Savings account that I can't withdraw

Samward01

Can someone advice which savings account is best that I can set up a direct debit to put savings into each month.
I've got bad spending issues and this is the only way I'm going to be able to save money.

Alter_ego

It would be unusual to find a savings account that you could set up direct debits with.
Perhaps use a current account and set up standing orders to pay your savings account

Samward01

Sorry, I haven't made it clear.
I'd like to set up a standing order from my current account into a savings account of some sort that I won't then be able to touch the savings account for a period of time ect..

xylophone

Are you able to open a First Direct current account?

If so, the Regular Saver will be available to you.

https://www1.firstdirect.com/1/2/savings-and-investments/savings/regular-saver-account

Sugarplump

I had this issue when I wanted an account I couldn't touch, they make it so easy to get your money out. I ended up with a Leeds Building Society account that I opened in branch with a passbook and didn't set up internet banking with them so the only way to get at the money was a trip to the branch.

Samward01

Thank you for your advise. I've just looked at the first direct one and looks exactly what I'm looking for.
How do I find out if this is the best rate for the same service I need?

Alexland

Samward01 wrote: »

Thank you for your advise. I've just looked at the first direct one and looks exactly what I'm looking for.
How do I find out if this is the best rate for the same service I need?

If you find anything with FSCS deposit protection paying higher than 5% please let us know. Although you cannot partially withdraw from the account you can close it but the incentive to leave it alone is that the interest rate is so attractive.

Alex

Samward01

Thanks for all the great advise. I'm going to open with First Direct.
I have a joint account with them, so going to switch my HSBC current account to them, to be able to get the savings account.

Paul_DNAP

Samward01 wrote: »

Thank you for your advise. I've just looked at the first direct one and looks exactly what I'm looking for.
How do I find out if this is the best rate for the same service I need?

At the risk of sounding slightly sarcastic, you're in the right place right here, go to the main site and look at the guides, specifically:-


https://www.moneysavingexpert.com/savings/best-regular-savings-accounts/


And at the risk of sounding even more sarcastic, ultimately the solution you need is to work on your willpower and leave the money alone, as those regular savers mature into easy access accounts after a year, so you may want to transfer it to a fixed rate bond or a limited access saver.

18cc

You could also try a notice account for example charter Savings Bank 95 day notice account you can pay into it from your bank but have to give 95 days notice to withdraw anything