Looking for accounts requiring notice not instant access

Human

Probably been asked before.
I don't want instant access, I want to have to give a bank or building society notice of say ,1 3 or 6 months to withdraw cash. At the moment, I just dip into savings and fritter them away - takes only a phone call to bank to transfer funds back to current account, hence hole in the wall.

Got an appointment with Nationwide - the only place I've found locally that seems to offer something like this. But even they require only a letter, which, once they receive it, will send you a cheque for the amount requested. That still seems too easy for someone like me who has saved money over the years several times, only to waste it again fairly quickly and easily.

Can't see anything about this on Money Saving Expert.

Anyone help please?

bristolleedsfan

If u are happy to deal by post.

http://www.thenottingham.com/main.asp?p=1341&savingID=51

NEW! Postal Access 60 savings account
6.40% gross p.a./AER including an introductory interest bonus for the first year with our Postal Access 60 account.

For full details and an application pack call 0800 652 3980.


Other Options. http://www.moneyfacts.co.uk/savings/bestbuys/savings_notice.aspx

10_66

Also Manchester B S 6.41% AER, 60 days notice wef 1st Feb. No details on their website yet.

http://www.moneyfacts.co.uk/savings/bestbuys/savings_notice.aspx

Human

Cheers guys. I've looked into those. However, they still aloow you to withdraw instantly - you just lose the interest for the notice period.
Does anyone know of accounts that you actually cannot withdraw money without the say 90 days notice no matter what letters you write to the bank? I'll sign any agreement with a bank or BS to this effect. It's the one way I can be sure I'll save.

10_66

If you didn't want to make any withdrawals for 6 months you could take out a 6 month bond. Icesave have one, and they don't permit withdrawals until the term has expired. Link attached. http://www.icesave.co.uk/fixed-rate-savings.html

Primrose

Icesave also offer one year and two year bonds if you really feel you need to keep your money tied up for longer to stop you frittering it away but be sure to keep some Emergency Money in an easy access account.

Human

Cheers guys. That's the sort of thing.

Is that the definition of a bond then, savings with restricted access? I'm a newbie to saving money and economics generally!

The Icesave one looks great but requires £1000 to open. Having never saved much of anything, I need to start at the beginning and open something with the £100 odd I've got.

Yes, I agree one should have an emergency short term account.
My plan is to open the Nationwide one I've an appointment for next wk as just that. IE writing a letter to them to withdraw money (receiving a cheque in a few days) is about right for me for that.

So anyone know of these strict no access accounts which only need £1 or £100 say to open or do I simply do a search myself on "bonds"?

Many thanks

10_66

ICICI do a 6 month bond that you can open with £1. Although you are discouraged to withdraw, it's not impossible for you to do so, you would suffer a reduction on the rate of interest (ie you'd only get 5.75% instead of 6.76% AER) but I thought you wanted to be unable to get at the funds if you had itchy fingers.

Meltdown_2

Human wrote: »

Is that the definition of a bond then, savings with restricted access?

Where's dunstonh when you need him? :rotfl::rotfl::rotfl:

bristolleedsfan

Meltdown wrote: »

Where's dunstonh when you need him? :rotfl::rotfl::rotfl:

dunstonh has previously posted saying that the term "bond" is misused and shouldnt be used for a fixed rate savings account.

http://www.fool.com/school/basics/basics05.htm


To poster "human" this is what u get if you search for "Savings Bond"

http://www.google.com/search?q=savings+bond&rls=com.microsoft:*:IE-SearchBox&ie=UTF-8&oe=UTF-8&sourceid=ie7&rlz=1I7SUNA