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

Ifts

YorkshireBoy wrote: »

I moved £50K (the maximum I was told) out last year by phone requested BACS transfer which arrived 2 days later.

Ive done the exact same before after trying to withdraw a large amount, it was TPF that advised me to do it this way to get the money transfered out sooner rather than waiting for their daily withdrawal limits. Its one of the reasons Ive kept my Tesco telephone savings account open. I transfered the money on-line from my Tesco internet savings to my Tesco telephone savings account and then phoned up TPF who transfered it out via BACS and it reached the destination in 2 days.

When it comes to the reliability/limits of FP's, you could do a lot worse than Tesco's.

YorkshireBoy

Ifts wrote: »

I transfered the money on-line from my Tesco internet savings to my Tesco telephone savings account and then phoned up TPF who transfered it out via BACS

You had an unnecessary step in there though didn't you? My phone requested transfer was made directly from my Internet Saver account.

Ifts

YorkshireBoy wrote: »

You had an unnecessary step in there though didn't you?

At the time I didn't think I could give Tesco a telephone withdrawal request for a Internet savings account (I will know for next time), It wasn't really any hassle as I was online anyway at the time.

adindas

I am interest to know the advantage of Tesco's Internet saver ? compared to say. Halifax Web Saver Reward in which you could get higher interest (2.8+0.2%) rate, Instant access. Could become Fp if it is combnaed with Halifax REward current a/c ?

ADINDAS

Milarky

adindas wrote: »

I am interest to know the advantage of Tesco's Internet saver ? compared to say. Halifax Web Saver Reward in which you could get higher interest (2.8+0.2%) rate, Instant access. Could become Fp if it is combnaed with Halifax REward current a/c ?

ADINDAS

I would say there is more certainty about when (and when not) - as well as how much - you can make in instant transfers with the Tesco product. Plus, if sufficiently organized, it allows you to set up and make future dated payments to any number of payees - not something you could do with the average 'savings' account.

psychic_teabag

In the past, I've found Halifax faster payments to be very unreliable - pot-luck whether any given payment will go as FP or as BACS. And possibly limited to transfers below £1,500, though there's no documentation that there is such a limit. (And if it decides to go BACS, it doesn't even start the 3-day transfer until the next day.)

I have a feeling that if you schedule a payment for the future from Halifax, it always goes BACS, , though I could be wrong.

I've never had any such problems with Tesco (provided the recipeient accepts FP, of course).
Halifax may be improving though - haven't had as much trouble in the last few weeks as I had before.

noh

TimmyTroll wrote: »

... It promises a "daily limit of £10K" not a "business daily limit of £10K"

It doesn't promise a daily limit of £10k.

They state here:-
http://www.tescofinance.com/personal/finance/savings/savingsaccounts/internetsaver/summary-box.html

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

Which means any amount between £0 and £10K.

Eco_Miser

TimmyTroll wrote: »

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)

It wouild take you over three months (100 days) even if they allowed £10k every day. In reality, if you were moving £1m you'd pay the thirty quid or so for a CHAPS transfer, and move it all in one day.

Milarky

Remember that the technical limit for a single faster payment is now 100K. At present Lloyds is the best of the banks @ £20K per payment, and £25K daily (M-F) limit.

The 'daily limit' is nothing to do with the FP service - it's available '24/7' - but it seems the banks are free to impose any limits* they wish within this - and lite touch regulation will ensure that remains the case.

*And that would include 'limits' they don't tell customers about fully on their websites/call centres etc