Switching to Barclays

badger09

Simba-ali34 wrote: »

Does anyone happen to know the limit for a transfer from Coventry building society?

https://www.coventrybuildingsociety.co.uk/content/dam/cbs/consumer/pdf/savings/Your_savings_with_us.pdf

Scroll to the bottom of page 12.

Simba-ali34

Hey, so just an update, I started to transfer over funds from my old account to my new, I've transferred over in 3 fairly large transactions so far, is this likely to cause any red flags from Barclays for potentially blocking the account? I was going to do one more transfer then leave the rest up to switch service. I can't see it being a problem but wasnt sure if opening a new account and paying in from a different account is likely to cause any issues .

Regards

colsten

badger09 wrote: »

Incidentally all the regular posters on here advise that you have at least 2 current accounts with different banking groups so that you're not in deep do do if/when your bank has IT problems

I agree, keeping all your money with one bank (/banking group) is far riskier than something going wrong with a CASS switch

eskbanker

Simba-ali34 wrote: »

Hey, so just an update, I started to transfer over funds from my old account to my new, I've transferred over in 3 fairly large transactions so far, is this likely to cause any red flags from Barclays for potentially blocking the account? I was going to do one more transfer then leave the rest up to switch service. I can't see it being a problem but wasnt sure if opening a new account and paying in from a different account is likely to cause any issues .

Regards

As always, it's difficult to give any clear guidance to those who feel the need to be coy about figures - "fairly large" might mean £500 to one person but £500,000 to another.

Either way round, if the figure concerned is fairly large to you, why would you be putting multiples of it into an account where it won't earn any interest?

Simba-ali34

You make some very good points, I do intend to open a savings account once I have transferred over everything to Barclays.

I must admit I have been Abit lazy when it comes to bank accounts and savings. I've had the same building society account since I was 16 and never really thought about changing, I'm kind of new to how it all works.

My plan was to transfer over the bulk of the funds in a number of transactions (if this is ok to do from the banks point of view) just incase anything goes wrong when the rest of the switch process happens. Once all this is done I was going to look at savings accounts or other investment opportunities.

omits

For what its worth I do my own switching. It enables me to review who is taking money from my account and there are no mistakes. I then transfer money across in small amounts then if I'm closing the old one get the last zero balance statement and then follow the banks instructions to close it. No hassle. I'm in control not some tired underpaid bank clerk.

Simba-ali34

To be honest I much prefer transferring atleast some of the funds myself, an element of self control I guess..

From your experience would 4 or 5 transfers of say between 1000 and 2000 cause any issues when transferring manually? I don't wanna cause any red flags with either of my banks and block anything.

Regards