Deposit money that can't be accessed for specified period of time?
April 10, 2013 10:18 PM
I want to save up money for a goal I want to meet in 2 years time. I don't trust myself to save the money I need to achieve the goal. I would like to open up a bank account that will only allow deposits for 2 years. Then after 2 years I will be allowed access to the money I've deposited. Are there banks that allow such accounts?
Thanks! I've heard of them but I know next to nothing about banking.
posted by Birchpear at 10:48 PM on April 10, 2013
posted by Birchpear at 10:48 PM on April 10, 2013
If CDs don't work for you, ask if your bank has a 'christmas club' type account, although those are usually set up for shorter terms than 2 years.
posted by rmd1023 at 4:21 AM on April 11, 2013
posted by rmd1023 at 4:21 AM on April 11, 2013
I've used (abused?) the tax system for this. This may or may not work where you live. If I pay too much taxes each month I only get it back on next year's tax return.
Prematurely getting the money back from the government is simply not possible.
posted by Harald74 at 6:00 AM on April 11, 2013
Prematurely getting the money back from the government is simply not possible.
posted by Harald74 at 6:00 AM on April 11, 2013
Upping your tax withholding is a great hack for this. (You won't earn interest, but interest rates are currently so low that they may as well not factor in.) CDs may not work for you depending on how you want to save. Most have a minimum deposit requirement and don't let you add money to the CD after you've opened it. (Ally is an exception with no minimum deposit, but you still would have to open a new CD every time you make a deposit, and that can get cumbersome.)
Another issue with CDs is that it's easy to get the money out if you're willing to pay a small penalty. If you really don't trust yourself not to make withdrawals, a small penalty may not deter you.
posted by payoto at 6:35 AM on April 11, 2013
Another issue with CDs is that it's easy to get the money out if you're willing to pay a small penalty. If you really don't trust yourself not to make withdrawals, a small penalty may not deter you.
posted by payoto at 6:35 AM on April 11, 2013
You could open an account at a really inconvenient* bank, don't get any web access or debit card, and mail in your deposits.
* is there a bank that is in a city at least two hours away, with no branches? I know TX for a long while had laws against branch banking, so we still have some single-building banks that would work.
posted by CathyG at 9:20 AM on April 11, 2013
* is there a bank that is in a city at least two hours away, with no branches? I know TX for a long while had laws against branch banking, so we still have some single-building banks that would work.
posted by CathyG at 9:20 AM on April 11, 2013
My credit union has a christmas-club type account that allows two withdrawals per year. I am using it for both actual christmas savings, and for vacation savings. They automatically dump everything in the account into my checking account in early November, for the holidays, so I just took what was meant for vacation and put it right back in.
Another option I have seriously considered but not implemented is asking a friend to hold money for me if I thought it might slip through my fingers.
posted by not that girl at 9:33 AM on April 11, 2013
Another option I have seriously considered but not implemented is asking a friend to hold money for me if I thought it might slip through my fingers.
posted by not that girl at 9:33 AM on April 11, 2013
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posted by Dansaman at 10:20 PM on April 10, 2013