Does anyone here know if there any kind of bank accounts that can?

Question

lock your money in for like 6 months or a year, so that you cant touch it until that time is up?
Not like 5 years either.
I have problems with spending when I want something, so I thought if they had accounts were I could pool up the money for a while that would be a good thing.

Answer 1

US series I-Bonds might be a good choice. Unlike a CD which you can redeem early, you can not redeem I-Bonds until at least a year from issue. And as incentive to keep them, they take away the most recent 3 months interest if you redeem before 5 years. Another decent feature about them is that they are indexed to inflation (CPI I think) so you get more interest if (when) inflation increases.
TreasuryDirect.com is a great site for this because you can set up an automatic debit from your checking in any increment you want ($10, $33, $74.62).
Hope this helps!

Answer 2

It's called a CD (certificate of deposit) or time deposit and you can select the term between 6 months and up to 10 years. They usually have a minimum deposit but it varies by bank. Some allow you to pay in over time to increase the balance.

The attached article talks about CDs.

Answer 3

Most banks offer short term CDs (Certificates of Deposit), but they have a pretty low return rate. The more money you put in, and the longer you leave it, the higher the interest rate. It's a good plan-- go for it!!

Answer 4

cd's....what ive done is invested in 2 cds. each mature in six months, i staggered them so every 3 months that money is available if i need it,,,,,,if not , ten days later it is automatically reinvested for another 6 months. interest is about 5%.

Answer 5

Short-term bonds are a viable option.

Answer 6

most banks have 6-12 month cd's &...you will be penalized if you withdrawl early

Answer 7

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