Topic: Lock your bank balance (Read 707 times)

That's right, bro, it's safer for us to lock and hold the bank balance ourselves rather than having it locked by someone else and it being known by other people, it could be that everything will be hacked by them, when they know everything that's in it, it's not impossible, there's definitely a chance for them to hack it. our bank balance, so before we go any further, we must first secure our own personal possessions, because it is very dangerous if our balance is exposed to other people, it could result in them being compromised in an unreasonable way, because being careful first is better than It's already happened, what else can it be? It's all happened.

As the world advances, and civilization is in crescendo, it is expected that some practices will gradually fade away. Everyone is tilting towards freedom and liberty. Even people in the third world countries are beginning to resist centralization. I personally will like to lock my own money and still hold the key than let another man lock it and will not release the key even if I am to die.

There's no kind of investment without risk.
Fiat = depreciation and theft
Real Estate = Over price, dispute, natural disasters.
Crypto = Lose of access, hack, etc.
Just diversify and remain calm.

Some users are saying that it is a time deposit. I already heard it before and the feature is only normal, so I wouldn't wonder anymore if this also existed in your county. Yeah it its like a blessing in disguise if I can describe it in a quoted way, and I remember staking here because in staking, we are also locking our coins until a certain period of time.

I have a better advice than what you gave there, and that is, we only need to allocate small amounts of money here and the rest will be kept as savings, to be used in emergency situations, same thing what most people do when they invest here in cryptos. Another benefit of doing this is we won't feel devasted, in case we lose our money because it was only a small amount anyway, except only if the platform crashed when we are about to harvest our profits, together with our capital.

If I'm not mistaken, you are talking about fixed deposits where you get more interest than saving for locking your money for a fixed frame of time. You can't withdraw that money before the maturation time, in case you do, there's a penalty. Some don't let you withdraw anyway before maturity but allow loan keeping the FD as collateral.
Other similar products are bonds and debentures, some even issued by the central bank. Depending on the type, they are generally longer and has similar interest rate as FD, some even can be traded as stocks on the market.
If you are in for a very long time and don't need liquid cash, you could just do SIP or buy stocks of blue chip companies or curated index and enjoy a better ROI.

From your notes, I can judge the meaning: not all banks operating in certain countries have the same rules, your country has a system like that and my country like this, as far as I know banks in our country really respect their customers, Whatever is done by the bank must have approval from the customer, there is no forcing, let alone issues regarding money, freezing or other things that make the customer unhappy and suffer losses.

Our bank here has a deposit system, meaning that those who make a deposit agreement within a certain period of time, for example six months to one year with a minimum nominal deposit of $15k to $150k will get a percentage of profits from the bank, Of course, the deposit agreement cannot be liquidated before the maturity date, even if the customer dies, but the profit interest will still continue as in the initial agreement, only the customer's family can transfer all of it.

The point is that banks in our area have deposits or funds that are locked for a time agreed upon by both parties, but the bank does not just lock them without approval from the customer and the applicable law.

I don't like to give financial advice either, everyone should do their own research before investing in anything. One of the facts is that as time passes, fiat currencies lose value, even when someone keeps money in a bank and earns interest on that amount, that interest does not cover the loss of value. So what the OP is suggesting is a bit strange, why would anyone keep/lock money that will lose value over time? I understand people who keep cash at home and don't want anything to do with banks, they are clear to me... in case things go downhill it's good to have cash with you, banks can lock up and limit withdrawals at any time.

Crypto has proven to be a very good investment, Bitcoin the most but other coins have achieved a lot in the last 10 years, and I think that trend will continue. So I guess it would be easy for anyone to invest in crypto and lock/stake some amount for a longer period, I think it's way better than dealing with banks.

I am cautious about advising individuals on the long-term retention of Bitcoin for their family or children. Its security vulnerabilities make it susceptible to theft, with little to no possibility of tracing or recovery. Instead, a portion of such investments could be allocated to cryptocurrency, while the rest could be diversified into more stable assets like fiat currency and real estate. Although these alternatives may offer lower returns on investment, they provide easier and safer avenues for wealth preservation

OP description of the system is akin to saving instruments called "term deposits" in some countries, whereby savers make a commitment not to withdraw any amount of their balance for a specified duration with restricted cancellations. Yet, these rules and regulations also differ from one country to another based on their central banks and banking regulations.

