Topic: Lock your bank balance - page 2. (Read 624 times)

It’s kind of useful, but if you look at it from another perspective, then you will see that it doesn’t make much senses to me, why do you have to lock your money for some specific period of time? What if after locking the money, something happens and you needed the money to solve the problem, then what are you going to do? Since you already saved the money which you have, and you won’t be able to have access to it till it gets to a specific period of time. Seriously locking your money is not really a good idea to me, it doesn’t make any sense to me, if you don’t want to spend the money you are having, then create a separate account and leave it there.

It’s kind of useful, but if you look at it from another perspective, then you will see that it doesn’t make much senses to me, why do you have to lock your money for some specific period of time? What if after locking the money, something happens and you needed the money to solve the problem, then what are you going to do? Since you already saved the money which you have, and you won’t be able to have access to it till it gets to a specific period of time. Seriously locking your money is not really a good idea to me, it doesn’t make any sense to me, if you don’t want to spend the money you are having, then create a separate account and leave it there.

...provided that the freeze on the amount would not be lifted regardless of whatever reasons, even in if the person’s death.

You make a deposit for a long period (a year or several years) during which you will not be able to withdraw money from the account, where the bonus is higher interest on the deposit. If you withdraw before the end of the deposit, all bonus interest will be lost.

It would be so much helpful to be honest for someone
who has a hard time managing finances.

I think a lot of families do this.

They put in money in a bank account in which they dedicate that to their children usually for their college fund or something like that. I do see the point but honestly I think it would be better if you just put it in to crypto. Even if it is locked, fiat money will still lose value over time unlike in crypto especially in bitcoin.

This procedure may work for them during the 2000s but wouldn't be needful now. expecially now that cryptocurrency Bitcoin is in existence. Locking down fund in the bank is just a total waste of time. Bank will use your fund to loan some organisations or use it to do other business that will increase there fund and make more profit and leave your fund to suffer for inflation after some years with no interest. It is better I use my money to invest in Bitcoin and leave it there than locking it in the bank.

In my country, until the mid-2000s, the Postal institution enabled its savers to partially or completely freeze their balances for a specific period of time, provided that the freeze on the amount would not be lifted regardless of whatever reasons, even in if the person’s death. This product was not available in banks as I recall, but since the 2000s this product has been completely abandoned. When I think about the concept, I find it very useful and it can serve the financial institution and the saver as well, especially those who want to secure their savings so that they never think about using it. I think that there are many reasons that might encourage a person to do this according to his assessment of his needs in the medium and long term. The financial institution will also benefit from the liquidity that it will accumulate from the frozen balances, in addition to the possibility to impose fees for the service.

In my country, until the mid-2000s, the Postal institution enabled its savers to partially or completely freeze their balances for a specific period of time, provided that the freeze on the amount would not be lifted regardless of whatever reasons, even in if the person’s death. This product was not available in banks as I recall, but since the 2000s this product has been completely abandoned. When I think about the concept, I find it very useful and it can serve the financial institution and the saver as well, especially those who want to secure their savings so that they never think about using it. I think that there are many reasons that might encourage a person to do this according to his assessment of his needs in the medium and long term. The financial institution will also benefit from the liquidity that it will accumulate from the frozen balances, in addition to the possibility to impose fees for the service.

I know that it is possible to secure a deposit in the bank with any type of asset, but with the possibility of permanent disposal of it, meaning that its owner cannot ask the bank to lock it.
What I would like to ask is whether this product exists in the banking system of your country and why, in your opinion, are there central banks that do not allow it? Also, is this possible on online virtual banks?

My personal expectation is that this will be possible with some small local banks or state postal institutions. I also expect that this is not allowed in other laws because I have not heard of it much.

For real I have seen such features in an online banking app here in my country, although it helps to save funds that will be spent in nearest days but not as a life time savings because it's absolutely a bad idea to keep good amount of money in the bank where it will depreciate in value as time goes on.

There are times that one might need this money's and then It becomes stressful to begin to find how to get the money when you have them locked some where, if we want to store a money then I suggest you use crypto (bitcoin) to keep then perhaps it will be very.

If I am not wrong some banks are offering such services, locking certain amount for certain period of time or just pay monthly payment and it will give maturity value of certain amount which is higher than a common savings account. But who does want such schemes? Do you like your funds to be locked somewhere and you can't access it even if you want?

I find people don't like such idea that's why it's not available and for someone who look for similar can invest on bonds and gold which is actually better than getting returns in Fiat.

What I would like to ask is whether this product exists in the banking system of your country and why, in your opinion, are there central banks that do not allow it? Also, is this possible on online virtual banks?

In my country, until the mid-2000s, the Postal institution enabled its savers to partially or completely freeze their balances for a specific period of time, provided that the freeze on the amount would not be lifted regardless of whatever reasons, even in if the person’s death. This product was not available in banks as I recall, but since the 2000s this product has been completely abandoned. When I think about the concept, I find it very useful and it can serve the financial institution and the saver as well, especially those who want to secure their savings so that they never think about using it. I think that there are many reasons that might encourage a person to do this according to his assessment of his needs in the medium and long term. The financial institution will also benefit from the liquidity that it will accumulate from the frozen balances, in addition to the possibility to impose fees for the service.

I know that it is possible to secure a deposit in the bank with any type of asset, but with the possibility of permanent disposal of it, meaning that its owner cannot ask the bank to lock it.
What I would like to ask is whether this product exists in the banking system of your country and why, in your opinion, are there central banks that do not allow it? Also, is this possible on online virtual banks?

My personal expectation is that this will be possible with some small local banks or state postal institutions. I also expect that this is not allowed in other laws because I have not heard of it much.

This is not bad but you better not lock the only amount of money that you have. If you have a goal and you’re saving towards it, I hope you know to have emergency funds too, so if something unplanned happens, you will not worry on how to access the locked funds but use the emergency fund. If you don’t plan this way, you could get stuck someday with no one to rescue you. You’d have your funds locked but can’t access it to help yourself.