account that i can add to but cant withdraw

madfistbt

Hello, I am making money with a 5k float, and wanted to lock away every 500 i make over this every few months to an account but one that doesnt let me withdraw for a set period too, is there anything like this? I just do not trust myself as ill spend it all, lmao.

PeacefulWaters

Self discipline.

Or multiple fixed rate fixed term accounts.

madfistbt

i was looking at fixed term accts, but i got the impression you only add the money at the start and cant add to it after? or maybe that is only some of them?

eskbanker

madfistbt wrote: »

i was looking at fixed term accts, but i got the impression you only add the money at the start and cant add to it after? or maybe that is only some of them?

Hence the recommendation for multiple accounts, i.e. one per deposit!

If you're only planning to save money "every few months" that shouldn't be too onerous - if you wanted to keep putting money in one single account then how would you see that working, given that some deposits would obviously be locked in there for much longer periods than others?

madfistbt

So maybe i could open a fixed rate account with one company then once i open one it would be easy to open another? and just add one acct for every £500 i save? thanks for the help by the way never saved in my life haha

ColdIron

Virgin Double Take E-Saver at 1.26%?

Make 2 quick withdrawals and it's locked until 2019

• Two withdrawals can be made per calendar year. Once the second withdrawal has been made no further withdrawals can be made until the next calendar year. Closing your account counts as a withdrawal and so you will not be able to close your account if you have already made two withdrawals in a calendar year.

https://uk.virginmoney.com/savings/find/double_take_e_saver_issue_3/overview/

badger09

madfistbt wrote: »

Hello, I am making money with a 5k float, and wanted to lock away every 500 i make over this every few months to an account but one that doesnt let me withdraw for a set period too, is there anything like this? I just do not trust myself as ill spend it all, lmao.

madfistbt wrote: »

i was looking at fixed term accts, but i got the impression you only add the money at the start and cant add to it after? or maybe that is only some of them?

You haven't said how long you want to 'lock away' for:cool:

Are these any use? You can buy them in chunks of £500, which is the figure you mentioned.

https://www.nsandi.com/guaranteed-growth-bonds

Kim_13

There are also some Regular Savings accounts which don't allow withdrawals during the term of the account - HSBC, Halifax and M&S for instance. These accounts also allow you to miss payments, so you wouldn't need to pay in every month even though the accounts allow you to do this. You'll likely need to split the money between accounts to get in £500 per month though.

This thread may be useful to you: https://forums.moneysavingexpert.com/discussion/5776240

dawyldthing

Premium bonds. You'll just have to make sure you lock yourself out the account and reinvest winnings

thenewcomer

quick answer to your question no.

but there are a few ways to force you not to spend your money!
1. keep cash, rather than in banks. - some people appreciate physical cash, rather than cash in the bank.
2. fixed deposit account
3. regular saver
4. premium bonds
5. reinvestment

with 500 quids a month, my choices would be 3 or 5.