Is there a way to put an age limit on a savings account for yourself?

Question

Say you know if the money is in there, you will most likely take it out if you can! Is there a way to set up an account that will let you put an age limit on it? Example: Say I am 27 and I want to save my money for two years? They put a lock on it till I am 29 so that no matter what... I cannot take it out!!!

Answer 1

You can set up a trust. When the trust is created, it can specify when and under what circumstances the money can be taken out. That would probably cost more that it is worth in your case. As Judy said, you could buy a CD. There are penalties for withdrawing money from a CD before the maturity date. A third option is to open an account at a different bank and ignore the statements.

Answer 2

You could put in into a CD - you'll get a little better interest than in a savings account, and while you could still take it out, there would be extra paperwork and an interest penalty which might talk you out of it.

Answer 3

Sounds like there might be another issue that really needs addressing instead, like inability to control your spending habits... Just a guess :)

Answer 4

I think that you would need to set up a trust to do this.