Savings Accounts that will not let you withdraw

Jummykorn

Hi all,

I have been trying to research that availability of savings account which will not let you withdraw your money, or at least make you jump through loops to do so.

The reason being, I am terrible at saving and have found in the past with various savings accounts it is too easy for me to log on to internet banking and shuffle the money around despite the fact that my interest rate will take a hit for withdrawals.

I have looked at notice accounts but to me it still seems that you can withdraw your money however you are penalised for doing so? What I'm looking for is a near impossible way to withdraw instantaneously from the account.

I think the best way to describe what I'm looking for is like a bond with a specific term length, however I can also make deposits through the term?

Could anyone give me some advice as to wether this type of account actually exists, or something similar?

Hope that all made sense! :beer:

bigfreddiel

Simply put the answer is PENSION.

Locked away till you're 55 min.

Cheers fj

Eco_Miser

Genuine notice accounts will require you to give the required notice, but you can do this any time, so the cash from one impulse will come through just in time for another impulse.

Some fixed rate bonds lock the money away, but you generally can't add more.

Some Regular Savings accounts are locked for a year, others. aren't. They require regular payments in, though you may be able to vary the amount.

Another possibility is a passbook account, and put the passbook where you can't get at it.

Mostly banks now allow instant access with a penalty, so you need to work on controlling yourself.

colsten

Is there anything you'd like to be able to afford?

https://www.moneyadviceservice.org.uk/en/articles/how-to-set-a-savings-goal