Chase Current Account Warning

tomwanless

Just want to make everyone aware that Chase’s current account doesn’t allow you to make transfers of more than 25k per day. This might sound fine but it means if you want to make a transfer for an investment, or even buy a house, you won’t be able to do it with Chase. So you will need to maintain another current account with another bank. Even if you phone them, there is no way to exceed the 25k/day limit. So if you were wanting to buy a £500k house, you would need to make 20 daily transfers to another bank account before you could transfer to your lawyer etc. 

eskbanker

All current accounts have transaction and/or daily limits, so this isn't specifically a Chase issue, although most more traditional banks will offer CHAPS for high-value transfers as an alternative to faster payments....

k_man

£25k is common for online based transfers.
None of the other banks have a higher limit (quite a few are £10k) as far as I know.

According to the app, there is no limit for debit card payments.

Daliah

Looking at the Chase UK T&Cs, this appears to be a limit on your account rather than a general limit




NB: please use the existing Chase UK thread for discussions about this bank.

Zanderman

tomwanless said:

Just want to make everyone aware that Chase’s current account doesn’t allow you to make transfers of more than 25k per day. This might sound fine but it means if you want to make a transfer for an investment, or even buy a house, you won’t be able to do it with Chase. So you will need to maintain another current account with another bank. Even if you phone them, there is no way to exceed the 25k/day limit. So if you were wanting to buy a £500k house, you would need to make 20 daily transfers to another bank account before you could transfer to your lawyer etc. 

It wouldn't be sensible to try using ordinary bank transfer to buy a house - CHAPS, as eskbanker says above, is what you'd probably want to use for that. The question that arises for Chase (and any app-only bank), to my mind, isn't that transfers are limited to 25k (loads of banks will have that), it's whether they can do CHAPS payments.

The only times I've done CHAPS transactions (last one just 2 years ago) it meant a branch visit and a chat. But Chase don't have branches - and looking at their website I see it specifically states that the CHAPS service is not available (https://www.chase.co.uk/gb/en/legal/fees-and-charges/). 

ColdIron

tomwanless said:

Just want to make everyone aware that Chase’s current account doesn’t allow you to make transfers of more than 25k per day.

Many banks have lower limits
https://www.fasterpayments.org.uk/about-us/personal-transaction

Ballard

I transferred from Al Rayan to fund Chase and their limit is £20k. 

RN61

Nationwide is £10000. Natwest is £5000. Afraid this is non-news!

phillw

Santander transaction limit is £25k, but with a £100k a day limit & so you can make multiple transactions.

I might have been on MSE for too long, but doesn't everyone here have 7 current accounts??

Section62

RN61 said:

Nationwide is £10000. Natwest is £5000. Afraid this is non-news!

Nationwide's limit is per transaction.  There's no limit (as far as I know) on the total per day, although I've heard they are considering turning the £10k figure into a daily limit.

It's always useful to be reminded that banks and building societies have transaction/daily limits.  These become more of an issue when they apply to accounts people are using to store their emergency fund and/or cash waiting to be recycled into RS accounts.

gt94sss2

k_man said:

£25k is common for online based transfers.
None of the other banks have a higher limit (quite a few are £10k) as far as I know.

Santander and Starling have much higher faster payment limits. There are others as well including those who send CHAPS payments for free if the amount warrants it