Savings account

[user6389297363]

Does anyone know of a bank/savings account what I can put money into where I can set a lock physically can't touch it?

Fixed term savings accounts don't let you withdraw until the end of the term.

If you're under 40, a LISA only lets you withdraw the money to buy a house or when you reach 60.

Do you have a lump to put away, or do you want to start saving regularly?

As above, you want a fixed term account. You can normally either lock the money away for 1 or 2 years. Some are regular savers, for others you will need an initial deposit. For details of the highest interest rates, have a look at moneysavingexpert.

Gatehouse Bank - 1 Year Regular Saver; 7% online account.
Pay from £1 to £300 each month. No access until the year is up.

https://savingschampion.co.uk/best-buys/personal/regular-savings-accounts

If you have a lump sum to save:
Smartsave -1 year Fixed Rate Saver 5.21% (minimum deposit £10K),
Or Hodge 1 year Fixed Rate Bond 5.16% (minimum deposit £1,000).

https://savingschampion.co.uk/best-buys/personal/fixed-rate-bond

There are notice savings accounts where you have to give a certain number of days notice to make a withdrawal.

Ref regular savings

If you put in £300 a month
You will not receive 7% at the end of the year
You will receive 3.5% at the end of the year

You would be better looking at an account that pays 4.5 or 5%

Look on Money Saving Expert website for accounts, savings, ISAs, bonds etc

This would only be advantageous if the OP had a lump sum at the start of the term... (which is why I also listed the best rates for lump sums, starting at 5.11%).

For regular savings each month, 7% beats 4.5 or 5%.

7% regular savings, saving X per month ( with no lump sum eg 300 per month)

Pays 3.5% at the end of the year

Look at the online calculators

Some banks on normal savings are paying 4 or 5%

But 'normal' bank savings won't pay 4 or 5% on the whole sum if you are paying in monthly over the year whatever the account!

If you start in January paying £300 a month, that first payment will receive the full 5%.
Second payment will get 11/12ths of 5%
Third payment will get 10/12ths of 5%
Fourth payment will get 9/12ths of 5%
Last payment will get 1/12th of 5%, as its only been in the account one month by the end of the year. (5% divided by 12 = 0.41% interest on the final payment).

This is how savings interest works even in normal banks that aren't regular saver accounts. Check it out on the online calculators!