ING Direct Savings Account

Hobbers83

I have an ING direct savings account which contains the deposit for a flat I am in the process of buying. Does anyone know if I can make a CHAPS payment from this account to my solicitors for the deposit? Is there a limit to how much can be transferred at one time? If not then persumably I need to transfer the money (by BACS) to a bank that will do a CHAPS transfer and send it from there? Am I right in thinking that the limit for a single BACS transaction is £10,000?

Joe_Bloggs

Why not phone ING and ask them what their policy is regarding CHAPS and other cash transfer facilities.
Let us know what you found out.
J_B.

Dr_Cuckoo3

The withdrawal limit appears to be £500 and it appears that you can only transfer funds to linked accounts in your own name

You may be able to access all the funds faster by closing the account

jfh7gwa

Dr_Cuckoo3 wrote: »

You may be able to access all the funds faster by closing the account

When I had an ING Direct account, I wrote to them to close it (end of last year) - it took a few weeks for them to close the account, and they didn't send me confirmation that the account was closed as I'd asked (I just couldn't log in one day online).

Personally, I wouldn't rely on ING Direct's account closure to be easy/quick if the OP wants to get their money fast. Perhaps I was just unlucky though.

kay126

You can only move funds to your linked current account, same day transfer limit £500 if you initiate transfer before 6pm on a business day, other wise any amount over will be in your linked account before 6pm on next business day. Payments are made by faster payments.

Withdrawal timescales are exactly the same if you close an account. Also this is an account which will close within two business days over the phone, they dont accept written instruction so they would have closed it as an exception because it was under a certain amount, if you had just rang it would have been done over the phone with you there and then...