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Putting money away
Mart34
Posts: 160 Forumite
I’m looking for an account I can deposit into but be unable to withdraw. Is an ISA my best option or is their other options out there.
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Comments
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No, ISAs must allow access, even though there will typically be withdrawal penalties for doing so from fixed-term accounts.
Non-ISA fixed term accounts may be the answer, as long as the duration matches your requirements, or even pension contributions - how long do you want the money to be locked away for?0 -
Do you have a lump sum to save, or do you want to save on a monthly basis? Approx how much are you talking about?0
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I don’t know prob about 10 years maybe longer. Maybe look at something that offers an interest rate or maybe look at an investment on stocks and shares but is there a high risk of losing it all once Brexit is done with and we’ve left the EU??
Not looking at a lot away weekly, prob a minimum of £5 a week, not a great amount of money but does mount up and amounts would probably increase later in the saving/investment0 -
Some regular savers take monthly payments and you c ant access them until the year is up. Then move money into a fixed term bond and start a new reg saver.
The least accessible is a pension. Which cant be accessed until age 55.0
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