Good savings account that does not include ATM card

invuk

I have a gambling addiction and am looking to put my savings in an account that does allow cash withdrawals from an ATM. Have spoken to chase earlier and they can't put restrictions on my debit card so can easily obtain £500 per day which I have done recently. Any help would be much appreciated. TIA.

wmb194

https://forums.moneysavingexpert.com/discussion/6659667/good-savings-account-that-does-not-include-atm-card

Fixed rate savings bonds won't usually allow withdrawals during the term.

https://moneyfactscompare.co.uk/savings-accounts/

Albermarle

Most savings accounts do not come with a card. I think Chase is unusual for that.

However it is still normally very easy to withdraw from an easy access savings account online, or in branch, so probably just not being able to use an ATM would not really solve your problem.

As mentioned in the previous post, fixed term accounts do not allow access until the fixed term is complete, which is typically one year to five years.

LeafGreen

ZOPA Smart Saver might be worth a look - I’m fairly sure they don’t have a card, I’ve certainly never had one.

One of the features is “boosted pots” where you can lock money away for 7days/31days etc for a slightly higher interest rate, that might help with short term urges to withdraw. You have to give notice to make a withdrawal, then wait.

As above, fixed rate accounts that fully lock your money away for a year or more are probably the best protection against spending, but are more suited to if you have a bigger lump sum to put away, rather than smaller amounts ongoing over time.

TheBanker

If a fixed savings account is no good (i.e. you might need access to the money for purchases), would a delay in withdrawing funds help? You could look at some of the smaller Building Societies or a Credit Union if you have one locally. Most have online access, but there is often a delay of 24 hours between you requesting money and receiving funds. Or look at Notice Accounts where you typically have to give 30 days notice to withdraw funds?

You could also cut your Chase card up so it can't be used in ATMs, and just use the Apple Wallet/Google Pay for purchases?

la531983

https://forums.moneysavingexpert.com/discussion/comment/81922818#Comment_81922818

The Chase savings accounts do NOT come with any card, not sure where the idea has come from that they do?

Yes you can move funds from the savings bit to the main account and draw it out, but thats totally different.

Brie

Perhaps the wrong thing to suggest to someone with an issue with gambling but what about Premium Bonds? Or maybe that would be enough to satisfy the gambling craving? Face it - it's the safest way to gamble as you don't lose your money. And as I understand it withdrawing money isn't instantaneous so that would be a plus as well.

invuk

Thanks for all the above advice. I have £130k but may need this for a house or flat in the medium term.

I needed the Chase Bank account to open the saver account which is why I have a debit card. I am not sure if i can close the bank account and keep the savings account? I like the idea of cutting the card up and that is definitely an option!

I will look into the Zopa Smart Saver account.

Premium bonds is a good idea and is something I have already thought about for £50k.

The rates for 3 months plus don't seem great but might be something I have to do.

I will look into smaller building socities and credit unions.

Thanks very much.

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/81922968#Comment_81922968

PBs may be a good idea for the OP especially as withdrawal takes a couple of days I think. However calling PBs a form of gambling, is probably stretching the definition of gambling rather far.

Or maybe that would be enough to satisfy the gambling craving?

Someone who craves the excitement of gambling on slots, horses, casinos etc is not going to get much of a buzz from opening an app/e mail once a month to see they have won £50.

redpete

https://forums.moneysavingexpert.com/discussion/comment/81922966#Comment_81922966

Less than a minute on the app to move money from a Chase savings account to the current account (or very slightly longer to get a fast payment direct form the savings account to a current account with another bank). No kind of barrier for an addicted gambler.

Could always cut up the ATM card as soon as it's received.

TheWoodler

In addition to fixed term bonds, it might also be worth looking at regular savers that lock the funds away until maturity, to encourage you to replace one habit with another with monthly payments in from the money you’ve saved not gambling. I think that would provide encouragement to keep saving on a regular basis for the highest possible return on your money at any time.

If you think of it in terms of saving something each month being a win, and the interest you earn is another win at the end of the term, it might help you redirect your energy towards more positive habits by reframing your thinking. It gives a little buzz but a healthy one!

(Don’t transfer your addiction to savings though!! - the aim is to have a balanced and healthy relationship with money.)

If you look at the list of regular savers on p1 of the dedicated thread, it specifies whether each one permits withdrawals or not, so go for those that don’t allow withdrawals.

You don’t state your age, but if you’re saving up for a property, and you’re in the 18-39 age bracket, you might want to look at a LISA, which incentivises saving and can only be withdrawn for home purchase (or retirement), so that could be another option.

Good luck to you in getting yourself on a sounder financial footing and beating gambling addiction. Wishing you all the best.