Online bank transfers - max limit ??

Annie3465

Hi

I hope some one can help me, I just inherited £28K. As I've never had money before, I've never paid that much attention to savings etc. BUT know I need to make sure I get a good deal. My question is:-

I've a Barclays bank account which I use to transfer money online. AND I've just opened an A&L online saving account.

BUT the problem is Barclays transfer limit is £2k per day. Therefore it will take many days to transfer £26K.

A & L don't accept cheques and neither do a few other online account.

Does anyone know if there is a Bank account that I could open just to pay cheques in and which doesn't have an online transfer limit?

Or

An online high interrest easy access account which accepts cheques.

Thanks

Kazza242

Hi Annie.

You could ask Barclays to arrange a CHAPS transfer to your A&L account. Using CHAPS will ensure a same day transfer of your money to A&L. Barclays charge £20 for this, which I think is worth it considering the amount of money involved. I also consider CHAPS transfers to be a safer method of moving large amounts of money.

Please note that the A&L online saver maximum account balance limit is £25,000, so you would need to deposit £1,000 of your £26,000 somewhere else. Have you thought about opening a mini cash ISA? You can deposit up to £3,000 each tax year and earn tax-free interest.

Annie3465

Thanks Kazza, I'll go and talk to Barclays. I knew there must be a way. I've opened up and ISA, and I'm looking at the AA internet account which allows over £25K. So one I'm up and running with all this transfer stuff I might move the lot over.

PoorPaul

Annie3465 wrote:

BUT the problem is Barclays transfer limit is £2k per day

Is the £2k per day a general thing or is it different for each customer ?

I've sure I've used the 'Pay a bill/someone' option to transfer considerably more than that in a single transaction before ????

If it IS different for each customer, what criteria do they use ? Doesn't seem very fair. But then, it is Barclays.

ManAtHome

Sounds a bit stingy - HSBC allow up to £10k a day. Does the A&L account have the facility for a 'one off' Direct Debit to 'pull' the cash from Barclays (I dimly recall doing something like this with Cahoot some time ago).

Kazza242

Annie3465 wrote:

Hi
BUT the problem is Barclays transfer limit is £2k per day. Therefore it will take many days to transfer £26K.
Thanks

I had to call Barclays tonight to sort out another issue, but I did take the liberty of asking them what their transfer limit is. For Telephone, Online or debit card transfers, the limit is a total of £5,000 per day.

Annie - ManAtHome is correct in saying that A&L ask you to setup a direct debit authorisation on your linked current account. I have one linked to my Barclays account. If you are registered for Barclays online banking then you can check whether you have a direct Debit setup to A&L, by doing the following:

1. Login to Barclays online banking.
2. From the 'At A Glance' page, click on your Barclays current account.
3. On the left hand side of the screen, you’ll see a pull down list called 'Customise my Site'. Click on the arrow (that points downwards).
4. Choose 'Change Transfers' from the drop down list. Click on the 'Next' button.
5. Under the 'Select Payee' section you should see 'Alliance & Leicester PLC' listed as a 'Direct Debit'.
6. Click on the 'Return' button. To return to the 'At A Glance' page.

mary

When I have done BTs for my husband on his Barclays current account and sent the money via that to reduce interest on a Woolwich Mortgage reserve account, when you try to send more than £2K on the screen, a note comes up saying that £2K is the maximum daily limit and it simply will not let you.

I have recently opened an Alliance and Leicester account and had a direct debit facility with that linked to my Lloyds account and that enabled me to transfer the "Egg" SBT £10K directly into it in one go

I have found that Lloyds TSB current account will let you transfer £10K per day to different accounts

Hope that helps

muddyfox470

yeh, in this instance a chaps payment is warranted, and with that amount of money trying to tranfer, if you do take time tranferring it over, you will lose a bit in interest that you could have got!

best of luck with finding little places to put your money. if you hadnt used ur tax free allowance consider opening one asap, and investing the £3000 (for mini isa) to get the savings tax free!

ian

Stonk

I haven't come across this before. I have never had any problems shuffling large sums from my Lloyds account.

There might be a distinction based on where the request originates. For example, one way round is "push", e.g., you tell Lloyds "send money to this other account" - I can understand that they might limit this. The other way round is where the money is "pulled", e.g., you have an online savings account and you deposit into it via a Direct Debit from your linked current account (ING, A&L, B&B, etc, all work like that) - I don't see how your bank can refuse this, if the funds are available.

As I say, I've never had any troubles but then I've probably only used the latter technique. I tend not to have multi-thousand-pound bills to pay, fortunately!

Paul_Varjak

Stonk is correct. If your Barclays bank account is a current account and linked to your A&L Savings Account, you should be able to log into your A&L account and request a direct debit.

If the two accounts are not linked you should be able to set up a one-off standing order from your Barclays Acoount (again assuming it is a current account). To do this you will have to ask A&L their sort code/account number and quote your own account number as a reference.

In summary, if you want to transfer moneys to another institution, use SO or DD but, if you want to transfer to another account with same institution do it via a transfer. Intra-bank transfer are often instant, inter-bank transfers are not.

Annie3465

Thanks to everyone who replied.
I've asked my online high interest account for a one off payment from the bank account where I deposited the Cheque. AND it worked.
Just for info, I phoned Barclays online help desk 3 times, as the info I got varied. The first person said I couldn't transfer, as they had never heard of the account, the next said the max limit was £2k, and the last said that I could trans £20K as many times as I like in one day. The helpdesk is in another country so there was a language problem.

Thanks again to all who replied.