Would a fixed term account be suitable for me?

LittleMissAspie

My boyfriend and I are saving for a mortgage. We're filling up our ISAs each month and then we "top up" our savings as and when we can in our regular savings accounts.

Now I'm wondering if one of these fixed term jobbies would be any good for the top ups, but I don't know much about them. I'm thinking that once we have, say, £2000 in top ups I could put it into a fixed term. While the term runs we'd save more and add it/open a new one.

Are you allowed to pay money into a fixed term account after you've opened it? Or is it a lump sum only?

Are you allowed to have more than one fixed term account per person?

What happens to the money after the term? Do they send it to you immediately, or wait for you to claim it, or roll it over into a savings account?

Thanks

debbie42

LittleMissAspie wrote: »

1 Are you allowed to pay money into a fixed term account after you've opened it? Or is it a lump sum only?

2 Are you allowed to have more than one fixed term account per person?

3 What happens to the money after the term? Do they send it to you immediately, or wait for you to claim it, or roll it over into a savings account?

1: It's normally a lump sum.
2: You certainly can with some providers
3: It depends on the provider. Halifax shut it down and move it to a nominated account (with the interest)..

As ever, different providers may have different t&c. There are different term lengths too. It can be a good way of saving, as long as you are aware of the restrictions. It's particularly good (IMO!) for making sure it's out of temptaition's way