Which savings account do i need?

beth3735

I am soon freeing up a £210 Direct debit and want to put £150 a month into an account which i cannot touch for 3 yrs. I have looked at these 3 yr locked in savings, but they all seem to want 1 lump sum and thats it.

I am after one where i can just save monthly via DD or standing order, where i can't touch it. I could do save as you earn with my work, but have missed the sign up date which is in Oct. Is there anything like this on the high street?

Thank you

phona

Sounds like you could use a regular saver: http://www.moneysavingexpert.com/savings/best-regular-savings-accounts

You would deposit your £150 per month as you described, and some do not allow any withdrawals for the term. However they're usually only a one-year product. At the end of the year though, you could use the balance as a lump sum for a 2 year account, making a total of 3 years at a good rate. And there would be nothing stopping you opening a new regular saver to keep saving your £150 next year.

beth3735

Thank you Phona, Will go down that route i think, it sounds like it will be best for me