Bank Account's you cannot withdraw from...easily anyway

Riiya

Riiya

Riiya

Permabanned
Joined
8 Jul 2006
Posts
751
Location
Google Earth
Hey,

I don't know much about bank accounts, but does anyone know if it's at all possible to have a bank account which you 'cannot withdraw from'. By this I mean a bank account which will let you save money and deter you away from spending it!

I seem to remember someone telling me that this kind of bank account would technically be illegal; anyone know of any account that is tailored for saving, but limiting what you can take back out? Like an account which will only let you draw out with 30 days notice, or an account which is inaccessible for 1 year?

I know there are certain things called bonds - my friend is receiving a bond on his 21st birthday with 10,000 GBP in it apparently, lucky ******* - which hold money until certain dates...

Any guidance would be much appreciated. Thanks!

Regards.
 
You could just get a regular account and then give the card to your parents to hold on to - or cut the card up. When you want to add money to the account just hand them a note with the sort code and account number. That way, if you wanted to withdraw you'd have to get them to send you a new card or go get the card back off of whoever you gave it to for safe keeping.
 
HSBC online saver? You lose a month's interest for every withdrawal. Should be incentive enough.

Mini-Cash ISA - lock up to £3k away with tax free interest every year.

And you could combine that with control pf your spending and not spending on stuff you don't need???
 
You can get isas that you cant easily have access to, as in you dont get a switch card with them, but if you need money in an emergency then you ask the bank, although there can be penalties for accessing the money before your allowed, i didnt explain that very well but there are.
 
knip said:
You can get isas that you cant easily have access to, as in you dont get a switch card with them, but if you need money in an emergency then you ask the bank, although there can be penalties for accessing the money before your allowed, i didnt explain that very well but there are.
Click to expand...

You can get ISAs with a switch card? :eek:
 
Halifax/BoS websaver - higher interest if you don't get a card with it. Can transfer money to your current account online easily though, so if you lack willpower it might not work.
 
markyp23 said:
You can get ISAs with a switch card? :eek:
Click to expand...
Yup, technically solo card but I have one with natwes that lets me put money in and out of it like a normal bank account, I just get a nice rate of interest on it.
 
markyp23 said:
Wouldn't have recommended that one myself - not enough interest and therefore little incentive to keep the money in the bank. A fixed term ISA would probably be better.
Click to expand...

Hence the phrase sort of thing.
 
Riiya said:
Hey,

I don't know much about bank accounts, but does anyone know if it's at all possible to have a bank account which you 'cannot withdraw from'. By this I mean a bank account which will let you save money and deter you away from spending it!

I seem to remember someone telling me that this kind of bank account would technically be illegal; anyone know of any account that is tailored for saving, but limiting what you can take back out? Like an account which will only let you draw out with 30 days notice, or an account which is inaccessible for 1 year?

I know there are certain things called bonds - my friend is receiving a bond on his 21st birthday with 10,000 GBP in it apparently, lucky ******* - which hold money until certain dates...

Any guidance would be much appreciated. Thanks!

Regards.
Click to expand...

I use HSBC's Online Saver. You can withdraw money at any time, but you lose the interest for that entire month and at 6% you'd be an absolute idiot to do this.
 
markyp23 said:
You could have linked to any bank account of any kind with a disclaimer like that.
Click to expand...

He didn't ask for a specific account, he asked for types of accounts. Showing him something that is out there will now give him an idea of the terminology to look for. Or are you just being argumentative for fun?
 
I save money with zopa, an online lending exchange. Now its not everybody's cup of tea because of the risks involved. What I like about it, is that once I lend my money out to people - I won't get it back until they repay me, which may well be 1 or 2 years.
 
player said:
I save money with zopa, an online lending exchange. Now its not everybody's cup of tea because of the risks involved. What I like about it, is that once I lend my money out to people - I won't get it back until they repay me, which may well be 1 or 2 years.
Click to expand...

Interesting, but i'm guessing it is very risky?
 
take alook for yourself

www.zopa.com


they lend to people only after a credit check, and if zopa goes bust the loan still stands from a legal perspective. If people default a credit agency will pay (some) compensation to yourself. Personally I think things like this will flourish (look at befair for example - zopa was born from that idea). I only have a smallish amount in there, when I sell something on ebay and get paid in paypal I transfer it to zopa. It has soon built up.

I liked the idea of having some of my money tied up, which I couldn't waste on something useless.
 
You must log in or register to reply here.
Back
Top Bottom