While some central banks might not allow these kinds of instruments because they have a focus on liquidity policies in the financial markets and other consumer protection issues, some savers may find freezing funds for an irreversible period unfavorable as it affects their financial flexibility.
In terms of the availability of such products in the virtual banking system, it should be said that it would vary with respect to each bank's set of rules and regulations. There are virtual banks which may have different products with similar functionality while others could be totally unavailable.

You do well to not trust banks, I do have a bank account but I only keep there some money to pay my bills and other random stuff that I may buy from time to time, but I do not keep any large amount of money there, and the reason for this is that it does not really makes sense to keep large amounts of fiat anyway, if you can save a great deal of your monthly pay then you need to invest it in something, it does not have to be bitcoin by the way, there are other assets which are priced cheaply enough and that could allow a person to preserve their wealth by investing in them.

There might be several reasons why Banks do not offer that option, namely :

1. There are no huge demand for such an option.
2. Banks generate profit from the fees that they charge you to make transactions, not to lock it indefinately.
3. Passive accounts is a administrative burden to them.
4. Dormant accounts are vulnerable to fraud, because it is easy targets. (Less monitoring)

These are just some of the reasons why Banks might not want to offer something like this to the public, but you can do this with smart contracts or multisig wallets in Bitcoin.  

Maybe the system you mentioned is the same as what is available in my country's banking system, usually called term deposits or time deposit, where customers can save their money and choose how long they will keep it and will get interest, but it is clear that the interest on all banking products is small, even it's can be said not worth it at all unless you save it in a very large amount, but a large amount will certainly provide more benefits when invested than just being kept in the bank with a small interest rate.
In my opinion, virtual banks are much less safe than conventional banks, and maybe that can be done, but the government will definitely implement strict regulations to protect customers, but to be honest, I don't really trust virtual banks and only use them as a means of transaction, not saving because this is just as dangerous by saving our coins in CEX.

     Lock our balance in the bank? Isn't this like having a time deposit where we choose when we can withdraw it? Is that right? It seems that there is no such service in the
bank that you are referring to.

     Although I don't have a bank account at any bank, first of all, I don't trust them. Maybe even if I open a bank account, it's just because of the requirements for other things.
But in the end I still I don't trust it to deposit all my fund.

I don't think locking the bank balance would be the right decision. If you can't use the money for your own needs then what will happen with the money. People who are good at saving save thinking about future security but don't agree with locking up. We have direct personal expenses no one can say when we will need them if there is no security then there is no need to keep them in the bank. You cannot withdraw money transfer money or access your account during the lockout period.

Yes. That is technically the same thing that I am talking about. The fact that you cannot access your money till the agreed time means that it is locked away from you. And all I’m saying is that while you participate in this, have some actual emergency funds so if something were to happen, you wouldn’t be stranded or left to borrow money. The way I know this idea works is that you can get the money if you really persist, but you’ll lose some of it. So avoid having to lose some of it by preparing ahead.

There is a term for freezing personal savings, for example if you make savings for a child and you can give an order to the bank to freeze the money in the savings so that no one can ever take it before they unblock it. I don't know if that's what you're asking because I did it for my children even though the amount of savings in it wasn't that big.

I doubt banks don't provide this service because as far as I know they are quite sensitive to people's fund issues. In fact, what makes people no longer believe in savings is because their value continues to decrease because money is unproductive. Whether there is a law or not we have to look on their website and now we are too lazy to find out about the problem.

Well we all know that there are a lot of disadvantage of keeping our money in bank, regardless if it is on locked funds or what we call time deposit. For one it offer fixed rate and it's much lower as we compare it to say stocks.

And again, for obvious reasons, your money is locked, meaning yo can't touch it for a certain period of time. What if you have a emergency on your end? And of course, inflation, after the lock in and taxes are paid, the profit you are going to make will not beat inflation.

Bank deposits are like highway lane discipline. Yes, it's familiar and comfy.You going anywhere? Another factor is inflation, which eats into money. Is the bank on your side? Prices growing faster than interest rates make'security' an illusion.

Crypto is volatile, I know. Like every new territory, bad players exist. However, fear is the biggest risk. An entire asset class is ignorantly dismissed. Crypto is about controlling your money and financial future. Wealth that can surpass the dependency system is the goal. Generational wealth.

