Lockable bank account

saving1232

Hey people first post!

I have a question, I'm looking for a bank account that I cannot withdraw from throughout the entire month until the end.

The point behind this is so i cant touch it till i get paid at which point i wont need to.
Hopefully this will stop me dipping into savings when I dont particularly need to.

Anyone know?

SnowTiger

saving1232 wrote: »

Hey people first post!

I have a question, I'm looking for a bank account that I cannot withdraw from throughout the entire month until the end.

The point behind this is so i cant touch it till i get paid at which point i wont need to.
Hopefully this will stop me dipping into savings when I dont particularly need to.

Anyone know?

Starling Bank and pre-paid cards Loot and Revolut will allow punters to lock their card, meaning it can't be used.

However, it's as easy for a customer to unlock their card as it is to lock it.

I doubt there's any bank account (or prepaid card) that will allow you to block it for all but one day of the month.

Perhaps you could ask a trusted friend or family member to go to a cashmachine with you on the first of every month and change the PIN, only letting you know what it is on the last day of the month. You keep the card, but can only use it when you know the correct PIN.

Robin9

You could enter the wrong PIN repeatedly which would lock the account.

le_loup

saving1232 wrote: »

I have a question, I'm looking for a bank account that I cannot withdraw from throughout the entire month until the end.

Can you imagine such an account when a holder changes their mind and wants cash on 25th and the bank says no? They'd be on this site complaining and contacting the bank demanding compensation for ruining their life.

agrinnall

You could open a 1 year fixed term savings account every month then in a year's time you'd be able to access each one only when the fixed term expires. But of course the real answer is simply to have some self control and not touch the money until the date you have set yourself.

trailingspouse

Or - and this may sound harsh - just stop spending money when, in your words, you 'don't particularly need to'. It's what the rest of us do.

As my mother once said to me - any fool can spend money.

amanita

With Barclays you can disable and enable your cards in the banking app, as well as set cars withdrawal limits. Obviously you can undo this... Unfortunately there's no substitute for self control.

EachPenny

About the best you can do - apart from the self-control already suggested - is to find a traditional style savings account which has no electronic access, branch withdrawals only.

That way you'd have to go to the branch in person when you need the money and could only do that during banking hours.

If that isn't enough to dissuade you from spending then nothing else is likely to work.

xylophone

Is there a Building Society with no easily accessible local branch ( for example, you live in Xtown and you need to go into Ytown to the branch)?

Make a special trip to Ytown and open a branch only access account. This may well have a passbook.

Set up a Standing Order from your bank account to pay a set amount into that account on the day you are paid each month.

Give the passbook into a parent's custody.

Or you might consider opening a stocks and shares ISA set up to make a regular investment into a certain fund - selling an investment on a whim is less tempting than a card withdrawal from your bank account at the ATM.

Or consider making a larger monthly contribution to your pension - no access until at least 55...

Or.......self discipline....;)

tempus_fugit

Robin9 wrote: »

You could enter the wrong PIN repeatedly which would lock the account.

LOL. It might also keep the card, which may also be useful.

Puddylove

My ex was financially incontinent, so used to give me his bank and credit cards to hide. Only give then to someone you really trust though, and don't provide the PIN.