Savings account I cannot touch

[mommabear14]

Does anyone have any recommendations on savings account that I cannot make transactions from or withdraw from? Im looking at savings for 6 months around £700 each month. I have £300 to open the account now. *please note, I need an account I cannot touch!

Thanks <3

T

6 months

Regular savers usually have a max of £250 per month but you can't access your money until the end of the 12 month term. So multiple regular savers with different banks? Unless you need to access it after 6 months?

Fixed accounts with restricted withdrawals normally require you to make all the deposits at the start.

Most fixed term accounts don’t allow you to make regular deposits. A notice savings account is a better option as you can add funds monthly. Money Saving Expert has an updated list of the best ones on offer. I think the notice period can be up to 90 days but there may be ones that are more.

Would a 45 day notice account meet your "cannot withdraw" criteria? If so there are some on the market.
I did find a 180 day notice account, but it needed a 10k deposit 😬 And the 90 day notice ones needed more money upfront than you can put in initially too.

An account you want to put regular deposits in will be instant access. I don't think an account exists that you can pay into regular and be disallowed withdrawals. You'll just need to open it with a provider separate to your day to day banking so it's out of sight. The accounts which don't let you access them are the ones you deposit a fixed amount in for a fixed time (and can't pay regular sums into)

Normally the money is held for 12 months. Lots of accounts about but they normally limit what you can deposit each month due to interest. I think it’s more near the £350 mark though, not £700. You could open two accounts with different providers?

Have a look at Zopa they offer savings pots with up to 90 days notice and no minimum deposit.
https://www.zopa.com/smart-saver

@BuddingPeonies

can you remember what % & who they were with?

Coventry Building Society have a triple access account (only 3 withdrawals a year) paying 4.58%.

https://www.coventrybuildingsociety.co.uk/member/product/savings/limited_access/triple-access-saver-3.html

But if you're only saving for 6 months then the interest isn't going to be much so maybe buy Premium Bonds as it's more bureaucratic to cash them in. More so if you buy them via post instead of online. Not sure if new customers can still do that.

I opened the 14 day notice evolve account with RCI! :)