Al Rayan Bank - Everyday Branch Saver Account - Daily Withdrawal limit ?

BigBlueSky

Does anyone know if there is a daily withdrawal limit (transferring out to a nominated account) ?
Thanks in advance

Mr.Saver

The product claims it has "no withdrawal limit".

colsten

If there is now no limit, that's new since mid March this year, when it was £20K max / working day online/app, or £10K max / working day on the phone. That's to any account, as there is no nominated account for the Everyday Branch Saver. I believe you can request a cheque for higher amounts.

I have not been notified that the withdrawal/payment limits have changed since March.

BigBlueSky

I couldn't find any official confirmation on this either way - on the website or otherwise. 

colsten

BigBlueSky said:

I couldn't find any official confirmation on this either way - on the website or otherwise. 

You won't find any official confirmation. Until you try to make your withdrawals. I speak from experience (which involved a complaint, and eventually an amount of compensation, as I was messed about by bugs in the app when I tried to make a large withdrawal)

Ballard

I need to withdraw something in the region of £40k from Al Rayan in the fairly near future and would be interested to hear whether anyone else has withdrawn that sort of amount recently. From memory I've withdrawn £20k without issue in the past but I think that amounts over that were met with an error that it exceeded the daily maximum. It is, however, quite possible that I'm mixing my banks up.

It's for a house purchase so I want to make sure it's in the account with my lender a couple of days beforehand. If it comes to it I'll just make the withdrawals over a few days. Even a whole week's interest on that amount only comes to about £8 so I shouldn't get too annoyed at the loss.

colsten

I don't believe you can do it in one go. IIRC, the daily limit for online withdrawals is £20k, and over the phone it is only £10k. Although you would probably be able to request a CHAPS withdrawal for a higher amount.

Ballard

colsten said:

I don't believe you can do it in one go. IIRC, the daily limit for online withdrawals is £20k, and over the phone it is only £10k. Although you would probably be able to request a CHAPS withdrawal for a higher amount.

Thanks. I'll just transfer the money over a few days and allow myself a couple of days extra. With rates as they are it's just not worth messing around for just over £1 interest per day.