Question:

Do banks have something where you can periodically put money into an account but not be able to touch it?

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I would like to save money, but am absolutley horrible at it. When I get money, I would like to be able to put it in an account right as I get it, and do so for like a year without being able to touch it. Do banks do that? I already know what a CD is and that is not for me. I am not looking to put a certain amount in at once, I am looking to put money in every couple of days or so. Any help?

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  1. Some companies offer direct deposit into as many bank accounts as you want. So each time I get paid I have $15 from my pay check direct deposited to my savings at ING bank. In case you are not familiar, ING does not have a physical banking center to walk into so money can only be moved electronically. My ING savings is linked to my checking account at Citibank so if I want to add more money to ING or pull money out of ING-then it all goes through the citibank checking. (The ING savings pays interest and can be linked to any institution not just Citibank)

    What's nice is that the money is accessible-just not as quickly. I do not have an atm card and like I said I can't just walk in and take money out. This works great because I'm just like you!

    Be careful of IRAs or CDs if you do need to get to the money-theres no need to pay penalties if you can avoid them.

    Best of luck to you!


  2. with direct deposit you can put a certain amount of every check in your bank account.  that's the only way i can save.  i have the same problem!

  3. Navy Federal Credit Union. If you open an easy start certificate with them, you can't touch the money for a whole year. After a year, it automatically continues for another year, unless you go to the bank and cancel it.

    You can't access that account with an ATM card or with an online account. If you have an online account, you can add extra money to your easy start certificate whenever you want to.

    They do charge you a small penalty fee if you go to the bank and withdraw money from it before it's maturity date. But that should be irrelevant, because you don't plan on taking money out of it for a whole year, plus think about how much you will be able to save with that account.

    I recommend NFCU. Check 'em out at www.nfcu.org.

  4. Citibank offers the 6 months cd where you leave it there and it will grow and you can take it out before 6 months but you get a penalty charge so you most likely wouldn't.

  5. you need to discipline yourself to save the money in a bank account and not touch it.  If you are going to need the money in a year or so, just treat it like another bill you have to pay like a utility.  You become the utility.  you should pay that bill first, even if only 10 or 20 dollars a pay check. Once you become accustomed to the habit of doing this, you will do it without thinking about it. Try not to think of the amount in the account.  good luck.

  6. You may want to look into an IRA. Yes you can technically access it, but there will be a pretty hefty penalty to do so.  The only bad thing about an IRA is that you will have yearly limits on the amount that you can contribute to it.  But on the other hand, if you are looking to retire someday, this would also be very helpful for that too.  Talk to your bank about what they may have to offer you. Also, definitely look into other banks and see who is offering the best rates, and looks to offer the best rates on interests in the future.

  7. You can open a Roth IRA at the bank, and you can deposit whatever you want, whenever you want, up to $5000 per year.  You can withdraw the money, but only with a big tax penalty before you are 59-1/2 or older.  There are special circumstances for withdrawal without a penalty, like to buy a first house, or go to college.  So if you want something with real teeth in it to save for college or retirement, that might do it.  The interest compounds tax free too.  If you are saving for a big-screen TV or a PS2, then the Roth isn't for you.

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