Monday, December 12, 2011

Where can I set up a bank account where I can limit my withdrawals?

Where can I set up a bank account that: 1) allows online deposits of small amts say $100 a time, 2) where I cannot withdraw for a fixed period of MY choosing say 30/60/90 days. - Sort of like a self-imposed piggy bank ; ) Thanks!|||You are charged a hefty fee if you go over.



Another option is to set up a mutual fund. You can make deposits by mail or electronically, and you can set up your withdrawals so you can only do them by mail.



When I looked at doing something similar, I set up an account with T. Rowe Price. I chose a mutual fund that was "hot" at the time. I did a minimal direct deposit ($50 per paycheck) which was deducted from my paycheck.



I set it up so that I could only do withdrawals by mail. That way, the impulse purchases would not come out of that account.



You can put notes on your account to state that withdrawals can only be made in certain increment periods (30/60/90 days).|||If you would say to limit your withdrawals, it is up to you anymore. You can always open a bank account particularly the time deposit and you can't withdraw funds until it does not reach its maturity. That's the best for you if you really want to save. Or inquire from any bank you'd like to open account with if they have what you need. You must stick to the policy of your chosen account type. It depends on you how you'll manage your bank accounts.

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