Atom Bank and HSBC

Tax_Slave

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. 

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.

Band7

HSBC will make CHAPS payments, for £17 a pop, from Branches. Whether they will make payments below £25k for free for you, I don't know  but it could be that they don't do more than £10k for you

nbrewitt

I had a similar issue yesterday. I've had an account with Atom for ages and had numerous bonds. I opened a 1 yr fixed and tried to fund it from my Halifax current account (20k) it was blocked by them and I had to contact their fraud section to satisfy them it was legitimate.  

refluxer

It's worth noting that this isn't anything to do with Atom, really. It's your bank's anti-fraud measures kicking in. I was once told by a member of the Barclays anti-fraud team that multiple smaller payments were more likely to trigger their anti-fraud measures than one, larger payment. Either way, it can be random in nature and can be one reason why it makes sense not to leave paying in to a fixed rate saver until too close to their funding deadline.

ForumUser7

Tax_Slave said:

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. 

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.

OP, sounds like as you've removed £50,000 from Marcus this won't be a problem anymore - but FSCS only usually covers up to £85,000. Any amount above this is unlikely to be covered. Just wanted to make sure you were aware of this, with you previously holding such a high balance.

Tax_Slave

ForumUser7 said:

Tax_Slave said:

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. 

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.

OP, sounds like as you've removed £50,000 from Marcus this won't be a problem anymore - but FSCS only usually covers up to £85,000. Any amount above this is unlikely to be covered. Just wanted to make sure you were aware of this, with you previously holding such a high balance.

Hi yes you are correct and very good point.
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.

Bigwheels1111

Tax_Slave said:

ForumUser7 said:

Tax_Slave said:

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. 

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.

OP, sounds like as you've removed £50,000 from Marcus this won't be a problem anymore - but FSCS only usually covers up to £85,000. Any amount above this is unlikely to be covered. Just wanted to make sure you were aware of this, with you previously holding such a high balance.

Hi yes you are correct and very good point.
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.

81k would be the max I would put in.
With interest it would be 84.5k if my maths is correct.
Under the FSCS protection.

AmityNeon

Tax_Slave said:

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.

£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.

Tax_Slave

AmityNeon said:

Tax_Slave said:

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.

£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 tax allowance is £12,570 plus some of wife’s allowance that makes it £1260 = £13,830.
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:

• Your personal allowance. This is the amount you can earn without paying any income tax – for most people this allowance is £12,570 (for 2022/23).
• The £5,000 starting savings rate. Here the tax rate is 0%, so again this is the amount you can earn in savings interest before paying any tax on that.
• Your personal savings allowance. This is worth up to £1,000.

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.”

AmityNeon

Ah never mind then, you're probably better off without an ISA for now, but it's something to prepare for when you start receiving additional pension income. If that time is soon, it may be worth utilising your ISA allowances now.

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.)

bd10

I ran into similar issues as OP detailed above. Sending from Barclays though. Even though their Premier a/c has a £100k daily transaction limit, they flagged it and did not let me proceed. Had to call up and explain. Was put through to their AML team. They eventually released the payment. Happy days. They told me the string of transactions triggered an alert. So I presume it's the same with HSBC.