A quick savings account question

frenchplonka

So I'm 35 and wanting to save X amount of money per month I have a ISA which I have never paid a penny into and im useless at keeping what money I have saved out of the clutches of my greedy self ie ill save 100 and spend it on a whim which I know is very weak willed of me which leads me to my question....

Are there accounts out there that lock money away from me for say a year or more BUT allow me to add to it on a monthly basis?

I do know about accounts where you have to give notice BUT would rather lock it away and watch it grow even if its just for a year.

Hope some one can offer some good advice and I will also be doing a savings blog or something

kingrulzuk

frenchplonka wrote: »

So I'm 35 and wanting to save X amount of money per month I have a ISA which I have never paid a penny into and im useless at keeping what money I have saved out of the clutches of my greedy self ie ill save 100 and spend it on a whim which I know is very weak willed of me which leads me to my question....

Are there accounts out there that lock money away from me for say a year or more BUT allow me to add to it on a monthly basis?

I do know about accounts where you have to give notice BUT would rather lock it away and watch it grow even if its just for a year.

Hope some one can offer some good advice and I will also be doing a savings blog or something

Yes there is something called pension contributions.
I personally don’t have any pension but there are peopleover here who do and will give you more good advice on it.

frenchplonka

Thanks for the reply you mention pension contributions I'm not sure what those are but I'm assuming it's for saving towards a retirement where as I wanna save towards a goal in mind without wasting the money I manage to save.

Not sure if that's what you ment or I misunderstood

kingrulzuk

frenchplonka wrote: »

Thanks for the reply you mention pension contributions I'm not sure what those are but I'm assuming it's for saving towards a retirement where as I wanna save towards a goal in mind without wasting the money I manage to save.

Not sure if that's what you ment or I misunderstood

Yes Pension contribution is for saving towared retirement.

If you have the capital to save then put it fix deposit in good interest paying account.

enjoyyourshoes

Could you deal with the problem (ie why you have a compulsion to spend)


If you could work out or analyse why this is the case, you then could access a whole host of more lucrative ways of saving.


This would then be a long term solution rather than papering over the real issues?

CLAPTON

quite a few regularly monthly savings a/c allow no withdrawals until the year is up
but that won't stop you wasting the money once the lock in period is over.

frenchplonka

I would be grateful if maybe Clapton could provide some links to said providers I feel that if I build up a amount then the odd spending on the fly won't seem as destructive

Archi_Bald

frenchplonka wrote: »

I would be grateful if maybe Clapton could provide some links to said providers I feel that if I build up a amount then the odd spending on the fly won't seem as destructive

The vast majority of Regular Savings accounts does not allow any withdrawals before maturity.

frenchplonka

Archi_Bald wrote: »

The vast majority of Regular Savings accounts does not allow any withdrawals before maturity.

This is what I would prefer a account that has say a year term maybe 2 years where I can reg deposit but cant touch it thus builds up a fund for me to do what i wanna do with it once the term has ended

Archi_Bald

I don't know of any 2-year Regular Savings account. At least 99% of them mature after 12 months.

frenchplonka

Yea I had a look on this site and only two are open to all accounts I'm currently with Tsb for my current acc and my credit rating is pretty poor so a new current account is not a option