Is there a bank which does?

George9292

Is there a bank which you can deposit money into and can't take money out dor a certain amount of years but you can keep adding to it?
Ive gone to local banks in my area they said they don't do it?

eskbanker

A pension might be applicable if your desired withdrawal date is your 55th birthday (or perhaps a bit later by then).

There are plenty of fixed term accounts for periods from one to five years but there will typically not allow deposits after a short opening window. However, you could keep opening new accounts....

Or maybe notice accounts may be an approximation to what you're looking for, in the absence of anything that's a complete match?
https://savingschampion.co.uk/best-buys/personal/notice-accounts/
https://www.money.co.uk/savings-accounts/notice-savings.htm

Or a Lifetime ISA maybe, where access is possible but penalised if you're under 60.

What are the circumstances you're thinking of?

George9292

Hi thanks for the reponse i would want to save money for up to 5 years if possible as im 26 and i find it hard to save money. I would prefer something where i can just deposit for and no withdrawal for a few years?

I bank with
Santander
Halifax
Metro
But they said they don't do it?

tacpot12

I don't know of any such account, and I have thought hard how you could achieve what you want. Potentially the best way would be to pay the money into a bank account controlled by a family member.

If you do this, you really need to ensure that they write a Will, or a codicil to their Will that leaves all the money in that account to you - the Will/Codicil should list the account number and sort code (and any roll number if the account is with a building society). If you have someone you can trust to do this, you could sit down with them and explain why you need their help to stop you withdrawing your money. This might include circumstances when you do and don't want them to refuse to give you the money. Get them to write down your wishes as a record of the fact that the money is not theirs, that it belongs to you and that you are trusting their judgement as to when to release the funds to you. I would put a backstop in the document so that they must release the funds to you when you are aged 36. Hopefully by then you will be in control and not want to fritter away money that has taken 10 years to save. Do be careful though, you really need to trust the person if you go down this route.

Good luck

MovingForwards

There are accounts which limit withdrawals to 2 a year else you drop to a poor interest rate.

Other accounts you have to give them notice to withdraw the money.

I have been saving into the first type then each year transfer it out into a new account where it's untouchable for 1 or 2 years, they do longer ones. You can then reinvest into another one when it matures

Have a look at Virgin Money and you will see what I am talking about, then use the knowledge to search for other places who do it.

Mr.Saver

You need to find a way to change your spending habit, not to find a bank/savings account.

Duckyduck

Do you own a property/ would you like to put these savings towards a house deposit? If so a LISA may be suitable, you can use it for a deposit as a first time buyer or after 60, anything else incurs a significant penalty.

G_M

How much are you talking about depositing?
* £10 one-off for 5 years?
* £1000 one-off for 5 years?
* £100 every month?
* £500 every month?

More?Less?
More often? Less often?

What about 'emergencies'? Do you really want to not be able to withdraw or do you want access but either with dificulty or at a price?

KeepOnKnitting

I just use an ISA where I am fined interest if I withdraw. It is there if I really need it, (like when I had to buy a new car when I had thought that £600 of savings would get mine through the MOT but it didn't) and the interest penalty is less than taking a loan, but it really hurt that then I lost interest on that money for 6 months and had also lost some of my ISA allowance for the year. I can put more in anytime I want. Mine is a fixed rate ISA with Kent Reliance.

Ultimately though the others are right, it's about your mindset. You need to see that account as untouchable.