The Top Easy Access Savings Discussion Area

jaypers

I’ve personally stopped depositing into Chase. Too limiting and by the end of this month I suspect many savings institutions will have easy access rates above 1.5%

MartusJK

Patr100 said:

MartusJK said:

HI there, hope its ok if I jump on here about this but I was seriously shocked and inconvenienced today when I discovered theres a hard, non-negotiable £25K daily limit on moving funds out of the 1.5% Chase account, when MSE states Yes to Unlimited withdrawals, and their own blurb says "You can take out some or all of your money anytime with no fees. You can't spend with your card from this account, so you'll need to transfer money to another Chase or UK bank account.". So what is going on here, I put a £250K stash in there on the main assumption it was instantly withdrawable, in part or whole, now it seems that will take 10 days of withdrawal payments, are they allowed to say such seemingly contradictory/misleading wording and is MSE aware??

Most accounts have daily limits for withdrawals, specially under Faster Payments . I'd be surprised if any allow a single £250k withdrawal without additional checks or procedures . That's why Solicitors  charge fees for  moving larger sums eg house buying.
The point is "no fees" , as MSE can't specify every limit depending on account and much is in it.

I closed down my Cynergy one today, £70K out no problem instantly and Ive also moved out bigger amounts in one go. I asked Chase if i could close it down and move all funds out in one go but no, had to do the £25K a day thing first.

It might be buried in their T&Cs but when their upfront account intro says "You can take out some or all of your money anytime" thats pretty explicit and I think I am entitled to make my investment decision on that?

CheekyMikey

£250k with one institution is an interesting choice in itself…

gt94sss2

Patr100 said:

Most accounts have daily limits for withdrawals, specially under Faster Payments . I'd be surprised if any allow a single £250k withdrawal without additional checks or procedures . 

Starling Bank allows you to make faster payments upto £250,000. The Faster Payments system limit is now £1m/payment.

Chase will be compensating a relative as a staff member told them he could withdraw more than £25k/day before he deposited his funds.

On the other hand, Chase claimed that payments over £25k were banned by the UK government when I had a (different) issue..

refluxer

MartusJK said:

It might be buried in their T&Cs but when their upfront account intro says "You can take out some or all of your money anytime" thats pretty explicit and I think I am entitled to make my investment decision on that?

Yes, that is a pretty misleading statement to make. It should really have a 'subject to daily withdrawal limits' proviso attached at the very least.

The Chase Saver T&Cs also don't make any daily limits clear...

"Payments out of the account: You can only withdraw from the account by transferring funds to other accounts held with us or other UK banks. You can make as many withdrawals as you like with no penalties."

The general Chase T&Cs state "We may also apply spending limits, such as a daily limit on the amount you can withdraw in cash with your card, as well as transaction limits. If we apply these limits, we will let you know what they are."

...but I haven't seen the limits written down anywhere ?

Admittedly, of the savings accounts I've had in recent times, the majority (Tesco, Marcus etc) have had limits so it's something I always look out for in the T&Cs if that's ever likely to be an issue with the cash I'm depositing.

eskbanker

gt94sss2 said:
Chase claimed that payments over £25k were banned by the UK government when I had a (different) issue..

Did you ask them which law they assert specifies that?!

Daliah

gt94sss2 said:

Patr100 said:

Most accounts have daily limits for withdrawals, specially under Faster Payments . I'd be surprised if any allow a single £250k withdrawal without additional checks or procedures . 

Starling Bank allows you to make faster payments upto £250,000. The Faster Payments system limit is now £1m/payment.

Chase will be compensating a relative as a staff member told them he could withdraw more than £25k/day before he deposited his funds.

On the other hand, Chase claimed that payments over £25k were banned by the UK government when I had a (different) issue..

Oh wow, that's something else, to claim they are adhering to a non-existent law! Either their training is not up to scratch, or you did come across a rogue CS person. This begs the question whether you can trust them with other information they give you.

Hope you complained.

Daliah

refluxer said:

The general Chase T&Cs state "We may also apply spending limits, such as a daily limit on the amount you can withdraw in cash with your card, as well as transaction limits. If we apply these limits, we will let you know what they are."

...but I haven't seen the limits written down anywhere ?

Afraid, it seems you didn't look very hard  

Daliah

CheekyMikey said:

£250k with one institution is an interesting choice in itself…

It's ok up to £1m and for 6 months under the FSCS temporary high balance rule

refluxer

Daliah said:

refluxer said:

The general Chase T&Cs state "We may also apply spending limits, such as a daily limit on the amount you can withdraw in cash with your card, as well as transaction limits. If we apply these limits, we will let you know what they are."

...but I haven't seen the limits written down anywhere ?

Afraid, it seems you didn't look very hard  

Ah - fair enough, but it isn't mentioned in either the Chase Saver Account T&Cs (1.0.0) or the General Account T&Cs (1.2.0) documents (which are made available to you in the 'Legal' section of the app) and I think it probably ought to be.