Saving account help

Es111

Hi , I have a debit card and a savings account . I was wondering if there is a savings account that I can put money in whenever I want but can’t take any money out for a certain amount of time . I can’t find one and need some help many thanks 😊

maxsteam

You can have a look at fixed term bonds with the major banks, building societies and NS&I. You will get a fraction of a % interest if you leave the funds in the bond for the full term. Or you could just use self-control.

colsten

Some of the Regular Saver accounts don‘t allow you to make withdrawals before maturity https://forums.moneysavingexpert.com/discussion/6106986/regular-savings-accounts-the-best-currently-available-list

Eyeful

There are many savings accounts. Take your pick:-
https://www.thisismoney.co.uk/money/article-1583859/Best-savings-rates-General-savings-Internet-branch.html

colsten

Eyeful said:

There are many savings accounts. 

of course there are. But few that meet the OP's requirement. The link you provided is to instant access accounts which definitely fail on the requirement for withdrawal restrictions.

refluxer

Your choice will depend on how much you want to deposit and when/how often...

Fixed rate accounts are a good option if you want the security of a fixed interest rate but these normally have to be funded within a certain time period (eg. 14 days) and you then can't pay any more into them after that point, which makes them more suited to lump sums rather than regular payments.

Regular savers are a good option if you want to get 1%+ on your savings, but you would need to see if the monthly amounts permitted would suit your needs. For example - some bank-linked regular savers are paying as much as 3%, but this rate is variable and a maximum of £50/month at that current rate equates to <£10 interest for the year. Others pay a much lower interest rate (eg. 1%) but can allow up to £500/month to be paid in which, when maxed out, would give you over 3 times as much interest over the year. All of these accounts tend to have minimum payments too, but this usually isn't much (typically £1 to £25) and many allow you to skip months. Regular saver interest rates can either be fixed or variable and some allow you access to your money and some don't, so read any conditions carefully.

A notice account could be a good option if you have a lump sum and/or want more flexibility with your future payments as they generally allow you to pay in what you like, when you like and you need to give notice before taking cash out (typically between 1 and 4 months). The interest rate is normally variable and the best notice account isn't paying much more than the best easy access account at the moment, however they usually give you the same amount of notice if they lower the rate which has the effect of shielding you against a sudden drop and allows you to give notice of closure if you don't like the new rate. I treat my 90 day notice account like a rolling 3-month fixed rate account, but with the added benefit that I can pay in whenever I want.

Eyeful

colsten said:

Eyeful said:

There are many savings accounts. 

of course there are. But few that meet the OP's requirement. The link you provided is to instant access accounts which definitely fail on the requirement for withdrawal restrictions.

Thank you colsten. I miss read the OP.