App only and online savings accounts

Jinnes9165

Hello.
New  user to mse forums.
I am looking to open fixed term and short notice savings accounts, but am wary about transferring large sums over the internet to open the accounts. 
Looking for some advice on the subject.
Any input welcome.
Thank you in advance.
Jon innes 

RobfromCornwall

Start with a test deposit of £1.  When you can see it's there, transfer larger sum(s). 

Albermarle

The usual advice is to do a test transfer first of a minimal amount. Then assuming it goes OK, then you can be confident that a bigger sum will go through OK.
Your bank will have some kind of daily/per transaction limit as well. Maybe they will block it and call you to make sure it is you making the payment.
Presume these large sums are in savings accounts now? What did you do previously> Have a branch account?

Jinnes9165

Morning. Thanks for the input. 
No still languishing in a big Scottish bank gathering pitiful interest.

Daliah

There are now also some savings accounts which let you pull money in from your current account. Tandem and Zopa do. So you don't need to faff about with £1 deposits for those.

Whether you use the pull or the push method, your current account(s) will have limits for transfers. You should also be prepared to have your payments, or even your current accounts, blocked for further checks by your bank(s). If this happens, don't panic as it's now quite normal. Just call your bank and calmly ask for the block to be removed.

RG2015

Daliah said:

There are now also some savings accounts which let you pull money in from your current account. Tandem and Zopa do. So you don't need to faff about with £1 deposits for those.

Whether you use the pull or the push method, your current account(s) will have limits for transfers. You should also be prepared to have your payments, or even your current accounts, blocked for further checks by your bank(s). If this happens, don't panic as it's now quite normal. Just call your bank and calmly ask for the block to be removed.

While blocking of payments and even current accounts may be considered quite normal it does not happen all of the time.

I am regularly opening new savings accounts and transferring many £000s and have never had any issues like this.

Albermarle

Jinnes9165 said:

Morning. Thanks for the input. 
No still languishing in a big Scottish bank gathering pitiful interest.

Keeping large amounts in a current account is definitely not recommended in most circumstances, as the  money is being devalued all the time by inflation, especially at the moment . £100K will become £90K in 12 months, in terms of what you can buy with it.
If you really have a big cash pile, then have you thought about investing any of it, or adding to your pension?
Even if you put it in a savings account at 2.5% it will still be a problem with inflation.
Of course we have no details about you, so this can only be a suggestion to think about.

Jinnes9165

Thank you all for the input.
Much appreciated.👍