Nationwide update to daily withdrawal limits.

Mr_blibby

Apart from Chase, who's daily transfer limit appears to be £50k, anyone know of a current account with a higher limit eg 100k....Nationwide doing a great job of persuading me to move after 40 years with them

dealyboy

Hi @Mr_blibby...

Mr_blibby said:

Apart from Chase, who's daily transfer limit appears to be £50k, anyone know of a current account with a higher limit eg 100k....Nationwide doing a great job of persuading me to move after 40 years with them

Santander 100k (4x25k faster payments in 24hours).

2010

Mr_blibby said:

Apart from Chase, who's daily transfer limit appears to be £50k, anyone know of a current account with a higher limit eg 100k....Nationwide doing a great job of persuading me to move after 40 years with them

Halifax has a £175 switching offer (ends 3rd April) but their daily limit is no better than NW, £25k.
I`m tempted by the £175 free cash because Halifax can`t be any worse than NW.

gt94sss2

Mr_blibby said:

Apart from Chase, who's daily transfer limit appears to be £50k, anyone know of a current account with a higher limit eg 100k....Nationwide doing a great job of persuading me to move after 40 years with them

Starling and Santander 

BreakingGlass

BreakingGlass said:

I just had a payment refused.  I tried to make two payments of £25k to a Ford savings account and the second was refused because I had 'exceed the daily limit'.  My last payment to Ford had been about 5 months ago, with frequent payments over the proceeding months.  I opened a 'chat' with NW to try to find out the definition of 'someone you don't often pay' (i.e timescale and amount) but the advisor was unable to answer the question.  I therefore upgraded my question to a formal complaint about lack of transparency and over-restrictive rules.  I will report back with the outcome.

Nationwide called me about my complaint yesterday.  We had a friendly chat and she explained that there are some teething problems with the new transfer limits.  However, my Ford transfer problems were caused by the last transfer being too far in the past, but she was unable to give a time limit because there are a 'number of factors' that can determine the risk.  She was interested in the fact that I had subsequently set up a totally new Payee (Paragon) and managed to transfer £35k (£25k then a £1 'test' then a further £9999), and will feed this anomaly back to the transfer team.

There was one useful bit of advice:  If you use the mobile app for the transfer, then after selecting the Payee you can click the link under the Amount box that states 'check the limit for this payment request'.  This takes you to a page that shows your daily limit for the payee in question.  Thus you can check the limits prior to any movement of large sums of money, and plan your transfers accordingly to avoid losing interest whilst savings are sat in a current account.

I also set up a new Payee yesterday to purchase Premium Bonds from NSI.  Straight away it would have permitted me to transfer up to a daily limit of £100k (of course there is a Bond limit of £50k per person).  Clearly NSI is a trusted destination.

Anyway, I hope this helps 😀

CompulsiveSaver

Swipe said:

Glad I only have £5K with them for emergencies

That is what Nationwide has become now "for emergencies", and still "thinking about" the last base rate increase; while all others raise rates at least a little, they are just sitting on their hands! but I suppose if customers don't want to move their hard earned money to higher paying accounts in other institutions... why shouldn't they?

valmiki

I have experienced the same problem just now. 

The hypocrisy, they were willing to accept a transfer in from my Tandem account of 38k but won’t let me forward the whole amount to Chip without splitting the payment over two days?

Has anyone found any other banks without such restrictive limits? Thanks 

2010

valmiki said:

I have experienced the same problem just now. 

The hypocrisy, they were willing to accept a transfer in from my Tandem account of 38k but won’t let me forward the whole amount to Chip without splitting the payment over two days?

Has anyone found any other banks without such restrictive limits? Thanks 

Did you try with your mobile app or your PC?
Was the CHIP payment already set up with NW?

TiVo_Lad

There are certainly a lot of inconsistencies.

• I have created new payments to Building Societies that use an "intemediate client account" which has allowed £100K as a first payment.
• I have created new payments to Building Societies that use an "intemediate client account" which has allowed £25K as a first payment.
• I have created new payments to two different Building Societies (both using different intermediate client accounts with different banks) which both allow £25K per day. But after transferring £25K to one, I can't transfer anything to the other because I've "exceeded the payment limit to this payee for today". It's a completely different payee!

I am genuinely close to chucking Nationwide after being a member for over 30 years. They market this as "protecting members" but if I'm going to send £100K to my Nigerian Uncle (other relatives are available), whether I send it it one go or in four lots doesn't protect me in the slightest.

valmiki

2010 said:

Did you try with your mobile app or your PC?
Was the CHIP payment already set up with NW?

I set up the payee last week (after the rate increase) and had already made a few transactions. Made via the mobile app.

I had a moan at Nationwide via the messages on the app (even that took time to find as it's tucked away) and waiting further communication tomorrow.