Fixed term savings with no option to withdraw early?

callum85_2

Hello. New here. I have been struggling to find a fixed term savings account (or similar) that makes it impossible to access the money until the fixed term end date.

Ideally I want a few such accounts, with different fixed terms (eg. 3 months, six months, 12 months).

Making it difficult to withdraw the money early isn’t good enough for me. It has to be impossible.

I don’t care about the interest rate. I don’t mind if it’s an actual savings account or some other financial product/thing, as long as I can pay into it by standing order and can’t withdraw from it until the agreed date. 

Every account I have found gives you some way to withdraw it early, perhaps with a penalty, or they just make it take a few days (posting a letter and waiting), which is not good enough. I need it to be impossible.

Is there anything that meets my requirements?

(Please, please don’t make assumptions and tell me to “learn some self control”. I have special needs. This is how I exercise self control.)

colsten

Lots of them here https://moneyfacts.co.uk/savings-accounts/fixed-rate-bonds/, or you could try HL Active Savings and/or Raisin.

wiseonesomeofthetime

I don't think those are going to help OP.

Sounds to me as though he is looking for an account where you can make multiple deposits over the term, but not access until thd end.

"as long as I can pay into it by standing order" 

Fixed Term bonds normally have short deposit windows and then close to fresh deposits.

maxsteam

Every now and then someone posts a message on these boards about a fixed interest bond that's guaranteed by a major bank which pays 8% interest. These are the only instrument that I can think of where you would be unable to withdraw the funds, even at the end of the term, because the money is stolen.

If your question is a serious one, you should consider granting power of attorney to somebody that you know and whom you fully trust. It's an option that you should research fully before making a decision and it's an option that is only open to you if there is someone whom you can fully trust with your finances.

wiseonesomeofthetime

OP did ask similar question in 2019 too:

https://forums.moneysavingexpert.com/discussion/6014019/how-to-lock-money-away-until-a-specific-date

refluxer

If not being able to access your money is the most important factor, then Fixed Rate and Notice savings accounts don't allow withdrawals within the term specified.

Fixed Rate accounts allow deposits to be made within a relatively short time period after opening the account (typically 5-14 days) but you would have to read the T&Cs to see whether you could pay the deposit(s) via SO. Fixed Rate accounts are usually between 1 and 5 years, although some providers offer shorter terms (eg. 6 months). 

If you were wanting to pay by SO into the same account over a period longer than 5-14 days, then a Notice account would allow you to make deposits whenever you like and SOs should be possible although, again, you'd need to read any T&Cs. Notice terms are typically 1-4 months.

grumiofoundation

You could look at a series of regular savers (generally 12 months), staggering the maturity dates.

Some regular savers are accessible during the term, some aren't. 

https://www.moneysavingexpert.com/savings/best-regular-savings-accounts/
Page 1 of this thread:
https://forums.moneysavingexpert.com/discussion/6106986/regular-savings-accounts-the-best-currently-available-list#latest

dunstonh

. I have been struggling to find a fixed term savings account (or similar) that makes it impossible to access the money until the fixed term end date.

Most of the non-ISA fixed term deposits dont allow earlier access.

Ideally I want a few such accounts, with different fixed terms (eg. 3 months, six months, 12 months).

3 months and 6 months are not fixed term deposits but notice accounts.   12 months plus is where the fixed term deposits start.

I don’t care about the interest rate. I don’t mind if it’s an actual savings account or some other financial product/thing, as long as I can pay into it by standing order and can’t withdraw from it until the agreed date. 

Fixed term deposits are issued in tranches.  i.e. they are open to pay into for a month to 6 weeks and then the fixed term starts after that.    They are not suited for regular standing orders.

Notepad_Phil

I'm not sure that there are any accounts that make it absolutely impossible under any circumstance to withdraw money early but fixed accounts are likely to be the closest - unfortunately you couldn't set up a standing order to pay into them for month after month.

Would notice accounts possibly be close to what you want? They also usually make it very difficult to get money out before the notice term elapses, but unfortunately that would not stop you from putting the money in one day and then putting a request to withdraw it all out the next - you would however have to wait for the notice period to elapse (e.g. 90 days) before the money would arrive back in your account.

Perhaps regular savers might be of help as some do make it difficult (but not impossible) and they will keep your money locked up (usually) for a year from the time of opening - but you are restricted (usually) to a few hundred or so pounds per month and so you might need a few depending on how much you want to put away.

Sheailam

I am about to receive a large lump sum inheritance and would like to put some of it into a good investment account. Any suggestions for good interest rates?

grumiofoundation

Sheailam said:

I am about to receive a large lump sum inheritance and would like to put some of it into a good investment account. Any suggestions for good interest rates?

You should start your own thread rather than hijack someone else's (unrelated) thread.
Investment accounts (capital at risk) do not have an interest rate in the way that savings accounts do so you will need to be clear which product you are interested in.