Where to save proceeds of house sale pending another purchase?

wmb194

fourmarks said:

Also, when you start farming out large sums of money, the computers will probably throw a fit and lock you down. For what it's worth I would give the banks fraud section a heads up about what you are going to be doing.

Don't do this, it's a waste of time.

millie_ellie

I will be in a similar position soon. These tips have been very useful !

Olinda99

Has anyone had any experience about the mechanics of doing this - for example paying out multiple lots of 85k from your current account to new savings accounts (even if daily limits allowed this) - would it trigger fraud filters and get your account locked down?

I know recently I paid £10k from my Santander account to a new savings account - it was held and I had to jump through hoops to get it released.

Sherbertfizz

Olinda99 said:

Has anyone had any experience about the mechanics of doing this - for example paying out multiple lots of 85k from your current account to new savings accounts (even if daily limits allowed this) - would it trigger fraud filters and get your account locked down?

I know recently I paid £10k from my Santander account to a new savings account - it was held and I had to jump through hoops to get it released.

I have recently had to do this and had a nightmare with Nationwide, who prevented anything more than £25k being paid to any of the accounts I'd opened for well over a week, despite their own policy stating that you can transfer £100k a day in branch.  I complained and ended up with around £400 compensation for the loss of interest I had incurred.  Never got to the bottom of why it happened as even the fraud team couldn't explain it, but they acknowledged it was their system that was in error.  So, I guess it all depends on the bank from which you are making the transfers.  I get the need for rigorous fraud controls, but the system should be more transparent so that bank customers know exactly what the transfer limits are ahead of time, and what the recourse is if failure to meet these limits results in financial loss.