Savings accounts WITHOUT online access

returnofthem

Hi all,

I have a friend who has come into a substantial amount of money (5 figures) through inheritance and they explicitly want to put it in an account which does not have online access.

This isn't through not trusting online banking so much as it is through them not trusting themselves with having instant access to it, so the logic is if you have to go through faffing about with a savings book and visiting a branch to get access then that would be better.

Does such a thing even still exist these days? Any suggestions appreciated!

thenudeone

Most of the smaller local building societies still offer passbook based accounts - look at ones in your local area.

xylophone

How much access is required? Is the money required in the short term ( for example for a house purchase)?

returnofthem

There's no immediate need for short term access but they also don't want it irrevocably locked away for 5 years or anything like that. Having started looking at building societies now, I'm seeing "notice accounts" where you provide 30/60/90 day's notice but with an instant access option which comes with an interest penalty. Those look like they might be the kind of thing which would work, so long as I can confirm they can be used without needing an online account.

jimjames

If it's not needed then putting some into.investment will limit getting access to it but can still get it if need arises.

But putting that sort of money into restricted savings that you've mentioned will not give very good returns.

xylophone

Interest rates are very poor.

http://www.thisismoney.co.uk/money/saving/article-1583859/Best-savings-rates-General-savings-Internet-branch.htmlIn

In the short term, he might consider putting the lot into NS&I Income bonds - he would get the monthly income direct to his bank account.

He does not need to opt for internet access as he doesn't want it. http://www.nsandi.com/savings