Which banks can move large amounts to other banks in one go (excluding CHAPS)?

Squibbler

Zebra wrote: »

Does anyone know what the situation with Nat West is?
I've got a fairly large deposit going in this week, and don't want it hanging around in there too long while I transfer it out to other accounts.

Good question - I have some in Natwest too and will need to transfer it out as I'm in the process of moving my ISA in there and want to stay in the 50K limit. I'll bet they are the same as Lloyds and possibly Barclays too - 10K a day. Anyone know?

derrick

It would probably work out cheaper for you to pay the £30. CHAPS fee, then you would not be without interest on the value for 3-4 days whilst the money is in the ether, also you would start getting interest from the recipient bank/B S on the same day of transfer, therefore getting back most if not all of the CHAPS fee due to receiving interest seamlessly, i.e. BACS transfer, free but no interest for 3-4 days, CHAPS £30. but interest not interrupted.

Squibbler

Yes possibly - I need to do the maths. I did make a small payment of £500 into Lloyds from a Barclays account and it went through same day - I was really impressed! - no fee under "faster payments". The guy at the Lloyds branch also implied Lloyds use faster payments now too - I'm wondering if Lloyds to Nationwide internet 10K might go through as this as then there is no "ether" interest lost if I do the 10k/ day - just loads of hassle by logging on each day. Nationwide isn't the final destination for this money either, but it is my linked account to it. grr... I wish they would all sign up to using faster payments and let people transfer a sensible amount per day. This must be affecting so many people trying to keep within the 50K FSCS limit right now. The small banks don't seem to impose the 10K transaction limit, just the banking giants.

oramgepekoe

Squibbler wrote: »

Good question - I have some in Natwest too and will need to transfer it out as I'm in the process of moving my ISA in there and want to stay in the 50K limit. I'll bet they are the same as Lloyds and possibly Barclays too - 10K a day. Anyone know?

Yes Natwest has a £10k per day limit.

Squibbler

oramgepekoe wrote: »

Yes Natwest has a £10k per day limit.

Oh Great!:rolleyes:

chris1

Squibbler wrote: »

Anyway - i would be interested if people have experience of other banks/ Building societies and if they can transfer sums greater than 10K out, without CHAPS charge. Thanks

First Direct have no limit.

savetilibleed

Thanks for starting this thread.

I suppose we will have a problem as we want to move some money I have in an account in my name to a fixed interest account in my wife's name that we have yet to open. It will be around £15-18000. I will want to move £15000 from N Rock to my LTSB current account then transfer that to my wife's HSBC current account. She will also close her £3000 ISA into her current account. We will then apply for a fixed interest account somewhere for her. But then I believe you have to fund the account in one whack. BTW she can now claim interest gross, hence the change.

So will we have a problem?

We will lose interest while this is happening of course as the new account has to be funded from the linked account (my wife's).

BiggaThanBen

Squibbler wrote: »

I'm not sure about debit card payments. I know if you pay for holiday money via debit card at a Lunn Poly etc they say the banks make a charge. Never really understood this.

I meant transfer to another bank, like Egg Saving or YBS Saving, they accept transfers by debit card and amount is credited instantly ....

Mikeyorks

savetilibleed wrote: »

We will lose interest while this is happening of course as the new account has to be funded from the linked account (my wife's).

Not necessarily as a lot are funded via a DD 'pull' from the Savings account - which is interest neutral. But if this is a new account with a provider you currently have no association with .... part of the ID is likely to be that you fund via personal cheque.

Robinmsa

Squibbler wrote: »

Yes possibly - I need to do the maths. I did make a small payment of £500 into Lloyds from a Barclays account and it went through same day - I was really impressed! - no fee under "faster payments". The guy at the Lloyds branch also implied Lloyds use faster payments now too - I'm wondering if Lloyds to Nationwide internet 10K might go through as this as then there is no "ether" interest lost if I do the 10k/ day - just loads of hassle by logging on each day. Nationwide isn't the final destination for this money either, but it is my linked account to it. grr... I wish they would all sign up to using faster payments and let people transfer a sensible amount per day. This must be affecting so many people trying to keep within the 50K FSCS limit right now. The small banks don't seem to impose the 10K transaction limit, just the banking giants.

You say up there that it isn't your final destination account so why dont you just transfer it direct from LloydsTSB???