It would be great to have an account that is only accessible after it reaches a specific $$ amount.

If I had the option to set up a savings account that is not accessible until it reaches a certain amount - then it would be helpful for reaching certain savings goals. It would be especially helpful if this account earned more interest as it increased in value.

 

So if I were forced to leave my money in  the savings account - but were rewarded with an increasing amount of interest as I got closer to my goal then I think it would be a great help.  

 

Of course there could be some built in emergency way to access my savings, but only after a certain waiting period (in order to force me to try to come up with some other option) and also the penalty of losing all my interest. 

 

 

5 Comments
Community Manager
Status changed to: Check out this idea!

Interesting idea @Jeff22, thanks for sharing! Have you seen this type of account at another financial institution?

Sightseer

I think this is a good idea! Let the member set their own limit. Some people would want a large savings to work toward, others may not have a great deal of extra cash, but still want to save toward something special. Sometimes we just need to be accountable to someone else...or in this case something else. JP


@Jeff22 wrote:

If I had the option to set up a savings account that is not accessible until it reaches a certain amount - then it would be helpful for reaching certain savings goals. It would be especially helpful if this account earned more interest as it increased in value.

 

So if I were forced to leave my money in  the savings account - but were rewarded with an increasing amount of interest as I got closer to my goal then I think it would be a great help.  

 

Of course there could be some built in emergency way to access my savings, but only after a certain waiting period (in order to force me to try to come up with some other option) and also the penalty of losing all my interest. 

 

 


 

Explorer

I had an account of this type as a kid.

My paper route money went in as well as my allowance once a month. It did work to a degree but then again it comes down to budgeting.


@Jeff22 wrote:

If I had the option to set up a savings account that is not accessible until it reaches a certain amount - then it would be helpful for reaching certain savings goals. It would be especially helpful if this account earned more interest as it increased in value.

 

So if I were forced to leave my money in  the savings account - but were rewarded with an increasing amount of interest as I got closer to my goal then I think it would be a great help.  

 

Of course there could be some built in emergency way to access my savings, but only after a certain waiting period (in order to force me to try to come up with some other option) and also the penalty of losing all my interest. 

 

 


 

Sightseer

I like the idea of 'locking' it, and even the increase of interest, but I suspect that if the penalty was to lose all the interest if there's an emergency would cause people to avoid it. Thinking "well I could just put my money in a regular savings account and not risk something horrible happen and then losing all the interest". Perhaps not all of it, instead whatever 'bonus' interest that is higher than the current savings account %.. 

Community Manager
Status changed to: Under BECU Review