discipline and organisation on your part.

Rainmaker_uk

Or you can transfer it to my account and I promise not to give you access to it.



Ever.



:rotfl: