Large deposit into savings acc

davied

Hi - Just wondering if it is possible to trnasfer a lump sum of 25k into a savings account ie first direct. Is there a legal aspect to this with regards the bank can i make such big transfers is there a maximum amonut per day - Confused - Any help appreciated -

Thanks all great site by the way

cheerfulcat

There's no legal problem as such, though if you do not regularly make such large payments the receiving bank may ask where the money came from. There is generally no limit on how much you can put in to an ordinary savings account, though there are sometimes upper limits on the amount on which interest will be paid.

Some banks/building societies do limit the amount you can transfer out in one day, at least, between their own accounts - not sure whether they can do this if you are switching out altogether...your biggest problem IMHO is going to be avoiding being given an appointment to see an in-house financial advisor

HTH

Cheerfulcat