Regular savers you can’t touch??

Timeforchange21

Hi, is there such a thing as a regular savings account you can’t touch for a period of time? I keep depositing then  wthdrawing money from the same account due to personal reasons. I really need a regular saver or any saving account I can keep topping up without being able to withdraw from. I don’t have a chunk of money so a bond is no good at this point in time!! Any help would be much appreciated, thank you 

Notepad_Phil

Timeforchange21 said:

Hi, is there such a thing as a regular savings account you can’t touch for a period of time? I keep depositing then  wthdrawing money from the same account due to personal reasons. I really need a regular saver or any saving account I can keep topping up without being able to withdraw from. I don’t have a chunk of money so a bond is no good at this point in time!! Any help would be much appreciated, thank you 

You could take a look at notice accounts. These usually will allow you to add money at any time, but you then have to wait a period of time before you can get the money out - well you can request the money straight away, but there will be a period before it hits your bank account.

e.g. with a 3 month notice account you'd have to wait 3 months between hitting the withdraw button and the money hitting your bank account. Other periods are available and some accounts will have highish minimum deposits, but it seems to me that a notice account might be what you're looking for.

You could maybe take a look at https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/#notice and https://forums.moneysavingexpert.com/discussion/6370428/notice-accounts#latest is regularly updated.

macy08

First Direct.  The only way to access it is to close it but then you lose the higher 7% interest rate

Millyonare

Zopa has "rainy day" pots that can be added to, many times over, acting much like a regular saver, locked in for 1-3 months, and never touched. Zopa pot rates, however, are nowhere near the 5-7% on other regular savers (like First Direct), and more like 3-4% today. Zopa gives great lockability, but at lower (short-term) rates 

Band7

Millyonare said:

Zopa has "rainy day" pots that can be added to, many times over, acting much like a regular saver, locked in for 1-3 months, and never touched. Zopa pot rates, however, are nowhere near the 5-7% on other regular savers (like First Direct), and more like 3-4% today. Zopa gives great lockability, but at lower (short-term) rates 

Not sure whether you mean by rainy day pots the pots you have given notice for? If so, you can't add to them as soon as you have given notice. You can, however, have a total of 20 pots, so this might work for the OP.

subjecttocontract

First Direct, Halifax, HSBC, Principality, Monmouthshire.

redux

It sounds like the flexibility of what you're doing at the moment might be more suitable for you.

If instead you do lock money into savings you can't touch, you might end up with some borrowing from time to time, which may work out more expensive.