Fixed Deposit Savings

[adridude]

As I was growing up in (and just before I left at the age of 20, most of the banks there had a 'fixed deposit savings account'.

 

IN short you:

 

1) Depositied x amount into the account when it was opened and you got interest on that amount

2) DIfference is from here to UK is that you weren't allowed (nor could withdraw money) from the the account within the first year of interest

 

Are there any accounts like that here?

 

Reason I ask is that I'm terrible at saving, and it would be great if I could have a redeemable 'money hole' to throw money in as and when I could and let it build up for year without me draining it before that time.

 

CHeers,

 

A

[jo5ephedward5]

just look for savings accounts that state 'no withdrawals / withdrawals not permitted'...

 

...I'm not sure if what you are describing is for a one off lump sum - if so it sounds like a 'fixed bond' to me - you can set them up, they [can] offer slightly better rates than ISAs etc. once its opened with a fixed sum [of your choice] you can't pay extra in, and if you withdraw before the end date you lose all the interest. you can get all sorts of periods from 3 months to 10 years if you shop around.

 

IMO an ISA is better and you can get ISAs that don't allow withdrawals - well again they do but you sacrifice the interest.

[adridude]

Hmm, the ones I've seen over the last few weeks give you access to your money, if you withdraw anything i.e. no withdrawal within x months, you just lose the interest.

 

What I was referring to works exactly like a 'fixed bond' but instead of having money, you get a 'bond certificate' with a post dates stamp on it i.e. until the bond matures, it's worth nothing i.e. you can't withdraw it. If I remember right, the only exceptions to getting ti cashed in again were:

 

1) Death

2) Bankruptcy, where the bond is immediately transferred into the name of the official received.

[jo5ephedward5]

...the nearest thing I can think of would be a notice account - choose one with the longest notice - I think 180 days is the most I've seen - so whilst you can make withdrawals it takes 3-6 months to get the money after you notify them that you want to make a withdrawal. They often operate via post too which makes access a nightmare...

 

Would that work?

 

http://www.moneysupermarket.com/savings/notice-accounts/

[steampowered]

There are plenty of fixed term deposit accounts where you will not get interest if you withdraw early. See www.moneysavingexpert.com. I am not sure there are many which do not let you withdraw at all, though.

[jo5ephedward5]

are 'deposit' accounts not the same as bonds? i.e. you open with a balance and you can not add to it? the advantage of a notice account is they wont give you the money before the specified date and you can normally make as many payments in as you like...?

[adridude]

I'll call about and see who offers notice accounts Cheers, that sounds like what I'm looking for