Fixed term accounts

frenchplonka

I have had a quick look at the savings guides on MSE i was wondering is there a fixed terms savings account where U can open with £500 and then add to it monthly?

PeacefulWaters

A couple of higher paying regular saver accounts should do the job.

Review after a year.

frenchplonka

Id really like an account I can put surplus money in to that is locked away im weak willed here is my current saving plan feel free to take a look.

https://forums.moneysavingexpert.com/discussion/5247289

My credit score sucks so getting new high interest paying current accounts is most likely a no go but thanks for lookin

colsten

Work on your willpower.

As a successful poker player, you should have plenty of brains and be able to explain the benefits of long term saving and investing to yourself.

frenchplonka

colsten wrote: »

Work on your willpower.

As a successful poker player, you should have plenty of brains and be able to explain the benefits of long term saving and investing to yourself.

Im not saying im a winning player i play poker as i like the game and I have won amounts over the years but never kept records so I couldnt really say if im a winning players long term as playing once or twice a month is to small a sample size when you take into account varience

thanks for the input tho i do need to work on willpower BUT thats not what I asked troll

colsten

frenchplonka wrote: »

Im not saying im a winning player i play poker as i like the game and I have won amounts over the years but never kept records so I couldnt really say if im a winning players long term as playing once or twice a month is to small a sample size when you take into account varience

thanks for the input tho i do need to work on willpower BUT thats not what I asked troll

I am not a troll as you might see if you read some of the thousands of posts I have made.

If you aren't even sure what your long term P&L position in your poker plays are, the first thing you should probably do is stop playing poker.

Sort out your financial future without any income from poker, and only take to poker again when you have money that you can afford to lose. You might be of the opinion you are in that position now of course but many people, probably including your partner, would disagree as there is nothing in what you have posted so far that suggests you have enough assets to see you through a prolonged period of unemployment (which could happen to any of us), or to pay you an income in retirement.

Looking for a fixed term high interest account to help you deal with your lack of willpower when it comes to savings is like putting an elastoplast on a multiple fracture in your foot and think you can run a marathon straight away.

Pincher

Sometimes I do wonder what I would do if my money wasn't tied up in property, as I lost quite a lot playing spread betting years ago.


If you can qualify for tax refunds, a monthly drip feed pension is a possibility. That'll make it difficult to get at. Hopefully, when you get to 55, the urge for fast cars and loose women will have subsided.

splodgethefirst

If I were you I would get 2 regular saver accounts from someone like HSBC or first direct or M&S as they pay between 4 and 6% gross after a year. you can save 250-300 per month that way per regular saver

frenchplonka

colsten wrote: »

I am not a troll as you might see if you read some of the thousands of posts I have made.

If you aren't even sure what your long term P&L position in your poker plays are, the first thing you should probably do is stop playing poker.

Sort out your financial future without any income from poker, and only take to poker again when you have money that you can afford to lose. You might be of the opinion you are in that position now of course but many people, probably including your partner, would disagree as there is nothing in what you have posted so far that suggests you have enough assets to see you through a prolonged period of unemployment (which could happen to any of us), or to pay you an income in retirement.

Looking for a fixed term high interest account to help you deal with your lack of willpower when it comes to savings is like putting an elastoplast on a multiple fracture in your foot and think you can run a marathon straight away.

Your advise is sound and you are right I have nothing put away right now for the future or a rainy day but im starting to save £200 a month as my post says and I still have a surplus of £266 im sure a monthly outlay of £75 is not wild or ill spent like I said I dont drink or smoke life would be very boring if all I did was work and save.

thanks for the advise

colsten

frenchplonka wrote: »

Your advise is sound and you are right I have nothing put away right now for the future or a rainy day but im starting to save £200 a month as my post says and I still have a surplus of £266 im sure a monthly outlay of £75 is not wild or ill spent like I said I dont drink or smoke life would be very boring if all I did was work and save.

thanks for the advise

Not sure how old/young you are but if you want to save long term, you can put your money into pension savings through your employer and/or your own pensions plan. Your employer will contribute to this, which is fantastic

At least some of your money should go into your pension as just about the only certainty in life is that you will need money to support yourself in your old age.

PeacefulWaters

frenchplonka wrote: »

thanks for the input tho i do need to work on willpower BUT thats not what I asked troll

There's no call for that.

Disgraceful.