Notice Savings account (AKA 30-day access accounts)

DJMK4 said:
I don't see what the big fuss is about
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The fuss is about how bizarre your request is - you want to lose money in order to stop yourself 'dipping in and out'. Why not treat the problem not the symptoms?

What exactly is rubbish about a notice account? from what I can see, the avg ISA rates are like 2-2.6%, some of the notice accounts are 1.3-2%, so hardly a massive difference.
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Yea, only twice as much interest going by your own figures.

3) Does not give you the option for instant access
4) Ideally doesn't show up along your "current account" online, letting you transfer money in and out with a click of a button
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If your willpower really is so poor that if there is a balance in a linked savings account you will immediately drain it then just open an ISA with another lender or something, then it doesn't show up. You can then pretend you don't have it if thats what it takes to stop you randomly buying things.


going to the most efficient way for me to save? I will probably save more this way than any other way, as I wont be able to easily take it out.
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The most efficient way for you to save is to put the money into the highest earning savings account and then... not spend it.
 
[TW]Fox;26024432 said:
The fuss is about how bizarre your request is - you want to lose money in order to stop yourself 'dipping in and out'. Why not treat the problem not the symptoms?
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How am I loosing money? last time I checked, I am not loosing anything, I am just not gaining as much interest

IE, instead of £11.50 worth of interest from £500 at 2.3% I would be getting £7.50 per £500 @ 1.5%, hardly something to cry about, but I certainly wouldn't be loosing anything, so not quite sure where your getting that from.

[TW]Fox;26024432 said:
If your willpower really is so poor that if there is a balance in a linked savings account you will immediately drain it then just open an ISA with another lender or something, then it doesn't show up. You can then pretend you don't have it if thats what it takes to stop you randomly buying things.
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As I mentioned, my willpower has been improving, but I don't really have the time anymore and want to bang as much as I can away seeing as I am nearing on 30 and have spent the last 10 years of my life trying to save without spending, and not getting as far as I wanted, whats so hard about understanding that? why do you think the next 3-5 years will be any different?, I am not spending left right and centre, but at the same time I look at an ISA as an instant access account, as thats exactly what it is, that you can, and will dig in to at any time, weather it be seeing something you want, having to fix something. As I said I do have an ISA for this reason, but I also want to shift some of that, and start pumping in to, an access account for a house deposit.

[TW]Fox;26024432 said:
The most efficient way for you to save is to put the money into the highest earning savings account and then... not spend it.
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No, the most efficient way for me at the moment is to lock the money away, as you will probably find me using it on something which it is not meant for, so no, it wont be the most efficient way.

Not spending it - Some people will find this easier to do than others
 
DJMK4 said:
How am I loosing money? last time I checked, I am not loosing anything, I am just not gaining as much interest
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Which is therefore a loss. It's opportunity cost.


but at the same time I look at an ISA as an instant access account, as thats exactly what it is
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Well, no, it's not. That's what you think it is but that's not what an ISA is for at all. Which is why withdrawals from an ISA don't give you back any of your tax free allowance. There is a penalty for withdrawing from an ISA - ranging from loss of allowance through to actual interest penalties.
 
There is not a notice account available where you are not able to access your money immediately if requested. You will get stung on the interest but as I understand it, a bank is not allowed to restrict your access to your own funds.
 
If self-discipline is the problem then why not consider a postal account? Both ISAs and taxed accounts will be available, and it will prevent you from making an impulse withdrawal. Deny yourself online and branch access, and the problem is halfway towards being solved. The other half of the problem will be to start listening to advice :)
 
Open any bank account, shred the card, make up a random password for online and forget it. If you need the money call up the bank and ask for a new card/password and wait a week for it to come in the post.
 
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