Is there a max amount for current account

bigmuffin

Im hoping someone can help as this has been annoying me for ages.

Is there a max amount of money you can hold is a current account ( RBS ).

Say for example a big house sale or several hundred thousand?

Could you get 750,000 or a million transfered into your account untill you move it else where eg into savings or property etc OR do current account have a limit on how much can be in them like savings accounts do??

thanks to anyone who can answer this

katejo

I am not aware of a limit but why would you want to hold a large amount there when most current accounts pay little or no interest?

bigmuffin

Just until you can transfer it else where. Eg say a big house / land say 500,000 + get that paid into your bank ( current ) account then move to savings from there

innovate

Just make sure you have half a dozen or so accounts with different institutions, and ask that no more than, say, £80ish K gets paid into each.

WickedWitch123

bigmuffin wrote: »

Im hoping someone can help as this has been annoying me for ages.

Is there a max amount of money you can hold is a current account ( RBS ).

Say for example a big house sale or several hundred thousand?

Could you get 750,000 or a million transfered into your account untill you move it else where eg into savings or property etc OR do current account have a limit on how much can be in them like savings accounts do??

thanks to anyone who can answer this

Hi, i had the equity of my house sale transferred into my current account when I sold (several years ago now). My bank phoned me the next day saying that I should move it ASAP because if my card was stolen they could clear the whole lot. They were very insistant that I make immediate arrangements to transfer it to a "safer" account.

dr_adidas01

No you can have quite a lot in your bank account, up to a few million so most T&Cs say in most bank accounts.

Though as most have said its better to not have stupidly large amounts of money in your account in case someone does get illegal access to your account and steals all your money.

KTM_Gordo

That is a question to ask your bank, but there are risks in holding a lot of money with one provider because you are only protected by the Financial Services Compensation Scheme (FSCS) for amounts up to £85k (or double that for joint accounts).

Best to spread it around a bit, although that can take time.

abercrombie

You can keep as much as you like in a current account however with NatWest and RBS the maximum debit card transaction you can make is £99,000.00 anything higher than that and you would have to do a CHAPS payment. However I would advise if you intend on keeping hold of the cash to split it up between banks and not keep any more than £85,000.00 in any bank as thats the maximum the government would cover you for if the bank were to collapse

bigmuffin

thanks for all the replys. Im aware of the fscs but it would just be the initial deposit.

Eg sell property . . . get 500,000 in bank ( lets say a thursday ) then i can move inti savings , bonds etc but im just making sure the lump sum can be paid into the account then i can move it from there

MoneySaverLog

It must be unlimited I would have thought, given some of the euromillion jackpots of late running over a hundred million.

bigmuffin

does the euro millions / lotto get paid in a lump sum?. i thought it got drip fed for tge lottey into your account .

Thats fine though if 500,000+ would be able to be deposited / transfered into my.account untill i can transfer it into other places.