Extended FSCS Guarantee -account rationalisation

D1zzy

With the prospect of the Extended FSCS Guarantee in December I was considering doing some rationalisation of my accounts - closing some and topping up others. It then occured to me that trying to move 85k out of a single account quickly could potentially be more difficult depending on individual bank's rules for BACS & FP transfers (I avoid CHAPS on principle and because of 1 bad experience) - and that could influence which ones go and which ones stay

Don't suppose there is a 1 stop shop that lists these anywhere?

From various conversations I believe that:
LTSB - 10k FP transaction limit per account but multiple transactions are possible. Up to ? (£2500 at the last count)
BACS limit ?
Debit Card transaction limit 40K

Natwest - 10K FP and BACS limit per account holder(ie across all accounts)

Assume Tesco is the same as Natwest

ING - no FP - unlimited BACS to linked account.
Any others?

psychic_teabag

D1zzy wrote: »

Natwest - 10K FP and BACS limit per account holder(ie across all accounts)

I think that if one account holder takes money from a joint account, that counts against both account holder's daily quota. So we now transfer from joint account to single account then pay it out from there (bit silly, but ...)

psychic_teabag

Halifax does support FP out, but I've found it to be very intermittent. I can rarely make 3 faster payments of 1k each during one session. Another attempt later that day may or may not work.

Ifts

D1zzy wrote: »

Assume Tesco is the same as Natwest

Tesco Internet savings allows withdrawals of £10k FP per day.
Tesco Instant Access (Telephone banking) £10K FP per day & up to £50k via bacs using their telephone banking service.

When I tried to recently withdraw a large amount from my Tesco Internet Savings account I was only allowed to withdraw £10k FP per day which would have taken 5 days to transfer the full amount out. So I transfered the money online from my Tesco Internet account to my Tesco Instant savings account, then phoned up Tesco telephone banking and withdrew the full £50k in 1 transaction via Bacs transfer (withdrew on Tuesday and money reached destination on Thursday).

Loughton_Monkey

For a time, I used Citibank. I found only by accident that I could move whatever I wanted in a day. Just had to do it in £10K chunks. Maybe this applies to other banks as well.

Stompa

Loughton_Monkey wrote: »

For a time, I used Citibank. I found only by accident that I could move whatever I wanted in a day. Just had to do it in £10K chunks. Maybe this applies to other banks as well.

Err, Citibank has yet to implement faster payments:

http://www.chapsco.co.uk/faster_payments/-/page/fpslimits/

(except for corporate customers).

Update: Or perhaps I've misunderstood, maybe you meant initiating multiple £10k BACS payments on the same day.....?

ChiefGrasscutter

In general I've found most banks seem to have a £10K limit on transactions done online either via BACS or FPI - I'm speaking here about personal accounts not business accounts.
Some may also limit the sum of all your various smaller transactions done on one day to £10K total when done online.

Each bank will have their own procedures for authorising transactions above this limit.

Rollinghome

D1zzy wrote: »

LTSB - 10k FP transaction limit per account but multiple transactions are possible. Up to ? (£2500 at the last count)
BACS limit ?
Debit Card transaction limit 40K

Natwest - 10K FP and BACS limit per account holder(ie across all accounts)

The other way if you have a current account with them is to transfer across and write a cheque, for which there shouldn't be a limit. (Liable to lose a little interest unless carefully timed.) Most of the details of who does what on FP at the CHAPSco site on the link given by Stompa.

One thing that caught me out recently was when I FPed £10k from Natwest on a Saturday and that was counted against my limit when I tried to transfer another £10k on the following Monday. Computer said no.

D1zzy

Rollinghome wrote: »

The other way if you have a current account with them is to transfer across and write a cheque, for which there shouldn't be a limit. (Liable to lose a little interest unless carefully timed.) Most of the details of who does what on FP at the CHAPSco site on the link given by Stompa.

One thing that caught me out recently was when I FPed £10k from Natwest on a Saturday and that was counted against my limit when I tried to transfer another £10k on the following Monday. Computer said no.

mmmmm..... Cheques, forgot about them - can't remember when I last wrote one.

....when is it that they finally disappear?

psychic_teabag

Rollinghome wrote: »

One thing that caught me out recently was when I FPed £10k from Natwest on a Saturday and that was counted against my limit when I tried to transfer another £10k on the following Monday. Computer said no.

Also, payments after 6pm count towards the next day's quota.

Mikeyorks

D1zzy wrote: »

....when is it that they finally disappear?

The day before you really need one, most likely

Cheques / Debit Cards (I've certainly done £60k that way in the past) tend not to be too useful on the sort of rationalisation you're discussing? the LTSB Vantage being an exception ..... but you wouldn't want to 'rationalise' out of 4% at the moment?

The Halifax BACS limit is £15k .... but you can do multiples. But then you wouldn't be saving with Halifax?

The answer you require is 'CHAPS' .... I'm afraid. You need to put principles and one bad experience to one side if you're really going to be moving the best part of £100k? After all the daily CHAPS value exceeds the UKs GDP ...... so it must work well for most (businesses).

Bear in mind the FP (immediate) transaction limit is now £100k ........ unfortunately none of the Banks appear to be lining up to be the first for personal accounts :

http://www.chapsco.co.uk/chaps_company/press_releases/-/page/1022/