The Top Easy Access Savings Discussion Area

Bigwheels1111

2010 said:

Always found with Nationwide you can transfer more with the app than online.

I moved 85k via the app, £9999.99p a time.

Over and over again. But worked. If I was to do it again I would send different amounts so its easier to track them ie 9k, 9.5k.

refluxer

Bigwheels1111 said:

2010 said:

Always found with Nationwide you can transfer more with the app than online.

I moved 85k via the app, £9999.99p a time.

Over and over again. But worked. If I was to do it again I would send different amounts so its easier to track them ie 9k, 9.5k.

Just for info - Nationwide have changed their online banking and app payment limits, so you're no longer forced to make individual £9999 or £10k transfers, as was the case with their previous per-transaction limit.

It's now up to £100k per transaction and up to £100k per day, although a limit of £25k per day applies if it's a new account or one you haven't paid many times before.

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

(Edit : apologies @gwapenut - I didn't spot you'd posted the same info above)

masonic

gwapenut said:

masonic said:

Freebird53 said:

I've just attempted to fund my Santander account, only to find my source account with Nationwide, limits transactions to £25000/day, as it is a 'new' account, despite me sending £1 to verify. Can anyone recommend an institution which does not have these ridiculous limits?

See https://www.wearepay.uk/what-we-do/payment-systems/faster-payment-system/transaction-limits/

This notes that Nationwide has this extra restriction, but most others do not.

Thanks for the link, but the information they give is hopelessly out of date, for Nationwide at least.

They are correct about limiting payments to destinations you have not been "grooming" in advance, however they state that the normal limit is £10k when in fact it can be as high as £100k. In this respect, Nationwide are better than Lloyds Banking Group who limit payments to £25k per day.

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

Interesting, presume the information comes from the banks themselves. In Nationwide's case, it must have been last updated when they introduced the restriction silliness. I don't know when they upped their normal limits. They were still low the last time I held an account there, and I would rule them out as a serious contender on the basis that any large payments I'd be likely to make would be to a newly opened savings account.

There are several banks with high limits that have been that way for many years, so I still think the site is useful for those at least.

iNeed2P

grumbler said:

iNeed2P said:

flobbalobbalob said:

martinm1 said:

2010 said:

Eirambler said:

Santander's 5.2% offering looking very good now for the many that have it after today's rate hold decision.

Until they cut it!

Why would they cut it, the boe rate didn't move down today?

They may have depended on a rise when they set their rate.

 A bank depending on what might happen. I very much doubt that. 

ALL fixed rates depend on forecasts of what might happen. Fact.

That's nonsense.

tg99

For Secure Trust and Paragon, anyone know when deposits start earning interest (any cut offs, business days only etc?)? I’m aware that withdrawals have a 2pm business day cut off for same day receipt.

1spiral

I have seen a couple of posts here regarding some institutions not paying interest until the next working day after receipt. I assume they are referring to missing the cut off deadline for deposits. Am I correct or are there institutions that have to hold your funds for 24 hours before they start accruing interest?

I have used many institutions over the years and scan their T&Cs for info that I need in order to operate my accounts but must say this is never one I have come across. Does anyone know of any institution that operates in this way?

2010

I usually assume, whether right or wrong, that you don`t get interest for the money on the day you withdraw it and interest doesn`t start until the next day for wherever it`s going to.

1spiral

2010 said:

I usually assume, whether right or wrong, that you don`t get interest for the money on the day you withdraw it and interest doesn`t start until the next day for wherever it`s going to.

I think the first part of your statement is 100% accurate. If the second part was, it would take a large swing in interest rate between existing and new to ever make switching viable due to the interest loss penalty.

2010

1spiral said:

2010 said:

I usually assume, whether right or wrong, that you don`t get interest for the money on the day you withdraw it and interest doesn`t start until the next day for wherever it`s going to.

I think the first part of your statement is 100% accurate. If the second part was, it would take a large swing in interest rate between existing and new to ever make switching viable due to the interest loss penalty.

So you think the receiving provider pays interest for the day they receive the money no matter what time of day it is?

masonic

The answer can usually be found in the T&Cs of your account, so it pays to refer to them rather than guessing. For example, Santander clearly states that money received before 8pm earns interest from that day, while money received later won't start to earn interest until the next day.

Not understanding things like this can result in a saver losing out on interest due to making a transfer that prevents them earning interest from either of their accounts on a particular day, while in other cases a whole weekend could be lost.

These losses would still be relatively small. To make a switch unviable, the rate differential would need to be quite small and/or the frequency of switching high.