Locked savings please help!

Emmia

jollymolly_2 said:

I waste a lot of money each month. I really want an account that I can put any sum of money in each month that I can keep locked for a few years. The only accounts that I have seen only allow you to deposit within the first 14 days which is no good for me as I want to keep saving with the inability to access my money! I have no idea what I’m looking for, do these types of accounts even exist? Thanks for reading!

I put money into premium bonds on a monthly basis. Because it is a separate institution, that I can't "see" in my normal bank app (where I also have savings) it's very much out of sight, out of mind - so whilst it is instant access (if I really need it), I don't touch it.

Really you probably just need an account with a different institution to your normal bank, I also save via Moneybox (S&S ISA) and Chip (small regular saves) - I don't touch these either (but I could, if I really needed to)

km1500

with all the problems logging on at ns&i at the moment it would probably be a few years before you could withdraw your money anyway.

jollymolly_2

Thanks everyone. I have gone with a savings account with beehive which is locked for a year so will stop me from touching my cash! Also I’ve purchased some bonds with Chip just for the fun of it. Also I’ve downloaded Moneybox so it will collect my change from rounded up purchases. I’ve been finding the whole process pretty fun actually!!

ForumUser7

jollymolly_2 said:

Thanks everyone. I have gone with a savings account with beehive which is locked for a year so will stop me from touching my cash! Also I’ve purchased some bonds with Chip just for the fun of it. Also I’ve downloaded Moneybox so it will collect my change from rounded up purchases. I’ve been finding the whole process pretty fun actually!!

Glad you've got it all sorted, and found it fun!

eskbanker

jollymolly_2 said:

Thanks everyone. I have gone with a savings account with beehive which is locked for a year so will stop me from touching my cash!

If that's the 2% one year fixed term account advertised on their website, you'll only be able to pay in while that particular issue is currently available, so when they replace it with another issue (not unlikely within days, given an MPC meeting reviewing interest rates the day after tomorrow) you'd need another account, which is something I thought you were trying to avoid?

Remember: after your initial deposit, you can only add or remove money whilst the issue is still open. After that you can't add further funds or withdraw until the term ends.

https://www.beehivemoney.co.uk/savings/fixed-rate/

jollymolly_2

It’s the regular saver, I can pay in up to £500 per month and cannot withdraw anything until nov 2023

pearl123

Over thirty years ago an old boy told me this and I never forgot it. "Save it you've got it, spend it you've had it! ". 

Eco_Miser

jollymolly_2 said:

It’s the regular saver, I can pay in up to £500 per month and cannot withdraw anything until nov 2023

Make a note NOW, to research 1 to 5 year fixed term accounts next September/October, in order to lock away the proceeds of the regular saver in November 2023 before it starts burning a hole in your metaphorical pocket.