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Original poster

Savings account

3 replies

SFRSmum · 04/01/2025 20:44

Wondering if anyone can help.

I'm looking for a particular type of savings account.

I'd like to pay in around £300 per month, every month, but have it locked up so I can't access it for 3 or 5 years. Is there such a thing?

I've found fixed rate accounts but these seem to need a initial deposit which is then locked away, I'm looking to make regular payments which I can't take out again on a whim!

I'm not bothered about acheiving high interest rates although obviously the higher the better!

OP posts:
TimeForATerf · 04/01/2025 20:56

I have a few of these type on the go but they’re usually only for 12 months at a time then I start a new one and move the original one into a bond as a one off payment.

So, save £300 a month Here for a year, after the year put it into a bond you can’t touch and start a new £300 savings account for a year, rinse and repeat for the five years.

Regular Saver Account | 7% Interest Savings - first direct

The first direct Regular Saver Account is designed for longer-term savers and allows you to save up to a maximum of £3,600 per year. Find out more here.

https://www.firstdirect.com/savings-and-investments/savings/regular-saver-account/

Original poster
SFRSmum · 04/01/2025 21:08

TimeForATerf · 04/01/2025 20:56

I have a few of these type on the go but they’re usually only for 12 months at a time then I start a new one and move the original one into a bond as a one off payment.

So, save £300 a month Here for a year, after the year put it into a bond you can’t touch and start a new £300 savings account for a year, rinse and repeat for the five years.

Thanks for this,

I have had several of these before, and will do as you suggest above if I can't find the type of account I'm looking for. Just need to have a bit more willpower and less impulse spending!

It's not been frittered away, it's been used for renovations, (although these weren't essential and we could have done it slower without cashing in!) to pay a lump off the mortgage, or to move house ect but I'd quite like to have a nest egg for a long term

OP posts:
etonmessedup · 04/01/2025 21:12

You could just have a fixed term account and pay in a regular monthly direct debit deposit, would that work?

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