I don't like keeping all my money in the bank at all. It's important to save some money, but if I let all my money sit in a bank account it would be a complete waste. Banks use customer deposits as capital to lend to others and make profits. Why not proactively take advantage of that money to invest or do business, thereby increasing profits for yourself?

I usually do not keep more than enough for my immediate needs and possibly the livelihood of my family in the settlement, the rest I will put into things that can generate profit. profit. This I find quite useful as it not only helps me maintain control of my cash flow but also has the potential to bring in large profits.

As said, that investment doesn't really appealing for the new era customers of banks to invest and still such investment is in practice but only used by less people, so it's not rocket science why it's not offered by banks anymore.

Locking fiat over a year in bank account as any scheme is stupid idea and should not be viewed as investment in the first place.

I don't have any experience of locked funds in my country, maybe it exists but I've not used the service, what I know in my country is fixed deposit, that is where you keep certain amount in the bank for specific period of time, you can not access the money until after the agreed time and interest will be added to the person. This type of savings applies when someone has a project that they perhaps don't want to touch their funds until the time when they want to use it, aside from this, it's better to invest and leave some money in savings, Incase you need to spend unexpectedly, so you'll not be stranded or looking for where to borrow money.

Some banking apps have this feature and it can be otherwise known as safebox in many of the instances I have seen.  
These days I don't think those who save really want to have their funds locked up because of the economic hardship already being faced and for sake of a pandemic like the Covid 19 which saw so many persons stranded, I for one don't even wish to use a feature that would deny me access to my saved up funds, permanently.


I would rather have my control over my savings because I trust at a certain age one should be matured and disciplined enough to handle some big financial commitment.

It would be pretty irresponsible to lock all of your money into one account.

If you want to save for something specific maybe an event like a wedding or maybe purchasing a house then I would understand why you would want to lock your account just to make sure that you wouldn’t be spending your money impulsively.

Some people can not absolutely control themselves around money. With the presence of money, they always somehow end up spending it all.

Why would anyone agree to go into such an arrangement if not that they want to make themselves slaves to their savings. It should be the other way round. Money is supposed to be man's slave. That's the essence of saving up so one can recall one's savings when emergencies arise. Even if I would consider leaving huge amount of cash in a bank, I will never succumb to this arrangement of locking up my savings.

They used to do that in my country a few years ago. I found that out when I cared about what banks were doing with the little cash I had with them. Then it was three months of not making withdrawal on accounts to qualify for the interest. I don't know if banks still do that now or not. This day, the crave for crypto investments has discouraged me (I guess many too) from keeping cash with banks. I'm so much enjoying it. The little I make now goes into investments.

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.

Yes it was a very good arrangement.  Saving money is a good medium for those who cannot save money for a long time.  But I think it is better not to keep money in such institutions.  Because money can be needed at any time.  There are many times when there may be many problems or people may be a victim of an accident when a large sum of money is needed.  Even when you have the money to keep money in these institutions, you cannot use that money for your needs.  Having money and not having it is the same thing.  And you will not be paid till death then what will you do with money after you die.  I don't like these banking systems at all though it depends on one's personal opinion.

We don't have that here but only a time deposit that locks your balance for a certain period of time and we all knew about that. But for that certain feature, I have never seen one. But with all of the inflation that we're seeing and being projected to be higher in the upcoming years, I don't think that it's a wise decision unless you just want to see your money in the bank so that you have some liquidity that you can withdraw anytime for your personal consumption and needs.

Yes that's right. This is what often happens to many people who lock their bank accounts to dedicate the money at a later date, in other words they make a deposit. Because for them deposits have better protection than saving money in crypto because they are afraid of scammers or hackers. In fact, if they study crypto well they will benefit in the future and can even achieve financial freedom for the future of their children and grandchildren.

That's why they prefer deposits because the system of money parked by the bank and its disbursement must have two layers of security which is definitely more guaranteed. In fact, if they were critical, they would realize that making a deopsitio or locking an account at the bank means the profits will not be worth it in the long run because money will lose value every year due to inflation. So I still recommend investing in crypto rather than locking money in the bank.

It's time deposit right? Yeah, even in my country it was prevalent in the 2000's or as we thought so. I think it was a good program that people think back then and then the banks put up a good promotion that you will earn money will sitting it in their bank.

But later, we found out that it will not worth something because of the small percentage that they are giving to it's customers, and then because of inflation, your money will have no value once the terms expire.

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.

