How to move >£10k to savings and back without fee's ?

jblackmore

We have sold our house, so need to move proceeds into savings accounts for a few months, I have setup two suitable savings account (with different institutions), and assumed I could just do online transfers half into each.

Just looking into this now, and Lloyds limit online transfers to £10k per day, or want to charge £25 for CHAPS - which is going to wipe out the interest from moving to savings accounts and back !!

Can I transfer 10k per day over several days or will this be blocked ? Also I will need to move the money back in a few months to buy new house, will I have the same problem then ? I can't risk the money being stuck when we need to get it back ?

Any tips welcome !

Lokolo

The fruad department may flag your account up for possible fruad if you do it £10k over a few days, although this is free. Upto you, if you want the possible hassle of the fruad department go for it. I would. And just hope you don't have to end up calling the bank!

nicko33

jblackmore wrote: »

Any tips welcome !

I was in a similar situation with Lloyds last year when buying my house and trying to transfer my deposit to my solicitor.
Simplest way to do it is probably to write a cheque.

jennifernil

Sometimes it is possible to make larger transfers by phoning your bank. And some receiving banks can "take" the funds if you set up a direct debit.

D1zzy

I have done 10K a day (40k) over a few days with problem
I think their FP transaction limit is now £2500 - so if you do 4 of those each day it will rech your receiving account (as long as it accepts FP) immediately. If you do 10K in 1 hit it will take 3/4 days

iereboy

1)Transfer into current account and write a cheque.

2)Move 10k every day