Atom Bank and HSBC

135 Posts

So we have a Marcus account with £125k in it and thus pays 2.5%.
linked account is HSBC Advantage current account.
Yesterday I downloaded Atom Bank application on iPad (IOS) and created/opened a 1 Year fixed saver account paying 4.35% interest.
The app gave me a sort code (04-40-01) and account number.
I had funded HSBC account with £50,000 from Marcus account and I xfered £50 to Atom account and it arrived in a couple of minutes.
Then I sent £9,950 and this arrived ok making total £10,000 in Atom account.
I then tried £15,000 and HSBC froze this and reversed transaction.
Daily limit is £25,000 via HSBC online yet I was under it.
Today I tried the £15,000 again and it went over ok.
Then I tried £5,000 and it was frozen.
Called HSBC and lady on phone took me through every fraud scene I have heard of and I had to confirm I was happy with was not a scam.
By end of call she had made me nervous ….
I checked sort code and it is for Atom bank.
The application process gave me an address where we lived two houses prior and I had to confirm from list…
So I’m happy the Atom account is legit.
Anyway I need to Xfer another £20k Wednesday.
linked account is HSBC Advantage current account.
Yesterday I downloaded Atom Bank application on iPad (IOS) and created/opened a 1 Year fixed saver account paying 4.35% interest.
The app gave me a sort code (04-40-01) and account number.
I had funded HSBC account with £50,000 from Marcus account and I xfered £50 to Atom account and it arrived in a couple of minutes.
Then I sent £9,950 and this arrived ok making total £10,000 in Atom account.
I then tried £15,000 and HSBC froze this and reversed transaction.
Daily limit is £25,000 via HSBC online yet I was under it.
Today I tried the £15,000 again and it went over ok.
Then I tried £5,000 and it was frozen.
Called HSBC and lady on phone took me through every fraud scene I have heard of and I had to confirm I was happy with was not a scam.
By end of call she had made me nervous ….
I checked sort code and it is for Atom bank.
The application process gave me an address where we lived two houses prior and I had to confirm from list…
So I’m happy the Atom account is legit.
Anyway I need to Xfer another £20k Wednesday.
If I visit a HSBC branch will they do Xfer for me after ID checks?
Do they have a daily limit?
I want to create another 1 year fixed next week in wife’s name and fund it for £50,000 also.
Would like to visit HSBC branch and do it in one go.
Do they have a daily limit?
I want to create another 1 year fixed next week in wife’s name and fund it for £50,000 also.
Would like to visit HSBC branch and do it in one go.
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However the Marcus account is a joint account and thus we had cover up to £170,000 I was told.
Since making opening comment on this thread Atom have reduced interest rate on 1 year fixed.
So my account is ok and I have until Monday night next week to fund it.
For wife I will not be bothering now as I have not opened account yet with Atom.
I now plan to fund my own 1 year fixed rate to £85k or maybe less if I want interest being added protected aka money above £85k.
With interest it would be 84.5k if my maths is correct.
Under the FSCS protection.
£81,456 would be the upper limit if you wanted to account for interest at maturity.
Presumably you've already exhausted your ISA allowance? If not, you can fix £20,000 for one year at 3.81%, to save yourself about £400 in basic rate tax.
My income is below £13,000 per year via pensions that have kicked in.
Until other pensions kick in we are living off savings (money in easy access accounts).
I understand thus this will is how I will be taxed on savings interest?
For me below it will be £13.830 plus £6,000 = £19,830 = income from pension plus interest to be tax free.
“Simply put, for most people these two terms mean that if you earn less than £18,570 a year in income and savings interest combined, you won't have to pay any tax on the interest paid on the savings. This £18,570 figure is made up of three separate allowances:
Those who have a personal allowance higher than £12,570 will get a higher limit for their savings too. For example, if you get the blind person's allowance, your limit would be £21,170.
For ease, to find your limit for tax-free savings, find out your personal allowance and add £6,000 to it.”
Note that the Marriage Allowance, whilst a reduction to your wife's Personal Allowance, is not an increase to your Personal Allowance, but a tax credit of £252. If your pension income remains below £12,570 then you can take advantage of the entire additional £6,000 (taxed at 0%). Anything above that (£18,570) is then taxed at 20%; any tax you pay is reduced by the £252 credit, but if you can't make full use of it, you lose the surplus. (In practice that's usually not a problem, barring edge cases, including if your wife's income is close to the standard Personal Allowance.)