Savings accounts?

mary.poppins_3

I'm looking for a savings account that will allow me to lock it.

I want to ba able to pay in but not take out for about 5 years.

Does anyone know of any accounts like this? It doesn't have to be high interest or anything. Just as long as i can't get into it.

Aegis

I honestly don't know of anything that will stop you from being able to withdraw for 5 years other than guaranteed investment bonds, but they're awful products and don't allow you to add to them as time goes on...

I suppose you could theoretically open an online account and then change the password to a complete random set of keystrokes so that you can pay in to the sort code and account number without being able to access it, but then you'd have to go through a lengthy process of resetting the password at some point, which might not be possible or convenient in 5 years... I certainly wouldn't recommend this option, but it's the closest I can think of!

chesky369

"Just as long as i can't get into it."
Yes, and I can just imagine the message in six months' time if you were able to open such an account (which you can't)
" But it's MY money and I need it NOW and they won't let me get it"

Fedz

Which ever way you do it as long as you know the account numer and sort code you can access it as you can simply call telephone banking and rest by just knowing them two details alone

The sure way is to have the account opened in someone else's name and you know the account number and sort code but, all too often trusting someone is difficult for obvious reasons

lr1277

You could open a passbook account with a building society. Set up payments from your bank account to the savings account, check that it works so that if you want to save any money, you just do a bank transfer. Then do the following with the passbook:
1) Give it to somebody you trust to keep
2) Put it in a bank safe. It is gettable but you will have to go through hassle. Depends on how much you want the money.
3) Keep the account details somewhere then destroy the passbook. Just make sure you don't move house/change name in the meantime. In 5 years go to the building society, say you have lost your passbook, give them the account details plust identification. Of course this would work now, but I cannot say what the procedure for gaining access to your account will be in 5 years time.

What I am doing to make sure I don't touch my savings is to buy premium bonds. Yes I know about the rate of return etc. Also I know I can get the money, but it would involve completing a form and sending it off to NS&I. This to me is too much hassle so I will leave it there unless I need it.

King_Weasel

What about a fixed rate Cash ISA? I believe you can only get them for up to 3 years, though. You might as well get the highest interest you can - and you certainly want at least to keep pace with inflation.

You can still access your money if you have to, but would be penalised in the interest paid. Isn't that enough deterrent to stop you drawing the money out too soon?

notis7

mary.poppins wrote: »

I'm looking for a savings account that will allow me to lock it.

I want to ba able to pay in but not take out for about 5 years.

Does anyone know of any accounts like this? It doesn't have to be high interest or anything. Just as long as i can't get into it.

how much are you looking to save? are you looking to save monthly or annually? do you intend to save more than £3.6k?

If you have not used your tax allowance I would suggest an ISA.....
The Halifax Direct ISA allows you to accumulate the £3.6K over the year i.e. 300 a month

if you do have an ISA - why not open a Regular Saver - Nationwides is one of the best out there and its a variable one with quote a high rate. Once you've collected the maximum amount stick it into a fixed product for a year and continue to save in the reg saver. that way each year you collect more and more and the amount you invest in a fixed yearly product accumulates at a higher return!

PS stay away from small banks and building societies