Forced saving?

fitv

Hello everyone? I've got a bit of a weird question. I find easy to save money but once I notice that I've got a neat amount of money I tend to spend it I need to save some money to buy a house in the future and I was wondering if there is any savings account without withdrawals allowed, or as limited as possible. I've been looking into bonds but they only let you put more money in for a limited amount of time while what I actually want is a regular savings account.

Thank you!

ColdIron

How about a Regular Savings account?

fitv

That's exactly what I want, but I would like not to be able to make withdrawals before a certain amount has been reached or before a maturity date, and if that's impossible, I would like it to be as inconvenient as possible... Is there any product out there for me?

alanq

As far as I am aware most regular savings accounts allow instant withdrawals with loss of bonus / interest. (With the possible exception of some Christmas savers which only allow withdrawals and/or closure near Christmas).

I suggest a notice account that does not allow early withdrawals with a penalty and only allows penalty-free withdrawals after the agreed notice period. Some of the accounts listed on Moneyfacts fit the bill including a couple from Shawbrook. (Note often there are instant access accounts paying better rates than accounts requiring notice so dealing with your lack of self control may cost you in lost interest)
http://moneyfacts.co.uk/savings/notice-accounts/

This will not prevent you withdrawing before a given date in the distant future but hopefully having to give a few months' notice will be enough to avoid impulse spending.

ColdIron

Have a look at the link below your title called Regular Savings Accounts

Many RSs allow restricted access by penalising you though not all, this might be enough to discourage you. Some require you to get a current account with them, some do not

ViolaLass

ColdIron, I admire your patience.

fitv

Thank you both for your help, I think I have all the information I need. Thank you again!

mardiemare2008

I have a Nationwide 'Save to Buy' account.

http://www.nationwide.co.uk/savings/limited_access/savetobuy/introduction.htm

you can hold the account for up to 3 yrs. No withdrawals allowed unless you close the account in full and remove all the funds in the account.

You can also apply for a 95% LTV mortgage once you have held the account for at least 6 month.

fitv

Thank you mardiemare2008, that sounds very interesting. I'll have a look at it.

jimjames

Why not use a S&S ISA? By buying funds/shares you won't have the cash in your account and it is more difficult to get the money than just drawing out from a cash machine.

badger09

jimjames wrote: »

Why not use a S&S ISA? By buying funds/shares you won't have the cash in your account and it is more difficult to get the money than just drawing out from a cash machine.

OP wants to save to 'buy a house at some time in the future'. If that timescale is only say 3 or 4 years, then S&S ISA is probably not the best place for saving. For a much longer timescale it might be worth considering though.