ADVICE PLEASE!!! Young person trying to save but cant stop dipping into savings!!

Mistermeaner

If you have no self discipline then lock it away.

Some of isas in the guide on this forum are good in that respect, I think bank of India offer 2.5% with penalty of 1% interest if withdrawn early, so either way you get ok interest but incentive to leave italone

atush

laurenmac wrote: »

thanks - but thats not what I want to do . I just want to have one account for my big money that is locked/difficult to access, but that I can still add additional deposits to. I do have an instant access ISA for emergency funds. I like block of ice idea tho haha

Sorry but your replies are too difficult to interpret, They seem to be a reply to a certain thread but are not specific. You can answer each post if you want or all together.

Eco_Miser

laurenmac wrote: »

I just want to have one account for my big money that is locked/difficult to access, but that I can still add additional deposits to.

I don't think there is such an account.

You can lock up a lump sum in a fixed term product, but you can't add to it. Outside of an ISA (and possibly within one with Nationwide), you could start a series of such products at intervals.

You can add monthly to a locked pot of money with a Regular Saver account, but you can't put a lump sum in. (Three of these RSs pay 6% AER, so very worthwhile).

I think a combination of the two is your best bet; you could also use a pension, in which case your money is locked away until you're 55 or more.

redux

Yesterday I opened an account at TSB that pays 5% on up to £2000.

It's very accessible, as it's a current account. And there are others with good rates in certain balance ranges

Odd, but that's the way things seem to be at the moment. It looks like a mix of some current accounts and some monthly saver accounts is the way for now, so make it a matter of discipline rather than accessibility.

laurenmac_2

Radiantsoul wrote: »

Seem like it is a psychological issue in terms of dipping into savings, rather than a lack of suitable products.

What are you dipping into buy, why can't you resist?

?? That is not a very helpful post.

laurenmac_2

Thanks everyone for your help!

puk999

Getting to the crux of the issue I think would be very helpful.

lippy1923

puk999 wrote: »

Getting to the crux of the issue I think would be very helpful.

Agreed.It's about self discipline. Figuring out why you keep dipping into it and what you spend the money on will be the key.