A quick savings account question

Archi_Bald

There are a large number of Regular Savings accounts that do not pre-req current accounts. https://forums.moneysavingexpert.com/discussion/608697

frenchplonka

Archi_Bald wrote: »

There are a large number of Regular Savings accounts that do not pre-req current accounts.

Thanks for that link after a quick read would I be right to assume the Leeds building society offer of 3% is the best out there atm for people unable to get a new current account?

SeduLOUs

Realistically you need to keep reminding yourself why you want to save and get used to exercising self control around your money.

Even if you manage to lock it away for two years, there's a risk you'll just blow it when the money becomes unlocked again. Plus locking it away means you can't get at it in case of a genuine emergency, so probably isn't a good idea if it's your only savings pot.

frenchplonka

I do appreciate people's concern and advice but the money I'm putting away won't need to be touch and I will have other income so just looking for best short term deal out there

SeduLOUs

frenchplonka wrote: »

the money I'm putting away won't need to be touch and I will have other income

If you have other income and don't need to touch the savings, then the obvious answer is to refrain from touching the savings!

If you had a specific goal in mind for the savings it might be easier to resist the temptation to spend on a whim.

Open a decent interest current account and the lose (cut up) the debit card and PIN. Don't register for internet banking. The only way you'd get your money would be to physically wander into a branch, or spend time on a phone either obtaining a new card or sorting out a transfer to another account - if you make getting the money a bit more difficult you might decide the 'whim' spending isn't worth the effort, but you would still be able to get at it if you really needed to.

By emergencies I meant job loss etc. How would you cope if all of your income stopped and the only money you have is locked away in a savings account you can't touch for another 12 months?

frenchplonka

Thanks for the help decided with the LBS @3%

osmonddiva

Hi, Im a bit like that myself lol, I have managed to save a good sum using the Ratesetter P2P lending platform. I have used the monthly lending option so the money is truely locked away for the month as it is "loaned" out. Technically there is a level of risk but in a year since using the site I have not experienced any problems and as I say I have managed to build a nice pot this way!