Basically I want an account that I can't unlock for a year or two. I will only put money into it when I can, but I don't want to be allowed to take money out... at all, no exceptions. Does such a thing exist? Does it offer interest; do you have to pay to have it?
If you're curious, I'm just saving for travel to see a few friends.
2006-07-25 20:49:45 · 7 answers · asked by ? 3 in Business & Finance ➔ Personal Finance
Perhaps you can inquire from the nearest bank. Sometimes banks offer this kind of savings account wherein you deposit a fixed amount monthly and you have to wait for the maturity of said account before you can withdraw the whole of it.
Another option would be a term deposit, i.e. Time Deposit, and you can choose the term which ranges from 1 month to 1 yr. or more. But with TD, you cannot make a deposit anytime if you opt for the long term as that would preterminate your placement and, depending on the bank's terms & conditions, you may be charged a pretermination fee. If you decide to open a TD, then choose monthly term so you can add money every maturity date and place it again for another month, so on and so forth.
As for interest rates, these types of account have higher interest rates than ordinary savings account.
2006-07-25 21:11:37 · answer #1 · answered by Dark Beauty 2 · 0⤊ 0⤋
You can buy Premium Bonds. The smallest amount you can is £100 a time. You can cash them in at the time. You don't lose any money, but you won't gain anything, unless you win something.
I think the Post Office still offers an Account where you need to give three months/90 days notice to draw anything out.
2006-07-25 20:56:30 · answer #2 · answered by k 7 · 0⤊ 0⤋
Sounds like you should buy 1 or 2 year CD's or savings bonds. You can't keep adding money to them, but you could open a savings account to put the extram money as you get it, then a year later buy another 1 year savings bond. Yes they have interest, but the interest rate goes up the longer you have the bond.
2006-07-25 20:52:14 · answer #3 · answered by cognitively_dislocated 5 · 0⤊ 0⤋
Yes there there are such accounts and they also pay higher interest.
1. Talk to your bank
2. Check the various government bonds at the post office,if you are in UK
Chose the one paying the best interest.
2006-07-26 05:49:25 · answer #4 · answered by Anonymous · 0⤊ 0⤋
I think the minimum most banks will let you save without touching the money is 5 years. These accounts are available from most banks. If you are looking to save for a short time why dont you open a savings account and give the card/account book to someone and tell them never to let you have it till you have saved what you need.
2006-07-25 20:55:56 · answer #5 · answered by Charlene 2 · 0⤊ 0⤋
I don't know which country u r in, but u can go for a life insurance policy. In most countries, these come with a lock in period. Also u could buy bonds which r maturing abt the time u require the money.
2006-07-25 20:59:03 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Buy Government savings bonds(if you are in the US), and put them in a piggy bank that you have to break.
2006-07-25 20:52:50 · answer #7 · answered by Anonymous · 0⤊ 0⤋