Withdrawing large amounts

inkydolphin

Quite often I see people saying that they are only able to withdraw funds from savings accounts in small chunks - e.g. £10k/£20k per day.

If you contact the bank/building society/NS&I in advance to tell them you want to withdraw e.g. £100k in the next few days, are they able to facilitate this? Or does it depend on the organisation in question?

Thanks

Flugelhorn

NS&I do up to 50K next day and I think over that I think it is a couple of days - most banks etc have advice re this on their websites

eskbanker

inkydolphin said:

Quite often I see people saying that they are only able to withdraw funds from savings accounts in small chunks - e.g. £10k/£20k per day.

If you contact the bank/building society/NS&I in advance to tell them you want to withdraw e.g. £100k in the next few days, are they able to facilitate this? Or does it depend on the organisation in question?

This is very much an 'it depends' one!  All institutions using Faster Payments will have (their own) limits on individual transactions and/or daily totals, but CHAPS is also often offered as a chargeable option for large transfers where time is of the essence, such as property purchases.  Building societies may offer cheques too....

Wheres_My_Cashback

inkydolphin said:

Quite often I see people saying that they are only able to withdraw funds from savings accounts in small chunks - e.g. £10k/£20k per day.

If you contact the bank/building society/NS&I in advance to tell them you want to withdraw e.g. £100k in the next few days, are they able to facilitate this? Or does it depend on the organisation in question?

Thanks

Online movements are fixed limits per bank/society per transaction or per day or per account and won't be adjusted on an individual basis.

Ranges are from £10K to £1M (max permissable via FP) though I doubt you'll find anywhere willing to move more than £100K (Santander) in a day due the risk.

Over the counter transactions can differ with some organisations with notice and proof requirements.

CHAPS payments do not apply to the above.

LHW99

It can also vary depending on the destination. Within organisation online withdrawals / transfers (eg savings to C/A in same institution) tend to have larger (daily) limits than moving from one bank / Building Soc to another, which can be larger than transfers from one country to another (which are usually larger than cash withdrawals).

wmb194

Where it's available, another option to move large sums is to write a cheque.

Albermarle

MY BIL was an executor, and when he tried to distribute the money electronically, it all got blocked. Only option was a trip to the branch for a short meeting, and then they issued cheques.

cwep2

I have used many savings providers and banks over the years and although I rarely have more than the 85k in any one place, I have at times had more eg after selling my house.

Within the same bank under your own name, eg Santander savings to Santander current account (or Chase) there tends to be no limit. There's not really a payment involved it's just shifting some numbers from one entry in a database to another.

Savings > linked current account in your own name at a different bank, usually can transfer the whole 85k in one go. A couple of times I've done bigger chunks and usually also in one go. Many banks will have quite clearly stated daily withdrawal limits, eg Marcus/Saga is 20k per day, but this seems the exception rather than the rule. I would usually say unless a limit it's obvious on their website / T&Cs with 5 mins searching, there's probably no limit up to your balance, but always worth contacting them if you need it in a hurry - CHAPS payment is almost always possible same day with a fee.

Current account > savings or other accounts - varies wildly, typically from 10-100k per day for high street current accounts, private bank accounts have been known to allow higher. Most seem to be in the 20-50k region, Santander stand out allowing 100k per rolling 24hrs with 25k individual payment limit - but you can make 4x25k to same place, although this may trigger their security to lock down your account and need a phone call to sort out!

GeoffTF

cwep2 said:

I have used many savings providers and banks over the years and although I rarely have more than the 85k in any one place, I have at times had more eg after selling my house.

Within the same bank under your own name, eg Santander savings to Santander current account (or Chase) there tends to be no limit. There's not really a payment involved it's just shifting some numbers from one entry in a database to another.

Savings > linked current account in your own name at a different bank, usually can transfer the whole 85k in one go. A couple of times I've done bigger chunks and usually also in one go. Many banks will have quite clearly stated daily withdrawal limits, eg Marcus/Saga is 20k per day, but this seems the exception rather than the rule. I would usually say unless a limit it's obvious on their website / T&Cs with 5 mins searching, there's probably no limit up to your balance, but always worth contacting them if you need it in a hurry - CHAPS payment is almost always possible same day with a fee.

Current account > savings or other accounts - varies wildly, typically from 10-100k per day for high street current accounts, private bank accounts have been known to allow higher. Most seem to be in the 20-50k region, Santander stand out allowing 100k per rolling 24hrs with 25k individual payment limit - but you can make 4x25k to same place, although this may trigger their security to lock down your account and need a phone call to sort out!

The Marcus £20K limit is for online transactions. I have withdrawn more than that over the telephone. Marcus does not state a limit for that, but I think the limit used to be £100K.

Santander will transfer up to £100K over the telephone using Faster Payments. I have transferred more than that by CHAPS in branch, but not recently.