How to move money without loosing interest?

CLN

I need to move a large amount of money from my savings account to my family members, and am just wondering how I can do this, if possible without wasting too much money on fees or interest?

The only catch is my family member is not in the UK right now as they live abroad, I just don't want to ask the bank questions like this as I'm worried they might accuse him of not living in the UK and not being allowed to have the type of account he has.

Onawingandaprayer

What type of account has he got?

polymaff

CLN wrote: »

I need to move a large amount of money from my savings account to my family members, and am just wondering how I can do this, if possible without wasting too much money on fees or interest?

The only catch is my family member is not in the UK right now as they live abroad, I just don't want to ask the bank questions like this as I'm worried they might accuse him of not living in the UK and not being allowed to have the type of account he has.

What a jumbled-up question. How much is "a large amount"? Is it "family members" or "family member"? Is the crux of this question "how do I transfer £x from a UK savings account to another UK bank/savings account as cheaply as possible"? If so who are the two accounts with?

quotememiserable

polymaff wrote: »

Is the crux of this question "how do I transfer £x from a UK savings account to another UK bank/savings account as cheaply as possible? If so who are the two accounts with?

If that is the question, the answer is £0 isn't it? Unless the account you're coming out of is one of those with limited withdrawals and you've already made them all for the year.

polymaff

quotememiserable wrote: »

If that is the question, the answer is £0 isn't it? Unless the account you're coming out of is one of those with limited withdrawals and you've already made them all for the year.

Oh, I'm not rushing in until the OP has answered all four of my questions.

Pincher

Open an HSBC Premier account in the UK, you need to keep £50k in it to qualify. Using your UK passport, and the UK account detail to open a slave account in Australia (where you relative is), which does not need £50k, because they just get a reference from the UK HSBC. You do not need to be resident in Australia. Money transfer between these two accounts is now FREE.


If they ask, either end, just wave your passport and say you are sending spending money to yourself.


Obviously, you can transfer all the money eventually and close the accounts down. I wouldn't do it too quickly, though.


Alternatively, your relative opens a base account in Australia, with £50k, and opens a slave account in the UK.

CLN

Ok sorry I will try to give more information. The amount is £3,000-£10,000 depending on how much the fees or interest I will loose is. The account I want to move it to if possible would be a Cash Isa with Santander, the person is my son and we have the same last name. My accounts are also with Santander.

I will change the question a little though. I actually don't need to MOVE the money exactly. I need to have the money in an account in his name, if this can be done without moving the money that would be fine also.

TCA

CLN wrote: »

I will change the question a little though. I actually don't need to MOVE the money exactly. I need to have the money in an account in his name, if this can be done without moving the money that would be fine also.

Not sure how you think you can deposit money in an account in your son's name without moving it? Presumably you're aware that if your son is overseas he is not permitted to open a new ISA? Is that basically what you want to do but with your money?

Linton

CLN wrote: »

I will change the question a little though. I actually don't need to MOVE the money exactly. I need to have the money in an account in his name, if this can be done without moving the money that would be fine also.

You arent trying to hide your money are you? If its in his name, it becomes his money.

It doesnt cost anything to move money from one account to another. It will only lose a day or so interest unless your money is currently in a fixed term savings account. Is it?

Archi_Bald

CLN wrote: »

The account I want to move it to if possible would be a Cash Isa with Santander, the person is my son and we have the same last name.

you said earlier the person you need to move the money to lives abroad. Unless your son or his partner is in the Services or on a diplomatic mission, he is not allowed to have an ISA whilst abroad.

CLN wrote: »

I will change the question a little though. I actually don't need to MOVE the money exactly.

how would you get it into your son's account without moving it?

CLN wrote: »

I need to have the money in an account in his name, if this can be done without moving the money that would be fine also.

Any money in an account in his name is legally his, not yours. Can you also elaborate why you need to have the (your?) money in an account in your name? Are you trying to reduce your assets for some reason?

xylophone

Cash Isa with Santander,

they might accuse him of not living in the UK and not being allowed to have the type of account he has.

https://www.gov.uk/individual-savings-accounts/if-you-move-abroad-or-die