Never heard of this option with traditional banks and except that's the name given to it in your part of the worth, because from your explanation it's similar to what we called fixed-deposit over here in my country which I believe a few persons would know about.

In fixed deposit you can't make withdrawal not until the agreed fixed period with the bank has expired, many people I know who make use of traditional banking for savings do make use of the fixed deposit against a planned project they will want to use the money for after a certain period of time. What I don't know is whether in the death of the depositor if his next week of kin could tender a death certificate to assume possession of the money before the agreed fixed time elapses.

In my country called with deposit and lock your money around several years later earn interest under 10% depend on how long your money lock in the bank, actually I don't thin its worth with how much inflation facing year by year and deposit money or lock in the bank more than three until five years later. Put your money in stock or use for building business more profitable and easily raise up more than 100% without waiting for until three to five years later based on interest offer from Bank.
In my opinion, than you lock your money in the bank better put hold on in stable cryptocurrency assets such as USDT and staking in Binance or bybit with bigger offer giving from APY around 10% each year and potential earn new coins trough launchpool or farming project.

Whenever you keep money in the bank,it depreciates and reduces in value,but whatever the case may be,it is aslo good to save,save as much as you can.If the banking systems or bank institution are unfavorable and inaccessible to you then there could be other ways to save and invest the money,don't just sit there and get disappointed with the banking systems.

Actually,personally,I'm not in support of the fact of locking account balance or bank balance.instead of locking account balance why not you reconsider putting the money in the bank in the firs guyt place.You'll have unforseen needs and events.So locking your money In the banks not only restricts you from using,it puts you in a position of lack,financial Stagnation.

I don't think such a thing long exit in our banking system of nowadays, I can remember that when a person is operating in certain account he can write to bank to either limit himself from having access to that account until some certain period of time or duration, maybe the moment he feels can control the account then he would have to write back to bank or even phone his manager to give back access to him to enable him have access to his money. This could likely be an account that is being open and created in the name of unborn baby, as the time goes or it happened the sole signatory of the account is no long there presently operate and give access to unborn when such person might have come of age, then the mother or relative can with a certification of death to prove that he or she can have access back to the account.

there are some people out there that lock their money in deposits just because they have no idea what should they do with their unused money or they simply try to get more privileges from the bank, such as credit card with raised limits and so on I think it only target that kind of specific people or at least people with money that just don't really like investing by themselves but want to have managed investment and they are fine with the low interests.

personally i'm never ever attracted to this kind of investment seems like a waste of time honestly, the interests just aren't worth it for the time its getting locked could easily get that much return within a night just from crypto alone so its no point for me but I can see that sometime if someone's wealth is too much they might want to diversify and its completely fine but honestly even that maybe better off investing in gold or any other precious metal.

No! Sach product does not exist in the banking system of my country. I can see a clear problem in this product. You have mentioned that the money is locked even if the owner dies. Which means the money will remain unclaimed within the banking system. That's a clear problem in this product and probably that is the reason why it has been discontinued.

We can control the amount of money spent from our bank accounts or using plastic cards. But a complete lock is not available.

I don't like the idea of freezing my own money. If one has a problem (like an addiction), then one should give someone else access to managing one's funds. If one's trying to save money, it's often possible to just dedicate a separate card for it (or put it into something like government bonds). You can also put the money in a deposit account, which kind of freezes it as well, and you get at least a bit of interest rate out of it, too.
I'm sure the financial institution will benefit from keeping the money of the clients, but I don't understand the appeal of it to clients themselves.

as far as i know, in my country there are several banks that provide deposit locking for their customers.  later customers can join this program and then they can lock their savings with a minimum lock of 1 year.  later customers will get interest on the savings they lock, usually the interest will follow the state interest rate.  if customers need the money, they can unlock it and then withdraw their money, but if they do that they will not get interest on the savings.

In my country, we have Fixed Deposit Accounts (Deposito) that offer higher interest rates but lock funds for set periods (usually 1-12 months) with penalties for early withdrawals. For less restrictive options, online banks like Jago offer "tabungan terkunci" (locked savings) with more flexibility, such as lock periods as short as 14 days.

