Transferring fairly large amount into Marcus savings account

Victorwelldue

I have opened a savings account with Marcus and tested it with a few small transactions in & out from linked account and all seems good so I now plan to transfer around £80K into into it via my linked account which limits me to £20K transfer limit per day so I was planning to do this over 4 days. I've seen a few threads on here about bank accounts being frozen due to suspected suspicious activity etc so I'm now just wondering if transferring this amount of money is likely to cause any issues of this nature? The money is savings from earnings that has been built up over the years that has been sitting in a few current/savings accounts but Marcus seems to be the best place for easy access while earning some interest. I could live with being frozen out for a few weeks but wouldn't want anything to drag on for longer than that. I will retain some money in my existing current accounts too. Probably being a bit paranoid but just get a little nervous when shifting life savings around! Do I have anything to worry about?

ZeroSum

Nah. I normally transfer over smaller amounts in multiples incase of any issues

Socajam

I would not transfer over such a large sum over 4 days.
I would do it 20K this month and 20K every month thereafter.
I just transferred over 18K from my Nationwide account to NS&I Direct Saver in lots of over 9K within 4 days of each transfer
A week or so later I wanted to buy 9K worth of Premium Bonds - and I keep getting a error message, that I need to call.
Once I called, I was told that a security was placed on my account and I need to write in to have it removed.
I have no idea why, because I have been transferring money from Nationwide Acct since last year.  So now I cannot purchase any more PBs until I write to them, my guess is to explain where the money came from etc.
Maybe the experts on here have some advice.

inspectorperez

Victorwelldue said:

I have opened a savings account with Marcus and tested it with a few small transactions in & out from linked account and all seems good so I now plan to transfer around £80K into into it via my linked account which limits me to £20K transfer limit per day so I was planning to do this over 4 days. I've seen a few threads on here about bank accounts being frozen due to suspected suspicious activity etc so I'm now just wondering if transferring this amount of money is likely to cause any issues of this nature? The money is savings from earnings that has been built up over the years that has been sitting in a few current/savings accounts but Marcus seems to be the best place for easy access while earning some interest. I could live with being frozen out for a few weeks but wouldn't want anything to drag on for longer than that. I will retain some money in my existing current accounts too. Probably being a bit paranoid but just get a little nervous when shifting life savings around! Do I have anything to worry about?

As the funds are presumably already in your linked account, I don't quite see what the problem is here. All you are doing is adhering to the daily transfer limit and the funds remain within the UK banking environment. I am speculating that the Marcus (Goldman Sachs) savings account is of the easy access variety paying circa 1.2% and all you are doing in effect is investing money from a recognised source up to circa the amount underwritten by FSCS compensation scheme. I would be surprised if this gave rise to any sort of Money Laundering reporting issue.

Highland76

Despite the horror stories out there, you should have no issues transferring a large amount funds to a genuine financial institution to an account in your own name. No different to paying off your mortgage with £80k in one go. Give your linked bank a call, once you explain that your're sending funds to your own savings account at Marcus they should be able to send the funds in one go using BACS - should take a few days. You might need to do this in branch if your bank won't let do the transaction over the phone, or alternatively payments over 20k through internet banking might automatically go via BACS.

colsten

Which bank are you going to transfer from? Many have higher daily limits on the phone. 

Higher limits or not, I would call the bank to ask what they recommend. Better to discuss it with them before the event.

Elderone

I was recently in the same boat transferring 20k every day into Marcus easy access and had no problems 👍  but like others have said, it wouldn't hurt to ring your bank to warn them.

JGB1955

If it's Nationwide, you can make multiple payments if £10,000 on the same day.  

digalumps

One option might be to pay the £35 or whatever and get your bank to do a chaps amount for the total £80k

oldagetraveller1

Why not ask Marcus rather than some random people on t'internet?

https://www.marcus.co.uk/uk/en/public-site/contact-us

Highland76

digalumps said:

One option might be to pay the £35 or whatever and get your bank to do a chaps amount for the total £80k

Why waste money on a CHAPs transfer when a free BACS transfer is possible for the same amount? Of course BACS takes 2-3 days to reach the destination whilst CHAPs is same day but the CHAPS fee is far greater than a few days extra interest the OP would gain on 80k . Like I said the OP needs to ring his bank up or visit a branch and ask them the best way to transfer 80k in one go - they will almost certainly advise him that BACS is the best (cheapest) way.