Is there a Savings acct that I cannot touch for a certain number of years or until it reaches a set amount?

Question

I am not talking about a 401K.( I have one of those)

I want to open an account and set a number, lets say $100,000 or 5 years, and I want it locked, should not be able to withdraw money until I reach my set conditions. any thoughts? Thank you.

Answer 1

Sort of.

It's called a "Certificate of Deposit" or CD.

They usually pay a higher interest than savings accounts and they pay a higher rate the longer you are willing to lock it up.

Answer 2

You can put it in a CD...You put a set amount of money in it, and gain interest on it, but you can not deposit or withdraw money.  You can also set up how long you want it to last.  Interest is anywhere from 3-6 percent, but you get stiff penalties if you touch it before your time length ends.