The Top Easy Access Savings Discussion Area

Locarno1

I’m still very new to all this. Like someone suggested previously, it’s good to have a portion of your savings in different accounts which I quite like the idea of. However, my question is, if I’ve got quite a big sum in Tandem Bank, how do I transfer say a big sum? Initially when I opened up Tandem, I could only say deposit £10k from my Barclays current account each day. Is there any easier way? I’m just thinking do the banks track if large amounts are being moved around… don’t worry, I’m not doing anything dodgy just want to make it easier for me.

Band7

Locarno1 said:

I’m still very new to all this. Like someone suggested previously, it’s good to have a portion of your savings in different accounts which I quite like the idea of. However, my question is, if I’ve got quite a big sum in Tandem Bank, how do I transfer say a big sum? Initially when I opened up Tandem, I could only say deposit £10k from my Barclays current account each day. Is there any easier way? I’m just thinking do the banks track if large amounts are being moved around… don’t worry, I’m not doing anything dodgy just want to make it easier for me.

You can transfer money out of Tandem to any UK current account in your name.

Chief25

fly-catchers said:

I don’t have a smart phone but when applying for a Kroo account via Topcashback with my iPad I go to an install app page with a QR code. How do I go about scanning that code? Would getting it on the screen of my PC and them using my iPad camera to take me to the app keep the tracking with Topcashback?

I had the same concerns, Topcashback linked to a QR code using my laptop, which i then opened on my Iphone. Cashback tracked quickly after I'd deposited £50, within a few hours if i remember correctly. No issues at all. 

Beddie

Locarno1 said:

I’m still very new to all this. Like someone suggested previously, it’s good to have a portion of your savings in different accounts which I quite like the idea of. However, my question is, if I’ve got quite a big sum in Tandem Bank, how do I transfer say a big sum? Initially when I opened up Tandem, I could only say deposit £10k from my Barclays current account each day. Is there any easier way? I’m just thinking do the banks track if large amounts are being moved around… don’t worry, I’m not doing anything dodgy just want to make it easier for me.

If you use Barclays online banking instead of the app, you can move £50k per day. 

A nonsense really, as since you use the app to log into the website, so how can it be any less safe?

OceanSound

Beddie said:

Locarno1 said:

I’m still very new to all this. Like someone suggested previously, it’s good to have a portion of your savings in different accounts which I quite like the idea of. However, my question is, if I’ve got quite a big sum in Tandem Bank, how do I transfer say a big sum? Initially when I opened up Tandem, I could only say deposit £10k from my Barclays current account each day. Is there any easier way? I’m just thinking do the banks track if large amounts are being moved around… don’t worry, I’m not doing anything dodgy just want to make it easier for me.

If you use Barclays online banking instead of the app, you can move £50k per day. 

A nonsense really, as since you use the app to log into the website, so how can it be any less safe?

With Nationwide the per transaction and daily limit is £100,000 both for online banking AND mobile App.

https://www.nationwide.co.uk/help/payments/transfer-limits-and-timescales/

"You have a £100,000 overall daily limit

If you set up a payment through our Internet Bank or Banking app (including with Open Banking), you can make payments of up to £100,000 per transaction up to a £100,000 overall daily limit."

Btw, with Barclays does the Personal account £10,000 mobile App limit apply for transfers using Open Banking too?

I use Tandem and have carried out payments into that account using Open Banking linked to Halifax current account, but not Barclays. Seems Halifax bank has a daily limit of £25,000 for 'online' payments:
https://www.halifax.co.uk/aboutonline/payments-and-transfers/payment-limits.html

"Daily limit

Online: up to £25,000"

That webpage dosen't mention mobile app limit or Open Banking limit

mebu60

Locarno1 said:

I’m still very new to all this. Like someone suggested previously, it’s good to have a portion of your savings in different accounts which I quite like the idea of. However, my question is, if I’ve got quite a big sum in Tandem Bank, how do I transfer say a big sum? Initially when I opened up Tandem, I could only say deposit £10k from my Barclays current account each day. Is there any easier way? I’m just thinking do the banks track if large amounts are being moved around… don’t worry, I’m not doing anything dodgy just want to make it easier for me.

Many of us shift sizeable (for us) sums around, especially recently with all the rate changes (in the right direction). 

Statistically every now and again there will be a security check. I had my first one in a very long time yesterday. Tedious but understand why they do it. One benefit was that after payment was released and account unlocked I got him to do the remaining transfers I had planned to the same provider as one large transaction.

Be sure to do a low value test transaction before transferring larger sums.

Nick_C

That low value test transaction followed by a larger sum is often what triggers the security check! 

alternate

Nick_C said:

That low value test transaction followed by a larger sum is often what triggers the security check! 

I think it depends on how fast the two transactions occur.  It you transfer a quid and then thousands within an hour of each other I can see the system flagging it.  Given you usually have to wait for the receiving bank to acknowledge the pound, I usually do the main transfer a day after and have never had an issue.

cricidmuslibale

Nick_C said:

That low value test transaction followed by a larger sum is often what triggers the security check! 

In my experience the security check very rarely happens if the following larger sum is not deposited immediately after the test transaction but rather after either waiting for at least a few hours or doing this main deposit the very next day if feasible.

phillw

Nick_C said:

That low value test transaction followed by a larger sum is often what triggers the security check! 

Its rather random. I still send £1 first despite confirmation of payee (and not all accounts support it anyway).

I do it a lot and got blocked once lately. But I also recently got blocked sending to an existing payee.

What you can't do is tell whether sending the large amount without the £1 would have had the same outcome. For that you need a flux capacitor