I believe the concept of completely freezing funds long-term is not widely used for several reasons. Firstly, it reduces banks' ability to lend to businesses and individuals, potentially hindering economic growth. Secondly, frozen deposits could worsen a crisis during economic uncertainty if banks struggle to meet customers' withdrawal needs during a potential run

when is that nobody invest with the real money or the money that he can touch at any point in time so the money someone can serve is a money that will called a spare money which you don't have anything that you can do with it and when problem come across you you will not touch the money to solve your problem so that is what you called investment money and also a spare money so many people mistakenly use their money they will use for settlement of their needs to involve into investment that is why mostly they find it very difficult to unlock their savings make use of the money they have been saving for a long-term.

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.

Okay, below is just a screenshot I took right now from a microfinance bank pp I am using. The microfinance bank has three saving plans, as you can see in the picture. The fixed saving and locked saving are almost the same thing, but for the locked savings, you have to keep the specific amounts locked for a stipulated period of time that you want the savings to last. The interest rate is very small, just 16% per annum. Although you can break the safe if you want, you will lose all accumulated profit if you break the safe when the savings period is not yet due. I don't totally like that pattern of saving because, despite the fact that it's a lock savings, the annual percentage profit is too cheap. The only benefit of it is to prevent oneself from spending the money they were not supposed to or to save the money towards a goal they are planning to achieve in the future. In my country, some other banks have such savings plans too, while for some, you can not brake the safe until the time is due.

I am not certain if that's legally possible in ways you are desribing, unless you move your rights to a legal guardian, and even that could be in trouble if there's no legit reason not to give you your money.
Financial institutions have legal duty to give you access to your funds if you change your mind. Thing about consent is that you usually can withdraw that at any time. Even most products that you buy, customer has a right to change their mind for a time period and cancel the trade.

That said, i am not an expert in this and there might be workarounds that i don't know of, as there are all sorts of weird tax avoidance tricks that rich people use and i am sure that many of them rely on not moving money from their account.

And in EU we can set bank accounts for our kids that only they can only access when they are certain age, but that's because parents are their legal guardians and their word have more weight then their underaged kids.

I think there are some ways that you can lock your funds in usdt or eth or some other crypto to smart contract with a lock that opens only after certain time has passed, but i wouldn't recommend that ever. You never know what's going to happen and access to that money could save your life.

Product or services like this one might not be attractive anymore. The world is full of uncertainties that even when you plan there are always unforeseen occurrences. One might assume that anyone who subscribed to this package should have emergency funds that will serve as backup but sometimes these funds are not enough. So you expect someone with health problems to die because of a lack of finances while they have money locked up in a bank or post office. Savings are for the living and not the dead. We all know that it is important to save but there should be an avenue for people to access these funds in times of emergencies. This is why banks provide services like fixed deposits and other savings plans.

I don't think any bank offers such a service except it could be a personal or special agreement with the local bank. I don't know if the central bank of my country approves such service but I think it it might affect the monetary policy of the country especially if it is in foreign currencies like the dollar. I would never advise anyone to engage online virtual banks for these services. Most of these online banks are not under the supervision of the central banks and they can easily scam customers.

I already keep relatively little money in the bank. In addition to the amount of money that I can spend in a month, in case of some emergency, I keep some money in the bank and the rest of the money I do not use in my business or invest. It is a bit stupid for me to keep a lot of money in the bank because I am depositing money with the bank but the bank will not deposit that money of course they will lend that money in various ways and by lending my money they will earn profit. Why don't I use the money that the bank will lend to others for my business or investment, if I use my money for investment or business then the profit that will come is my profit. Basically, thinking about these things, I keep some amount of money in the bank only to meet my needs and with the rest of the money, I make some other plans.

in the country I live in it was possible and you got interest on the amount. Not much though.
The bank worked with the  "frozen capital".

I believe something similar still exists in banks in my country. 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. Perhaps this is not exactly what you are talking about, because it is not a complete freezing of the account for a certain period of time, but I can’t remember anything more similar.

I am not a supporter of using banking services and such deposits don't seem profitable to me at all, because you lose control over your assets (the impossibility of profitable investment that suddenly arises), and the accrued interest is simply ridiculous (lags behind inflation).

If you want a profitable concept with freezing money, beneficial for you and without the temporary opportunity to use this money, then maybe you should pay attention to investments? Like in the securities market or cryptocurrencies? The invested money is frozen until a profit is made. This will certainly be more profitable than storing money in bank deposits.

