Monthly transfer out of savings

[tin4444]

Morning all,

Is anyone aware of a limited access savings account, where you can set it up to transfer a fixed amount out of this account to my transactional account every month?

For example 12 000 in this savings account and I can transfer/setup a order to move 1000 a month only to my normal every day use bank account.

TIA.

 

[Freaksta]

Hmmm, good idea I take it this is for people who do the whole impulse buy type thing? Maybe u could do it with a 32 day account, and setup the dates in advance?

 

[tin4444]

Exactly, while I am mostly disciplined with savings, every once in a while I do sometimes overspend and if this money is easily available, next Friday night a dinner out the house becomes an "emergency" because the money is there.

This money needs to be used on something specific every month just to cover my shortfall which is why I need the 1000 every month.

I looked at the 32 day accounts but I am not sure if I can give multiple notices? Can't seem to find that info. Also 12 to 18 notices is a lot of notices.

Was just thinking now perhaps 12 fixed deposits and set them up to mature accordingly? But that is quite a big setup to go about.

 

[ost]

Each bank offers different products, so it will help if you specify who you bank with.

I have a Savings pocket with FNB, if I want to use money from it I have to transfer it out via IB. I have a monthly transfer setup from my cheque account into the savings account, I just set it up via IB to do the transfer automatically (I know you want to do the opposite) I pay my rent and in the same way, works great

 

[tin4444]

I also bank with Fnb.

Maybe I can use the savings pocket and scedule 12 payments in advance? Or 6 if 12 is to far in advance? From the savings pocket into my transactional account.

Just worried that it is still a bit accessible and could do a transfer at anytime.