Tesco Internet Savings - "daily" withdrawal limit - NOT!

TimmyTroll

Perhaps I am wrong but how would you read from the Tesco Bank website

"The maximum daily limit for Internet Saver withdrawals is:
Online: £10,000"
???

Actually you can only withdraw money on business days and attempts to take money out on a bank holiday or weekend carry forward to the next working day - which then blocks a withdrawal over £10K that day! Not great over Easter /May bank holiday if you need to get at your cash !

Milarky

This is the Achilles heal in the faster payments system - it cannot override the banks own use of the arcane 'business day' model. Even the regulations which will (effectively) compel adoption of faster payments over BACS from next January will not change this. All we can do is stay informed about the particulars of each account and plan our use of transfers/withdrawals accordingly.

In the case of Tescos you must 'punish' them by drawing your cash out only after 6.30 on a weekday (Fridays is best) so that the deposit is still credited elsewhere that day (RBS/Barclays seem to use the earliest cut-off times of all banks) but it only 'debits' from Tesco for interest purposes the next.

Eco_Miser

TimmyTroll wrote: »

Perhaps I am wrong but how would you read from the Tesco Bank website

"The maximum daily limit for Internet Saver withdrawals is:
Online: £10,000"
???

The daily limit will never be more than £10,000, but it could be less.

Baldur

TimmyTroll wrote: »

Perhaps I am wrong but how would you read from the Tesco Bank website

"The maximum daily limit for Internet Saver withdrawals is:
Online: £10,000"
???

Actually you can only withdraw money on business days and attempts to take money out on a bank holiday or weekend carry forward to the next working day - which then blocks a withdrawal over £10K that day! Not great over Easter /May bank holiday if you need to get at your cash !

Considering that most savings accounts don't even support Faster Payments at all, meaning a 3 working day BACS transfer in most cases, the Tesco Internet Saver's FP limitations are far outweighed by the facility to make virtually instantaneous transfers on working days.

noh

Baldur wrote: »

Considering that most savings accounts don't even support Faster Payments at all, meaning a 3 working day BACS transfer in most cases, the Tesco Internet Saver's FP limitations are far outweighed by the facility to make virtually instantaneous transfers on working days.

Actually FP are available 7 days a week 365 days a year from Tesco internet saver.

YorkshireBoy

noh wrote: »

Actually FP are available 7 days a week 365 days a year from Tesco internet saver.

I think the OP's concern was that they couldn't make a £10K withdrawal "365 days a year" noh.

They seem to be saying that making a £10K FP on Good Friday (22nd April) means the next time they can make a withdrawal of any amount would be the following Wednesday (27th April) because, although friday's FP is instant, the transaction is 'recorded' as being made the next working day ie Tuesday 26th April.

noh

YorkshireBoy wrote: »

I think the OP's concern was that they couldn't make a £10K withdrawal "365 days a year" noh.

They seem to be saying that making a £10K FP on Good Friday (22nd April) means the next time they can make a withdrawal of any amount would be the following Wednesday (27th April) because, although friday's FP is instant, the transaction is 'recorded' as being made the next working day ie Tuesday 26th April.

Yes I do understand that.
The Op stated:-

Actually you can only withdraw money on business days

I was just trying to make clear that FP withdrawals are available every day provided the limit isn't exceeded.

TimmyTroll

The problem is that if you action a FP for £10k on a Friday evening - it transfers on the Monday - but you are then not allowed to do a further FP on the Monday. So in fact there are only ~250 days a year on which you can do an FP transfer of £10K. This is not what the account promises. It promises a "daily limit of £10K" not a "business daily limit of £10K"

A dream perhaps but if you have £1M in the account it will take you 4-5 months to get the money out ! ( Not really the easy access you might expect)

hgm

I made a payment yesterday (Sunday) which went via FP. Taken off balance instantly and by the time I logged into the other account, it had arrived there. So perhaps it's the receiving bank that the OP is having trouble with rather then Tesco.

nzseries1

hgm wrote: »

I made a payment yesterday (Sunday) which went via FP. Taken off balance instantly and by the time I logged into the other account, it had arrived there. So perhaps it's the receiving bank that the OP is having trouble with rather then Tesco.

That's not quite what the OP is saying - there's no doubt that you made a successful payment on a Sunday which arrived on Sunday.

The problem is that if you then tried to make another payment on Monday, it would have failed if Monday's payment added to Sunday's payment took you over the £10,000 limit - despite the literature promising a *daily* limit of £10,000, the reality is that Sunday and Monday's payments are both included in the one £10,000 quota.

I've had exactly the same problem with them in the past when my interest rate bonus ran out - I wasn't able to transfer all my money out over a weekend - I had to wait until Tuesday because of this exact reason.

YorkshireBoy

It's not the end of the world though is it? I moved £50K (the maximum I was told) out last year by phone requested BACS transfer which arrived 2 days later.