Well. There is little chance you or any of us will ever be able to see financial tools like that in traditional banks. Things have changed in these last twenty years in the global economy, banks do not longer see as many profits as they did bank in the early 2000s with the holding of savings of the population, the main strategy today is to capitalize out of the credit people ask to buy either things they do not need or things to survive in a daily basis.
This current economy relies much on people constantly consuming with their money and if banks gave more tools for people to be more responsible with their money, then it would be one less likely for them to need credit.
Besides, in the eyes on the holders of saving accounts, there would be no benefits from being locked out their savings. I would only consider to lock my money out my reach if their offered my extra interest for locking it all, when compared to having free access to one's capital.

Take for example what cryptocurrency exchanges do (like Binance) they have got two kinds of Earning/Saving accounts or products: flexible and locked. Locked savings always offer better annual interests than the flexible options.

Though, because of the culture of consumerism we are going through and the greed of big banks, you will never see those tools coming back, in my opinion. 

Make your bank deposits safe, BUT everyone should remember that saving our money entirely in fiat gives the government an opportunity to "steal" from us. Everyday you work for your salary, but it's also everyday that your salary is worth less and less because of inflation. Plus they're printing money at a higher velocity during every new cycle, making its value diminish faster than previous cycles.

What do you mean postal institution? Is your country's postal agency offering financial services like savings account? Because here in mine, it seems the purpose of the postal institution is to provide delivery services.

Anyway, such a service might seem interesting to some. But I think this is already in existence, although not exactly as you've described. Time deposits are like this. Your funds will be locked for a certain period of time. But the banks cannot just keep them indefinitely. The longest term that I know is only 5 years. And I guess there's also that option to terminate it anytime.

As far as I know, this is that you can lock your amount for periods of time tunure. For example If you want to lock your savings for a year you can lock it but I don't think so it's a better option to lock it under the condition that no matter what happens taking your savings out is prohibited. It can lead to some serious complications.

You can sign with the bank that under these conditions allow me to take the money out e-g under severe medical conditions etc. The other way is that you can limit your transactions amount for a month or even for a year that this much amount can only be credited out of the account. Thats also a very good approach to Secure your savings.

This sounds ridiculously stupid and makes no sense. From the way you've described it, 95% of the benefit would be going to the bank and the person who's money is being frozen gets very little from the situation. When first reading the headline, I though you were referring to the ability to temporarily freeze your account if you thought you were a victim of fraud and were alerted to that fact. The way that banks operate commercial, in this context, is nothing to do with central banks - why do you think it is? I don't know any saver that is looking for the sort of functionality that you've described because it puts them in a worse situation in most cases, people who have savings will tend to be better planners and financially sound anyway.

In my country, as far as I know this is possible

It would be so much helpful to be honest for someone
who has a hard time managing finances. Though it might
prove to become an inconvenience since you can’t just
take it out whenever you need something for emergency so it will
be better to just specifically allocate the money to something instead
of putting all your money into it

I think it's called a time deposit, you store a certain amount of money in the bank and it will never be moved in a certain span of time, it's probably the most awesome way of ensuring that you've got a money at a certain time that it becomes available to be taken out, that's what a lot of rich people in my country do, they put in a time deposit for each of their kids and even themselves so in the case that they ever need money at some point in time, they would have it without any worry. Another benefit of time deposit is that it grows at an annual rate but the rate is too low to matter but then again, most of them store that money for about 10 to 20 years so that growth might be negligible right now but when that 20 years passes, you'd be thankful and wished that you've got more annual rate in that time deposit.

This thread reminds me with TimeLock for 40 years payday?

There's no banks offer this, what they offer is just like time deposit, but the owner can still unlock it by paying penalty fees if they want to withdraw earlier. Fortunately Bitcoin offer this feature, if you want to lock your coins for specific times, you can use timelock transactions.

Moreover the inflation rate we see on bank central is fake because they combine from many sectors. The real inflation rate should be calculated from primary sectors, instead of including many important sectors e.g. television, industrial, communication services etc.

That is why if you want to do some locked in savings in your bank, make sure thay you already diversify your money and do not forget to allocate an emergency fund because if you need a money, you can't easily withdraw the money that you've deposited in your locked in account, Take note that if you want to grow your money, you might consider the locked in Investment and saving account in other banks so that even if your money is hold for how many years, you can have some dividends from your own money.

That's a terrible option for one simple reason: you should not bag hold something that loses value in the long run.
We all know that fiat has no cap and that means it experiences inflation. So it is guaranteed that it loses its value in long term. Locking it up without being able to do anything with it (specially if there is no interest) is a bad idea. You should always invest fiat not bag-hold it. You should already know this as someone in a "bitcoin" forum.

