Can I open a savings account that I can't touch?

Asked by: Mr. Darwin Runolfsdottir III  |  Last update: February 9, 2022
Score: 5/5 (7 votes)

Certificate of Deposit (CD)
A certificate of deposit, or CD, typically earns you interest at a higher rate than either a savings or checking account. The catch is that a CD has a specified term length. You cannot touch your money during that term.

Can you open a locked savings account?

No, you cannot lock your savings account. However, you can place your money in an account that penalizes you for withdrawing funds before a specified “maturity” date. Some examples of accounts with early withdrawal penalties are: Certificates Of Deposit, 401Ks, and IRAs.

Can you open a bank account you can't touch?

Savings accounts you can't touch

They offer high interest rates, charge minimal or no fees and typically include a range of incentives to encourage you not to touch the money in your account. These are also called bonus saver accounts. ... Depositing a specific minimum amount into your account each month.

How do I make an untouchable savings account?

Here are seven ways you can stop dipping into your savings account each month, and start building savings instead.
  1. Set Up an Emergency Fund. ...
  2. Switch to Cash-Only. ...
  3. Move Your Savings to Another Bank. ...
  4. Find Additional Income. ...
  5. Find Ways to Cut Your Other Expenses. ...
  6. Reward Yourself for Milestones.

Where can I put my money so I can't touch it?

What Type of Bank Account Can I Open Where I Can't Touch the Money Until I Close It?
  • Certificates of Deposit. Certificates of deposit are time deposits accounts, which means that when you open the account you agree to keep your money in it for a certain period of time. ...
  • Brokerage CD. ...
  • Savings Accounts. ...
  • Bank Account Freeze.


29 related questions found

Where can I hide my savings?

Effective Places to Hide Money
  • In an envelope taped to the bottom of a kitchen shelf.
  • In a watertight plastic bottle or jar in the tank on the back of your toilet.
  • In an envelope at the bottom of your child's toybox.
  • In a plastic baggie in the freezer.
  • Inside of an old sock in the bottom of your sock drawer.

How can I hide my savings from myself?

Strategies to Hide Money from Yourself
  1. Opt Out of Overdraft Protection. ...
  2. Get a Savings Account at a Different Bank. ...
  3. Freeze Your Debit and Credit Cards in-Between Paydays. ...
  4. Empty Your Online Payment Methods Out. ...
  5. Absorb Your Extra Cash into Certificates of Deposits (CDs) ...
  6. Move Your Money into an Account with Withdrawal Limits.

What happens if you don't touch your savings account?

If you forget about your savings account, the government could take possession of your savings account through a process called escheatment.

Can I put a lock on my bank account?

Banks may freeze bank accounts if they suspect illegal activity such as money laundering, terrorist financing, or writing bad checks. Creditors can seek judgment against you which can lead a bank to freeze your account. The government can request an account freeze for any unpaid taxes or student loans.

What is a restricted savings account?

A “restricted account” is a savings account where a family who is getting cash aid can keep money to be spent for certain purposes. The savings account can be in any financial institution, such as a bank, credit union, savings and loan, etc. You can have more than one restricted account.

How do I lock my NAB savings account?

You can request a block through the chat feature in internet banking or the app. We can remove your block at any time – just let us know. With a block in place, you can still add money to your account and watch your balance grow in internet banking or through the NAB app, as long as you haven't hidden your account.

How do I hide my NAB savings account?

How to hide your accounts from view
  1. Go to and select 'Internet Banking' from the drop-down menu.
  2. Enter your 8 to 10-digit NAB ID and your password. Click Login.
  3. Choose Profile & Settings. ...
  4. In the Enabled column, untick the account you want to hide.
  5. Complete.

How do I lock my Chase savings account?

Here's how:
  1. After signing in, choose the account you want to lock or unlock.
  2. Choose the menu.
  3. Under "Account services," choose "Lock and unlock your card"
  4. Move the toggle switch to change the status of your card.

How do I lock my ANZ account?

Temporarily block your card
  1. Open the app and log in.
  2. Choose the account or card.
  3. Tap Manage, then Manage Card.
  4. Tap Temporarily Block Card, then Block Card.

Why is there a hold on my savings account?

Your bank might have several reasons for placing a hold on funds you deposited into your account. ... The bank can also hold a deposit if it has reason to believe that the check is fraudulent or suspicious. If your account has a history of overdrafts, your bank can hold deposits for a longer period of time, too.

Can I freeze my bank account online?

Account freezes can also be initiated by either an account holder or a third party, such as a government, a regulatory authority, or a court order. Many banks and credit card providers are now offering a bevy of online and mobile banking options including the ability to freeze an account with the 'click of a button.

How do I seize a bank account?

If you have taken a loan and have not repaid it even after several reminders, then the bank can freeze your account. That is why it is important that you take a loan and repay it on time. Non-payment of tax can also become the reason for freezing of bank account.

Can the government take your savings?

Now, you may think that the government is not “allowed” to go take money from your personal savings account. But they are. ... The bank OWES you the money back, but it is under no obligation to actually give it back to you. And at any time, the federal government can go and take that money for a variety of reasons.

When should you touch savings?

If you were saving a certain amount of money for a specific item, then it's pretty clear when you've reached your goal. When you've saved the money needed to completely pay for the item then you can use those savings. For example, say you're saving $500 for a plane ticket for your vacation.

Can I spend my savings account?

Arguably, the simplest way to spend money in your savings account is to make a cash withdrawal and spend that cash. You can visit your local bank branch and ask a teller to let you withdraw some money from your savings account. Once the money is in your wallet, you're free to go to any store you'd like to spend it.

Can a bank ask where you got money?

Yes they are required by law to ask. This is what in the industry is known as AML-KYC (anti-money laundering, know your customer). Banks are legally required to know where your cash money came from, and they'll enter that data into their computers, and their computers will look for “suspicious transactions.”

Where do burglars not look?

Thieves Never Check These Super Secret Hiding Places
  • 3 / 51. False-Bottom Drawer. Pick a deep drawer so the depth change won't be obvious. ...
  • 4 / 51. Fake Plumbing Pipes. Put in a fake PVC pipe complete with a cleanout plug somewhere in your basement. ...
  • 5 / 51. Slit Open a Tennis Ball.

Does closing a savings account affect credit?

The answer is yes, closing a bank account can indirectly impact your credit score. While banks don't report consumer bank account information to the credit bureaus, they can report a checking account that is not in good standing.

How do I hide my savings account on Chase app?

Go to 'My Profile & Preferences' then 'Account Preferences' and click into the account you wish to hide. Under 'Account Visibility' toggle 'Account Overview' and/or 'Financial Tools' which will hide the account within your overview screen.

How do I unlock my Chase account without calling?

Use Chase Website

If Chase froze your bank account, you could unlock the account by sending a message to the customer care team from the bank's website. You can send a secured message about the frozen account to the banking officials. They will contact you to help you unlock your bank account.