Is there this kind of savings account?

Question

Is there a kind of savings account that I can get where I can put money into it but I cannot withdrawal any money AT ALL until a specified time? I know that a certificate of deposit is similar and has fees if you withdrawal early. I'm not really thinking of a certificate of deposit, but an account that you can not take out money at all.

I am having some difficulty saving and I wanted to "lock" up my money, so to speak, and not be able to touch it for a certain amount of time.

Answer 1

More importantly, would you want that type of account? There are savings accounts, CDs and other types accounts where there can be severe penalties for early withdrawal. But, if you lack the resolve to be a saver you will still take that hit. People cash in their 401k and other retirement accounts even though you wind up only getting about 60-70% of your money after taxes and penalties. People go to title loan business, check'n'go, payday loan places,etc...Those places are total rip-offs and everyone knows it.
You have to change the habits of the guy in the mirror. Read the Total Money Makeover and/or The Millionaire Next Door. They are both good books about how the world works and how anyone can get ahead if they don't follow the lemmings. You could also go to a financial advisor and have them help you with a budget, make sure you have all your bases covered and put you on an allowance. Of course, you can always fire them and spend everything.

Answer 2

Yes. Every bank has that kind of account and it is called "term savings a/c" or "term deposit a/c". You cannot withdraw your money for a certain time, e.g. 1year, 2 years etc. But one bank may not offer all of them, so you may have to ask them.

An advantage of term accounts is that they pay higher interest, and the longer the term, the higher the interest.
However, be careful about locking all your money like that for long periods, in case of sudden emergencies, unemployment, sickness etc. So ask the banks about this point also.

Answer 3

I understand your issue but like others have said rather than focusing on putting restrictions on access to your funds or accepting a financial instrument like an annuity that probably isn't the best fit for you simply because it restricts access, you'll be far better off in the long term working on fixing the problems you have handling your money. Part of growing up and being a responsible adult is not just about how you treat others but also how you treat yourself. Unfortunately, when it comes to finances we often treat others better than ourselves....that's why it's not unheard of to see financial advisors who give great advice to clients have problems handling their own financial affairs. While it's not a bad idea to put the account in an institution separate from your checking account to at least make you go through a process before accessing it, I wouldn't go any further than that. Before withdrawing the money think of the person you care for the most in your life (other than yourself) and ask yourself if you were responsible for that person's finances would you consider the purpose for withdrawing the money to be in that person's best long term financial interest? if not than don't treat yourself any differently by wasting your own money and making poor financial decisions.

Answer 4

An Indexed Annuity will do the trick. You can lock the money up for more then 5 years and earn really well. Lock it for than 5 years and they will give you a bonus at the beginning.

You can, however, withdraw up to 10% a year.

Answer 5

Many banks have accounts where you can have limited withdrawals one or two a year but they tend to be in the UK. Am I right in thinking that you are having difficulty in saving? Am I also right in thinking you don't have enough for a CD at a bank? (Me too btw!) So look at your local credit union. They might just have the sort of account you're looking for

Answer 6

applicable now, the terrific style of fee reductions account is a internet fee reductions account. some banks are commencing off to furnish them and the activity fee is great! At my economic corporation (HSBC), the activity fee under no circumstances drops under 5%. far extra acceptable than a popular fee reductions account, and you do no longer prefer a minimum stability to open one up like the type you will for a CD.

Answer 7

Yes I know in Canada we do but I don,t know about Us you could Cd I heard of them or term deposit Good luck

Answer 8

Not unless you put it in under somebody else's name. If you want to save money, you simply must develop the willpower to do so.

Answer 9

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