Lets do some quick calculations assuming this is a 5-year lockup.
How much interest would that bank have paid? 5%? 20%? 50%?... How much was the inflation and how much is that same amount of fiat worth today?
Now lets say you had bought bitcoin 5 years ago with the same money (ie. an actual investment) at $5000. Today with price being $70000 that is a 1300% profit.
Do you see the difference between bag-holding fiat and making an investment?

I think, this banking system is very common with online banking app because they know that it don't has to do with physical transaction before you can withdraw your money or deposit your money which is the reason some users use to allow their funds in the bank, and they have the right to empty their funds from that particular bank. I came to discovered something like that in my formal bank when I wanted to withdraw my money but they where trying to give me some excuses anytime I make attempts to withdraw but trying to withdraw the funds online it was showing network errors which I know is the hand work of the bank. Any funds you know that you are not using now, you don't need to deposit such huge amounts of funds into the bank because it will not bring income to you like the kind income you will achieve when you invest such funds in Bitcoin.

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.

Yes, it is called time deposit in our country. All banks supported it, though they have the same terms when you have decided to lock your funds for a certain period of time, the interest rate differs depending on the bank. There are also some banks that have terms if ever the depositor decides to withdraw their funds before the planned date, but the amount they can withdraw is only up to 25%.

If I remember correctly, my parents did this when I was young, the money they locked in was set to be received once I turned 18 years of age and was supposed to be used for my studies. For some, they use it for their retirement to at least earn interest.

I'm not sure nowadays if they also offer a time deposit using virtual banks but as far as I know, the record of the deposited money that is put on the time deposit is being transferred to a bank passbook which can only be updated if you go directly to the bank.

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.

You can do this in a time-deposit bank account if I'm not mistaken. You can still pull out your funds though, but if your contract states that you won't have access to it until a certain amount of time then you don't have any choice but to follow the clause of that contract and not withdraw the funds. It's a concept that others often find nonsense, but if you're looking to keep your funds for a long time anyway, it's a good one. Just make sure though that you're working with a reliable and trustworthy bank that doesn't have any funding issues and you're golden.

Do you mean the safe deposit box service offered by banks and postal services? With the banks, I think there are fewer people each year who use the service although the service could still be available to some paying customers.

I don’t think there’s any central bank that would disallow this particular service as the whole idea of the bank is to safely safeguard and keep customers valuables. Asides money, there are things people consider valuable and would like to safeguard it. The service may not be as used as it once was, but it may very well still be available.

As for online virtual banks, I doubt they would have such service. You literally cannot deposit anything physically.

What you said is absolutely correct and the current situation in my country matches your post. In my country now it is very risky to keep bank money and bank savings. This has happened several times in my country can keep money in bank but not withdraw, can save in bank but can't withdraw that savings, it still remains in my country. I have talked about my Bangladesh here, if you search my Bangladesh banking status you will see that the banking system of this country is most corrupt. People of my country are now collecting money at home without keeping money in the bank, they are also not keeping money in the bank because if money is kept in the bank it is not the owner but the government officials who steal it. And embezzled money from the bank. But we who are involved in bitcoin we don't believe in bank money I always believe in bitcoin that's why I invest in bitcoin.

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.

Why do you want that option? If you want to keep your money in a bank account for a specific amount of time, you only need to avoid touching that money, which it should not be that hard if you are already a bitcoin holder and you are used to not move your coins no matter what, besides such a thing will limit your options, as in the case of an emergency you will not have access to that money, and you may end up facing an economic challenge you could have avoided completely by simply using those savings.

I don't think we have a product like that here and I find it silly for multiple reasons but I'll get to that.

First, You said "are there central banks that do not allow it?". I can't make the relation here. I don't think you can do business with the central banks as an individual.

Anyway, If you keep your FIAT locked without collecting interest, you will lose massive purchasing power. You don't want to do this. Especially in the long term, it will be a disaster. Even if you collect interest it is still not a good idea as the interest you collect will be lower than the actual inflation.

Do you want to save FIAT or stocks or crypto in a bank account? Who is going to manage these portfolios?

I can't make any sense of what you wrote.

If you want to be a hodler, just forget that you had these assets. It shouldn't be that hard.

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.