Savings account where I *REALLY* can't access the money for a while?

edinburghscotland

I'm a terrible saver, and am looking for some way to put money away every month for a period of time.

The problem is, every savings account with a notice period still appears to allow access, but while forfeiting the interest. I am not interested in this - I would like to be able to deposit an amount each month and for the money to only be released on a certain date.

Does such a harsh account exist?

eskbanker

Yes, http://www.moneysavingexpert.com/savings/savings-accounts-best-interest#fixed features a number of fixed term accounts where early withdrawals aren't permitted, although some may not allow ongoing deposits either.

Or http://www.moneysavingexpert.com/savings/best-regular-savings-accounts features the HSBC regular saver, which allows monthly deposits without withdrawals being permitted.

polymaff

eskbanker wrote: »

Or http://www.moneysavingexpert.com/savings/best-regular-savings-accounts features the HSBC regular saver, which allows monthly deposits without withdrawals being permitted.

This is not so. As with most of these types of accounts, you can get early access to the funds in an HSBC Regular Saver by closing the account.

EdinburghScotland - be harsher with yourself.

colsten

Most regular savings accounts don't allow withdrawals, and some only allow closure on the earlier of maturity (generally 12 months) or the death of the account holder. So these might be an option for the OP.

I agree, EdinburghScotland should impose more discipline on themselves. The only person suffering from bad/non-existent savings habit is most likely themselves. A way of self-harming, I suppose.

NoMore

A pension, if your prepared to wait until at least your 55.

thenudeone

There are plenty about - often the savings accounts marketed as "bonds" are "no access" products.

There was one mentioned here just a few days ago, from Nottingham BS,which I can't find now, although their website mentions several other fixed rate products which don't allow any access at all: http://www.thenottingham.com/savings/fixed-rate/

Ignore ISAs - they always allow access (sometimes with a penalty)

So I think a bit of research will easily throw up what you want.

colsten

thenudeone wrote: »

There are plenty about - often the savings accounts marketed as "bonds" are "no access" products.

most of these do not allow additional deposits, which it sounds the OP would be looking to make

thenudeone wrote: »

Ignore ISAs - they always allow access (sometimes with a penalty)

[STRIKE]a penalty such as death. It is a myth that all ISAs always allow access[/STRIKE]. Apparently it is not a myth but true. Sorry for confusion.

thenudeone wrote: »

So I think a bit of research will easily throw up what you want.

agree

alanq

It may be worth looking at Christmas savings accounts when the next lot are launched. I am sure that in the past there have been some that forbade access before November though others permitted early access on closure of the accounts.

colsten wrote: »

It is a myth that all ISAs always allow access.

I understand that is the case though I don't know what limits, if any, apply to penalties for early access to fixed rate accounts. (I have seen up to a loss of 1 year's interest.) Please provide examples of ISAs that do not allow closure on demand even on payment of a pre-specified penalty.

bsms1147

You could send an amount to myself. I promise I will not allow you further access to the money, and you can send some more every month.

PeacefulWaters

It is a myth that all ISAs always allow access.

Show me one that doesn't allow access.

There may get a penalty to pay or a closure requirement, but all cash ISAs have to allow access.

Section 10.15

colsten

Your link doesn't work but I take your word for it and stand corrected