Small, Ad-Hoc Savings

Private_and_Confidential

Hi.

I'm not a good saver and I often try to save the change from my pocket into a piggy bank on the top of the fridge or save into a savings account online. These are both too accessible though and I find myself dipping in to these 'pots' of money.

I'd like to be able to save the change from my pocket (or an ad-hoc, variable amount from my bank account) into something that could be deemed as 'Difficult-Access'.

At first I though of Premium Bonds but the minimum of £100. I though about gold.

I need suggestions from MSE. Can you offer any tips?

Thanks, Rich.

Lokolo

Gold is an investment and could lower in value.

Premium Bonds have a bad rate.

http://www.moneysupermarket.com/savings/notice-accounts/

These accounts you need to give notice to so you kind of have limited access.

Wobblydeb

A couple of thoughts spring to mind.

- Pay yourself first. Stop saving these ad-hoc amounts, and get into the habit of saving a regular amount when you get paid. Would something like a bonus interest rate, which you forfeit if you withdraw money help prevent you dipping into it?

- Get a money pot which has to be smashed to access the cash. You'll not want to do it for a small amount....

Private_and_Confidential

Lokolo wrote: »

Gold is an investment and could lower in value.

Premium Bonds have a bad rate.

http://www.moneysupermarket.com/savings/notice-accounts/

These accounts you need to give notice to so you kind of have limited access.

Thanks Lokolo. I've looked into these accounts but they need quite a large opening balance - grrr. Thanks for your advice though.

Private_and_Confidential

Wobblydeb wrote: »

A couple of thoughts spring to mind.

- Pay yourself first. Stop saving these ad-hoc amounts, and get into the habit of saving a regular amount when you get paid. Would something like a bonus interest rate, which you forfeit if you withdraw money help prevent you dipping into it?

- Get a money pot which has to be smashed to access the cash. You'll not want to do it for a small amount....

Now that is a good plan. I could also open a Childrens Saver for my little girl and boy and get 6% from the halifax. This unfortunatley is only a 1 deposit/mth rather than a 'chuck in your change' but it's a good start I think.

lr1277

Premium bonds can be bought in £50 lots if you buy using a standing order.

However NS&I are now making it easier to manage your money so I suspect you can redeem your bonds on the web as opposed to sending them a form.