Which savings account.

will369

Hi guys,

Basically I want a savings account where I can put roughly £350 in each month, so I can save for a house.

But I don’t want to be able to touch it! So ideally I don’t want a card.

Ideally I would like them to give me a book, and the only way I can withdraw money is with that book, I will give that book to my parents.

I currently bank with Barclays but its so easy to transfer money between accounts and withdraw.


Thanks

J

YorkshireBoy

Since you don't specify a minimum interest rate you'd like on your cash I'd suggest just walking into any old building society (or bank) and opening a passbook account. Ideally, since you appear to have no willpower, this building society should not have a branch in your area, meaning a bus ride or two would be required...as well as a plea to your parents for the passbook!

The major downside is that your savings will be eroded by inflation, especially if the deposit saving timescale is long.

You'll be lucky to make 1% interest with the above though. Why not find some willpower from somewhere and make yourself 5%, ie 5 times the return?

ManAtHome

Leeds BS regular saver is a passbook account - pays 3.05% pa, but max investment is £250 a month.

HappyMJ

will369 wrote: »

Hi guys,

Basically I want a savings account where I can put roughly £350 in each month, so I can save for a house.

But I don’t want to be able to touch it! So ideally I don’t want a card.

Ideally I would like them to give me a book, and the only way I can withdraw money is with that book, I will give that book to my parents.

I currently bank with Barclays but its so easy to transfer money between accounts and withdraw.


Thanks

J

You need the willpower to save and transferring your savings out to spend when you want to spend some isn't it. You would need to save large amounts to get a decent house deposit saved. A year of savings at £350 per month would get you £4,200 but in a year house prices may have risen by that in that time so really you aren't getting anywhere at all. You need to save somewhere where you get a decent return with a little risk such as an ISA. You could withdraw it but you'll lose the benefit of tax free savings.

colsten

Regular Savings accounts seem to be tailor made for your requirements https://forums.moneysavingexpert.com/discussion/608697

Doesn't have to be all in a single account.

will369

I may just go into Barclays and set up a ISA account.

I need to learn to save and have more will power, so maybe that’s the best option

Eco_Miser

ISAs that you can pay into regularly tend to be instant access, so not what you need, plus they pay terrible interest at the moment. Most regular savers are only accessible once a year, at the end of each contract.