Saving for a holiday in 2022

JasonHand

We are looking at saving for a bit of special occasion holiday in 2022. We would like to start saving now but ideally we would like it in an account which cannot be accessed until that time. Basically we don't want to be tempted to take money out of it for other things.

We have had saving plans in the passed but these have usually been for 5+ years.

Can anyone recommend a savings plan which would suit us

Many Thanks

quirkydeptless

You could open a fixed rate savings account each time you want to make a saving which can't be accessed for the length of the fixed rate, selecting lengths that will finish before you want to spend them.
Since this would result in a lot of accounts to manage, you could open them through Hargreaves Landsdown Active Savings so you could manage it all under one umbrella account.


https://www.hl.co.uk/investment-services/active-savings
The savings accounts available there aren't the top rate as if you went direct, but there are some that are close or near equal (i.e. same rate, but you lose a few days interest setting it up)

xylophone

We would like to start saving now but ideally we would like it in an account which cannot be accessed until that time. Basically we don't want to be tempted to take money out of it for other things.

You'll need to develop some discipline!

If you and partner are eligible for M&S, First Direct, or HSBC Advance current accounts, 5% regular savers are available.

Otherwise, assuming that you are able to get to a store, Virgin Money offers a 3% regular saver ( and has been bringing out new issues every couple of months).

colsten

OP, ask yourself what you want more - your well-funded special holiday in 2022, or spending your money on other stuff between now and then. It's totally your decision.

JasonHand

I want both colsten!! But seriously you are correct and we do need develop discipline.

And thanks a lot quirky I will def check that out and try and get my head around it.

Thanks everyone, much apprecaited

quirkydeptless

Note that with Regular Savers, they will allow instant access or early closure with a penalty, whereas you really are locked in for the term with the Fixed rate savers, so be careful of that as in a year or twos time you might have a change of plans.