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A bank account for the immature ?



H

hopkins

Banned
Nov 6, 2003
1,189
Brighton
Been given a lump sum of cash but don't want it in my account as I will just spend it. Now, is there an account that I can put the money in and it just releases a certain amount on a said date. Basically a pay day once a month. I know there will be a few offering to do this for me but I will politely refuse in advance.

Help appreciated.
 




teaboy

teaboy

Well-known member
Jul 5, 2003
1,840
My house
Open a new account for the lump sum and set up a Standing Order from that to your current one.
 




M

Munkfish

Well-known member
May 1, 2006
11,871
Depending on how much, you should possibley look to invest this, a stocks and shares ISA may be ideal as you will potentially also be able to take an Income on a monthly basis depending which funds you invest in.

A bank account at this moment in time will offer nothing more than 0.5% a complete waste of time, so I would potentially look to invest it, also that way its harder to get your money out as you will need to request it, instead of walking pissed up to an ATM with your bank card.
 


Paul Reids Sock

Paul Reids Sock

Well-known member
Nov 3, 2004
4,458
Paul Reids boot
I'd the same, however I would also suggest making sure that you do not set up internet banking or get a debit card on the new account.

If you do that then there will still be the temptation to spend the money whilst thinking that you can top it back up in a few months
 






N

Neecha

New member
Jul 10, 2012
1,190
London
Will it be enough to entice Bobby Zamora back? Great investment
 






poidy

poidy

Well-known member
Aug 3, 2009
1,848
hopkins said:
Been given a lump sum of cash but don't want it in my account as I will just spend it. Now, is there an account that I can put the money in and it just releases a certain amount on a said date. Basically a pay day once a month. I know there will be a few offering to do this for me but I will politely refuse in advance.

Help appreciated.
Click to expand...

A bank account for the stupid as well.

As posted above just open another account (arrange it with the bank so that you can't withdraw funds from an ATM on it) and then set up a standing order
 




Superphil

Superphil

Dismember
Jul 7, 2003
25,416
In a pile of football shirts
Speak to a Financial Advisor, Uncle Speilberg might be able to point you towards a good way of investing it.
 




KZNSeagull

KZNSeagull

Well-known member
Nov 26, 2007
19,792
Wolsingham, County Durham
If you really don't want to spend it, have a look at gilts and bonds. There must be some decent ones out there at the moment which will give you a fixed rate of interest (much higher than a bank account) over x years, paid at regular intervals. You get your initial investment back at the end of the term, or you can sell them whenever you like. The risk to you is that the issuer may default, so choose carefully.
 










Gazwag

Gazwag

5 millionth post poster
Mar 4, 2004
30,130
Bexhill-on-Sea
Large lump sum of cash, be prepared for a lot of questions when you try and pay it in and make sure you take id when you try.
 












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