Paralyzed by low Faster Payments limits

Bigwheels1111

First Direct 85k
Nationwide 85k, but £9999.99p each time.
Tandem 85k
Atom 85k
Gatehouse 85k
Al Rayan 85k
Starling 85k

Do not put the full 85k in any 1 single savings account.
Yes the 85k is FSCS protected, but the interest isn’t.
81k +5% interest = £85,050, only £50 is at risk each year as long as it’s paid away.
If not over 5 years you would be putting at risking  £18,378.80 give or take a few pence.

dealyboy

Nationwide's limit is £100k per transaction by FPS and £25k in branch, the daily limit being £100k.

They may limit a transfer to £25k if it's a new payee or infrequent payment.

https://www.nationwide.co.uk/news-and-stories/payment-limits/

AndyTh_2

Futuristic said:

wmb194 said:

Joss1978 said:

Is anyone else feeling paralysed by ridiculously low limits on Faster Payments?

Almost all UK banks seem to impose limits of £25,000 per day for online payments, which makes it impractical when moving around larger sums of money. For example, I want to take advantage of high interest instant access savings accounts, and wish to use my entire £85,000 'allowance' of FSCS protection in each account. So it now takes 4 separate transfers on 4 different days to move funds between my current account and savings account... and then when the banks change their rates and a new account is more competitive, it takes another 4 days to switch over.

Is there any way around this problem? I've been using Revolut, which had been working well in allowing up to £250k Faster Payments per day... but just recently, they have started declining such transfers without any explanation apart from "for security reasons". I'm assuming my account has been flagged somewhere (BOE) as a potential money laundering risk, or some other reason, but they're not divulging anything. All I want to do is get the best interest rates!! All my accounts are in my own name and all money is perfectly legit...so why should Revolut be preventing me from transacting all of a sudden?

Just wondering what other companies I could use instead of Revolut which would allow large Faster Payments.

Do you have a Barclays current account? You can send Chaps payments for free* and there shouldn't be any limits.

Otherwise, if they're accepted, cheques are an option.

https://www.barclays.co.uk/help/payments/payment-information/chaps-payments/

*Although there is a fee for cancellation or modification.

Most small name (incl Chip etc) saving cos won't take CHAPS. 

OP will probably have issues if he starts moving money to one new bank then back out again unless he's had the account for a while/used as primary.

I moved a lot around via Santander (limit is 100kday in 25k batches) without much issues however had a lot of documents for AML/KYC to provide few months later even though account was actively used and was 5+ years old.

I would probably try use Chase with their £50k/day limit. 

https://www.chase.co.uk/gb/en/support/moving-money/ - Chase still says £25k/day limit, where did you find £50k?

You can see your spending limits if you have an account on profile -> spending limits, however mine also says £25k single/daily

born_again

Bigwheels1111 said:

First Direct 85k
Nationwide 85k, but £9999.99p each time.
Tandem 85k
Atom 85k
Gatehouse 85k
Al Rayan 85k
Starling 85k

Do not put the full 85k in any 1 single savings account.
Yes the 85k is FSCS protected, but the interest isn’t.
81k +5% interest = £85,050, only £50 is at risk each year as long as it’s paid away.
If not over 5 years you would be putting at risking  £18,378.80 give or take a few pence.

TBH, the risk of a UK bank failing is so small as not to be worth the worry. Unless Joe public panic again & start queuing up to get their ££ out.

MrFrugalFever

Don’t know if it’s customer specific (I doubt it) but Kroo Bank has a limit of £250,000, pays 3.6% AER from 1st June on debit balances and is FSCS protected.

ColdIron

AndyTh_2 said:

Futuristic said:

wmb194 said:

Joss1978 said:

Is anyone else feeling paralysed by ridiculously low limits on Faster Payments?

Almost all UK banks seem to impose limits of £25,000 per day for online payments, which makes it impractical when moving around larger sums of money. For example, I want to take advantage of high interest instant access savings accounts, and wish to use my entire £85,000 'allowance' of FSCS protection in each account. So it now takes 4 separate transfers on 4 different days to move funds between my current account and savings account... and then when the banks change their rates and a new account is more competitive, it takes another 4 days to switch over.

Is there any way around this problem? I've been using Revolut, which had been working well in allowing up to £250k Faster Payments per day... but just recently, they have started declining such transfers without any explanation apart from "for security reasons". I'm assuming my account has been flagged somewhere (BOE) as a potential money laundering risk, or some other reason, but they're not divulging anything. All I want to do is get the best interest rates!! All my accounts are in my own name and all money is perfectly legit...so why should Revolut be preventing me from transacting all of a sudden?

Just wondering what other companies I could use instead of Revolut which would allow large Faster Payments.

Do you have a Barclays current account? You can send Chaps payments for free* and there shouldn't be any limits.

