30 Day savings accounts

mark_o

Good Afternoon,

I would like a little bit of advice on savings please.

Currently it is something I am unable to do - if I have it I will spend it - so I am looking into the possibility of a 30 day account. This was if I run out of money I will be unable to access my savings and by the time I have I will have been paid again so problem solved.

I want to be saving circa £20-£50 per month; what are my best options?

Many Thanks

Mark

MrOrchard

Market Harborough 30 day on-the-dot is pretty competitive if you NEED to lock it away like this!

alanq

That account doesn't meet the OP's needs because the funds are "instantly" accessible (i.e. as soon as the transfer can made by BACS / CHAPS) by paying a penalty.

http://www.mhbs.co.uk/onthedot_30_day_notice.aspx

xrjtg

If you won't need access to the money for a year then a regular saver account could be useful: they tend to pay a higher rate of interest in exchange for no withdrawals and a fixed monthly payment in for a year. There's an article about them on the main site.

MrOrchard

alanq wrote: »

That account doesn't meet the OP's needs because the funds are "instantly" accessible (i.e. as soon as the transfer can made by BACS / CHAPS) by paying a penalty.

http://www.mhbs.co.uk/onthedot_30_day_notice.aspx

I suppose I was hoping there was a tiny bit of self-control.

OP, Give it to me, I won't spend it and I'll only give it back to you 30 days after receiving a Kinder Surprise in the post, with competitive(ish) interest.

premierfella

Skipton do a branch-based one at 1.75% AER (if you happen to have a convenient branch near you).

mark_o

thanks for all your advice - there is a Skipton quite close to me so I'll pop in there to discuss with them.

Cheers.

Mark

xrjtg

Do bear in mind that 1.75% is not a brilliant rate, even at the moment. If you only have a small amount though the cost may be worthwhile if it helps you get into the savings habit.

mark_o

It is more something that forces me into a habbit of saving I am after. The amounts I will be putting away each month will not really create too much interest anyway. (£250-£500 pa).
Thanks again for the advice.

premierfella

mark_o wrote: »

It is more something that forces me into a habbit of saving I am after. The amounts I will be putting away each month will not really create too much interest anyway. (£250-£500 pa).
Thanks again for the advice.

You're welcome. I would second the advice - a happy medium would of course be, once you have saved enough, to keep a "float" amount in the Skipton account as per your stated requirement (i.e. funds that you REALLY might need at 30 days' notice) and squirrel away the additional savings at intervals into a better paying limited access account (fixed rate, longer notice, etc).