Natest Esaver - 10K transfer limit

locky123

I need to urgently transfer a large amount from the Natwest esaver but find that there is a limit of 10k per day. My other online savings accounts have no such limit. I need the money for a house purchase next week. Does anyone know how to overcome this problem? I've phoned and used web chat but nobody at Natwest can help, as they say I need a current account which cannot be set up in time.

Milarky

If you closed your account they would have to bevy out the proceeds in a single payment regardless of amount - it will probably be BACS however. Otherwise you just have to take out 10K per day as per the limit in place. It's your call.

Funkyfreddy

locky123 wrote: »

I need to urgently transfer a large amount from the Natwest esaver but find that there is a limit of 10k per day. My other online savings accounts have no such limit. I need the money for a house purchase next week. Does anyone know how to overcome this problem? I've phoned and used web chat but nobody at Natwest can help, as they say I need a current account which cannot be set up in time.

Close the account with a request to transfer to an alternative account that allows easier access to the funds to one of your other accounts if they do not have any limits. Payment will probably be via BACS so will take several working days but a CHAPS payment whould (should ?) be an option if needed sooner.

FF

locky123

I cant find a way to close the account online. This is crazy, why do Natwest make it so difficult!

locky123

Finally got to speak to someone at Natwest who could help, a supervisor. They will transfer funds by CHAPS (no cost to me) from my esavings, but he only has the authority for up to 100K, so will take 3 days.

My overall experience with Natwest esaver and withdrawing funds >10K is poor based on product features and customer service.

calypso_rhapsody

To be fair it was in the T&Cs ..... Personally i find the fact that you can transfer up to £10k out as a Faster Payment to be one of the big attractions of the NatWest esaver.

cottager

calypso_rhapsody wrote: »

Personally i find the fact that you can transfer up to £10k out as a Faster Payment to be one of the big attractions of the NatWest esaver.

Indeed; one of the few savings accounts around that does.

Over a year ago I remember people raising similar issues as the OP about Ulster Bank's Pathway a/c. In fact the same circumstances for one: a large amount deposited fairly short-term in readiness for a house purchase, but when withdrawing again when it was required, having the savings account on its own without a current a/c was making it problematical. (Ulster Bank's part of the same group as Natwest.)

I was slightly surprised recently when an internal TF (arranged online) of just over £10k from eSavings to my current a/c took 3 working days to be credited. I've always been well aware of the £10k/day limit to external accounts, but it really didn't occur to me it would apply to a TF between two of my own Natwest accounts.

Maybe that's in the T&Cs too (haven't checked) but I couldn't really see what the logic behind it not being instantaneous could be. The silly thing was that if I had realised, there was actually no need to transfer £10,400 all in one go as I could have covered the odd £400 from what was in the current a/c already and just TF the round number; but £10,400 was the amount to be taken from the current a/c by debit card for something else so I just did the whole lot, thinking it would be a quick hop across.

charlieboycat

cottager wrote: »

I was slightly surprised recently when an internal TF (arranged online) of just over £10k from eSavings to my current a/c took 3 working days to be credited. I've always been well aware of the £10k/day limit to external accounts, but it really didn't occur to me it would apply to a TF between two of my own Natwest accounts.

I'm very surprised. Been using NatWest current and eSavings accounts for years and transfers between the two have always been instantaneous for any amount up to a maximum of £99,999.99.

Jake'sGran

I seem to remember I had a problem with Smile Bank with the same rule i.e.£10k but then discovered that I could do £1000 x 5 in one day. You could try doing it this way.