Monthly Savings I Can't Access

EmilyMac

I have seen a couple of people who have asked a similar question, but they had different circumstances and I couldn't find a solution for me. I need a savings account that I can't access or dip into.. I own my own home already, but want to save money for another home. I want to save £400 a month, but to add more in as and when I can. Is it just me or is this an impossibility?! 

Robin9

There are monthly savings around often £200 or £250 a month but I don't believe any stop you accessing (other than your own discipline) - the penalty can be loss of interest and account closure.

msallen

I don't know of any account that will stop you accessing your funds whilst still allowing additional monthly savings. If you really don't have the will power you could open a different fixed term account (say, 2 year or 5 year or whatever) every month, you'd even get a slightly better interest rate, but it would be a headache to manage and you'd eventually run out of new accounts to open! You'd also be unable to access it all at the same time when you wanted it.

MovingForwards

Same as you were told last year:

https://forums.moneysavingexpert.com/discussion/6188323/unlimited-savings-no-access#latest

What is it you are struggling with? 

I learned to save using the 1p a day / 52 week savings challenges, while also putting chunks of money away each payday. I've got the bulk of my savings with a separate bank to where my income / bills are dealt with. Each December / start of January I would open a fixed rate savings account, drop the money in and wait for it to mature. Starting savings over again for another year and then opening another fixed rate account.

Now I've got my home I'm still saving a decent amount each month, making overpayments and saving into a SIPP. I also have a 'float' of a couple of hundred just in case I do go wild in a shop.

My income, outgoings and savings are monitored on spreadsheets.

westv

Open an online account, set up a DD into it and then throw away all the log in information. 

Malthusian

The responses are unlikely to be significantly different to your previous thread.

ChilliBob

Choose one that's an absolute pig to login to!

colsten

There are a number of Regular Savers which run for 12 months, and from which you cannot withdraw your money before maturity. You will be limited to a maximum deposit amount per month but nothing stops you from  having more than one RS.

If  a 12 months lock is not long enough for you, you could check out a Shawbrook 18 months, 2, 3, 4, 5, or 7 year account. You would need to reconfirm with Shawbrook that you can make regular and ad-hoc deposits but they certainly have allowed this in the past. 

colsten

Hmh. Why settle for 0.5%/0.54% interest in a quasi-regular-savers-approach with multiple accounts when you can get one or two proper 12 month Regular Savers paying up to 1.75%?