Locked savings account that I can top up

Pippy2002

Hi there, 

I am looking for a savings account that locks away my money for a set period of time however I would like to also be able to add additional money into it as it becomes available. 

Do such accounts exist? 

The only ones I have found only allow the initial deposit and that’s it. 

I really want it to be locked away (to avoid me getting to it) and have the ability to add to it as well. 

I have roughly £2k for my initial deposit 

any advice would be greatly appreciated 

thank you 

eskbanker

Have you considered notice accounts?

https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/#notice

Newbie_John

Slightly different approach but with Atom Bank you can have multiple savings accounts, so once you save £1000 you can open another one and lock for a year etc.
Then from the app instead of seeing all in one account you would see it in multiple.

InvesterJones

Shawbrook fixed rate bonds allow you to contribute throughout as long as the issue is still available (+7 days or something). It's a bit of a guess as to how often they change issues - when rates aren't changing they tend not to change, and even then occasionally they don't bother.

dunstonh

Do such accounts exist? 

Yes.  They are called notice accounts (as mentioned higher up).

The only ones I have found only allow the initial deposit and that’s it. 

They are called fixed term deposits and are issued on fixed basis (sometimes on a single day, sometimes a small window of a few weeks to a month)

Sharni07

You can try Monzo. I did that for the same reason as they have savings pots and you can lock them to a set date. I am saving for something that’s likely to take 2/3 years but I have initially locked it for one year. The interest rate is also 4% at the moment which is great. 😊
you can add extra pots too and you don’t have to lock them. You get a bank account with this.

go onto Google and look at Monzo where you can find out more information. 

Also if you know someone with a Monzo account ask them for their referral link & you’ll both get £5 free as well. It all adds up. 😉 

Newbie_John

Sharni07 said:

You can try Monzo. (..) The interest rate is also 4% at the moment which is great. 😊

No, it's not great - you should be getting 50% more if locked for a year - there are 6%+ fixed accounts.
Even easy access offers 5% these days.

friolento

I don’t think you can add to Notice accounts once a small window after account opening has passed.

There is nothing to stop you though from opening several Notice or Fixed Rate accounts.

Perhaps a better choice could be one or more Regular Savers, such as the First Direct 7% AER one? https://www.moneyhelper.org.uk/en/savings/types-of-savings/regular-savings-accounts

Barkin

lcooper said:

I don’t think you can add to Notice accounts once a small window after account opening has passed.

I've personally never heard of such a restriction. 
All of the banks/building societies etc that I use, and that offer notice accounts, allow unlimited deposits to be made for as long as the account is open. 

friolento

Barkin said:

lcooper said:

I don’t think you can add to Notice accounts once a small window after account opening has passed.

I've personally never heard of such a restriction. 
All of the banks/building societies etc that I use, and that offer notice accounts, allow unlimited deposits to be made for as long as the account is open. 

Zopa does not allow it, for instance. They used to be the darling of the Notice savers.

Have you got one or more examples of account that do, please?

Barkin

lcooper said:

Barkin said:

lcooper said:

I don’t think you can add to Notice accounts once a small window after account opening has passed.

I've personally never heard of such a restriction. 
All of the banks/building societies etc that I use, and that offer notice accounts, allow unlimited deposits to be made for as long as the account is open. 

Zopa does not allow it, for instance. They used to be the darling of the Notice savers.

Have you got one or more examples of account that do, please?

I guess you mean the notice pots within the Zopa Smart Saver account? That's a bit different to a true notice account.

Examples? Loads, e.g. https://savings.investec.com/notice-saver