Is there a bank account you can deposit into but not out of and still pay direct debits

Char285

Not sure the title makes sense.

I keep searching this and still can't find a product that meets my needs but it might be because I'm confusing the Google search 🤦‍♀️

I'm NeuroDiverse and really struggle with impulsive spending. Not quite to the point where I'm missing paying the mortgage but still not where I could be.

I have 3 accounts with the idea that I can separate my money into different categories to encourage me to have more left over at the end of the month but it doesn't work because I just move it from one account to the other.

Ideally I'm looking for an account that I can see in my online banking, can deposit into, can pay direct debits from but can't transfer out of without going into branch and can't withdraw from the cash machine.

I know that accounts have tools set up where you can turn features off but Il just turn it back on so it needs to be physically taken out of my control if that makes sense.

I'm sure I'm not the only person that would benefit from this type of account but I can't seem to find what I'm looking for. I did ask First Direct on the phone if they offer this but they said they didn't. My 2 other accounts are Barclays and Starling.

Anyone have any advice please?

Rich1976

Couldn’t you just destroy the debit card for the accounts that you use for your direct debits and just leave your spending money account with the debit card?

I am not sure if there are any current accounts which does exactly what you want as they all come with debit cards ( but presume you can ask a bank not to send one ).

or I suppose another alternative is maybe a local building society that has a cash book so the only way of getting money out is to take the cash book to the branch. 

Flugelhorn

I am not sure that there is such an account - having said that, we have a joint account where we pay direct debits etc but we haven't got debit cards for it - if I use my card for payment or cash then the  money would come out of my own account and not there. Could still transfer out of it online though 

Emmia

We have a joint account set up specifically to pay the mortgage, whilst I'm sure the bank would send us a debit card, we wouldn't use it as the account has been set up specifically for this purpose. 

Could you create an account with another bank into which you transfer money each month to pay the mortgage/bills/essential costs... But don't install the app on your phone (if that's how you're transferring?) the money could go from your main account to this new account, your bills get paid, and monitoring requires you to sit down at a computer to formally log in... Any card provided should be cut up when you receive it, and you could (with a burst of willpower) also apply spending controls to those card details (Barclays offers this functionality).

I have a similar issue in some ways in that in order to save I need to make the money "vanish" so I can't see it and  spend it.

I use premium bonds and a stocks & shares ISA (where getting money out is far from instant) to achieve this - both of which are completely separate from my current accounts.

I also find paying myself a weekly "allowance" into an account separate from my main account is also helpful (this is also with a separate bank). Essentially if I look at my bank account I'm very poor, and can't "afford it"... It's a bit of a mind trick really, but it's worked well for me for many years.

Rob5342

I'm not sure that there will be much that supports what you want really as any bank will always give you the option to get your own money somehow. You could have a look at Yorkshire Building Society, they mention setting up direct debits from savings accounts but don't specifiy which accounts you can do it from. They seem to have branch only accounts but I can't imagine any bank having an account that you can view online but can't withdraw from without going to the branch.

Could you change all your direct debit dates to your payday (or the day after)? That way the money would be gone before you had a chance to spend it.

jimjames

Fixed term deposit account? You won't have the DD but can't access the money at all during the term

springmagpie

Monzo has a function where you put money into "pots". You can set DD's to go out of these pots directly, you can also "lock" them so you can't spend from them, I think you can also set a time limit, for example a withdrawal from a pot takes 24hrs. 

GreenScepter

If you need to see it in online banking, some banks allow you to view current accounts from other banks. So say you make an account with bank A for direct debits, set it up so you can view it in bank B's app, you could still see the transactions for bank A and still send money to it. Then just remove the app for bank A so you can't access it as easily. That might work, but you'd have to refresh the connection every 90 days.

la531983

springmagpie said:

Monzo has a function where you put money into "pots". You can set DD's to go out of these pots directly, you can also "lock" them so you can't spend from them, I think you can also set a time limit, for example a withdrawal from a pot takes 24hrs. 

When I have used these though I found you can just close the pots and then the funds are instantly transferred back to your main account, which negates the point of locking it away. Maybe thats changed now though

Olenna

Rob5342 said:

I'm not sure that there will be much that supports what you want really as any bank will always give you the option to get your own money somehow. You could have a look at Yorkshire Building Society, they mention setting up direct debits from savings accounts but don't specifiy which accounts you can do it from. They seem to have branch only accounts but I can't imagine any bank having an account that you can view online but can't withdraw from without going to the branch.

Could you change all your direct debit dates to your payday (or the day after)? That way the money would be gone before you had a chance to spend it.

YBS are unlikely as they removed direct debit (and ATM card) functionality a number of years ago from their savings account range. 

Olenna

Can you not pay all your core bills by Direct Debit and Faster Payment/Standing Order shortly after your core income is received?

That would mitigate most damage from impulse spending.