Current account - payment limits

oliverl

I’d appreciate any advice that you all may have in relation to selecting a new current account.

Currently, I bank with Citibank (using their gold service – what a joke it is – avoid at all costs…) and I intend to sack them after they’re latest screw up.

The single biggest reason for my selecting them in the first place is that, whilst they impose an outward BACS transaction limit of £10,000, there is no limit on the number of £10,000 transactions that I can make in a day. So effectively, I can BACS payments to other bank accounts, without limit.

I don’t want to have to telephone the bank or visit a branch in order replicate being able to do this with another bank. Also, I’d prefer not to have to pay for privilege of conducting my daily banking.

Does anyone know of any other accounts that have the same online functionality as citibank?

Thanks for any help – just trying to shortcut having to phone round lots of banks.

Mikeyorks

oliverl wrote: »

The single biggest reason for my selecting them in the first place is that, whilst they impose an outward BACS transaction limit of £10,000, there is no limit on the number of £10,000 transactions that I can make in a day. So effectively, I can BACS payments to other bank accounts, without limit.

Not since the 1st January you can't, I'm afraid. The EU Payments Directive has effectively blocked BACS as a transmission facility because of it's 3 day cycle. Payments now have to be there by the next business day after initiation ...... so it's FP or CHAPS.

There's a current table for FP limits here - so you can select your new Bank by that criteria? But - be cautious as some of these could be daily, as opposed to transaction, limits?

http://www.ukpayments.org.uk/faster_payments_service/value_limits/