Otherwise, if they're accepted, cheques are an option.

https://www.barclays.co.uk/help/payments/payment-information/chaps-payments/

*Although there is a fee for cancellation or modification.

Most small name (incl Chip etc) saving cos won't take CHAPS. 

OP will probably have issues if he starts moving money to one new bank then back out again unless he's had the account for a while/used as primary.

I moved a lot around via Santander (limit is 100kday in 25k batches) without much issues however had a lot of documents for AML/KYC to provide few months later even though account was actively used and was 5+ years old.

I would probably try use Chase with their £50k/day limit. 

https://www.chase.co.uk/gb/en/support/moving-money/ - Chase still says £25k/day limit, where did you find £50k?

You can see your spending limits if you have an account on profile -> spending limits, however mine also says £25k single/daily

It varies, mine says £35,000 and I seem to recall posts with higher amounts

Marchitiello

OP mention to be keen on the £85k deposit protection but his op also imply that he had been using Revolut as hub to transfer out these large amounts (assuming than these were held there for a while as any inbound transfers would also be limited by the £25k general limit being discussed) and curious as no one so far mentioned that Revolut deposits were not protected…

Futuristic

AndyTh_2 said:

Futuristic said:

wmb194 said:

Joss1978 said:

Is anyone else feeling paralysed by ridiculously low limits on Faster Payments?

Almost all UK banks seem to impose limits of £25,000 per day for online payments, which makes it impractical when moving around larger sums of money. For example, I want to take advantage of high interest instant access savings accounts, and wish to use my entire £85,000 'allowance' of FSCS protection in each account. So it now takes 4 separate transfers on 4 different days to move funds between my current account and savings account... and then when the banks change their rates and a new account is more competitive, it takes another 4 days to switch over.

Is there any way around this problem? I've been using Revolut, which had been working well in allowing up to £250k Faster Payments per day... but just recently, they have started declining such transfers without any explanation apart from "for security reasons". I'm assuming my account has been flagged somewhere (BOE) as a potential money laundering risk, or some other reason, but they're not divulging anything. All I want to do is get the best interest rates!! All my accounts are in my own name and all money is perfectly legit...so why should Revolut be preventing me from transacting all of a sudden?

Just wondering what other companies I could use instead of Revolut which would allow large Faster Payments.

Do you have a Barclays current account? You can send Chaps payments for free* and there shouldn't be any limits.

Otherwise, if they're accepted, cheques are an option.

https://www.barclays.co.uk/help/payments/payment-information/chaps-payments/

*Although there is a fee for cancellation or modification.

Most small name (incl Chip etc) saving cos won't take CHAPS. 

OP will probably have issues if he starts moving money to one new bank then back out again unless he's had the account for a while/used as primary.

I moved a lot around via Santander (limit is 100kday in 25k batches) without much issues however had a lot of documents for AML/KYC to provide few months later even though account was actively used and was 5+ years old.

I would probably try use Chase with their £50k/day limit. 

https://www.chase.co.uk/gb/en/support/moving-money/ - Chase still says £25k/day limit, where did you find £50k?

You can see your spending limits if you have an account on profile -> spending limits, however mine also says £25k single/daily

I have £50k/day, it may be dependent on the amounts you have/transfer. You can try ask live chat to increase, alternatively they can increase limit to up to 100k (or maybe more) for up to 24 hours. 

Minimalist1978

AndyTh_2 said:

Futuristic said:

wmb194 said:

Joss1978 said:

Is anyone else feeling paralysed by ridiculously low limits on Faster Payments?

Almost all UK banks seem to impose limits of £25,000 per day for online payments, which makes it impractical when moving around larger sums of money. For example, I want to take advantage of high interest instant access savings accounts, and wish to use my entire £85,000 'allowance' of FSCS protection in each account. So it now takes 4 separate transfers on 4 different days to move funds between my current account and savings account... and then when the banks change their rates and a new account is more competitive, it takes another 4 days to switch over.

Is there any way around this problem? I've been using Revolut, which had been working well in allowing up to £250k Faster Payments per day... but just recently, they have started declining such transfers without any explanation apart from "for security reasons". I'm assuming my account has been flagged somewhere (BOE) as a potential money laundering risk, or some other reason, but they're not divulging anything. All I want to do is get the best interest rates!! All my accounts are in my own name and all money is perfectly legit...so why should Revolut be preventing me from transacting all of a sudden?

Just wondering what other companies I could use instead of Revolut which would allow large Faster Payments.

Do you have a Barclays current account? You can send Chaps payments for free* and there shouldn't be any limits.

Otherwise, if they're accepted, cheques are an option.

https://www.barclays.co.uk/help/payments/payment-information/chaps-payments/

*Although there is a fee for cancellation or modification.

Most small name (incl Chip etc) saving cos won't take CHAPS. 

OP will probably have issues if he starts moving money to one new bank then back out again unless he's had the account for a while/used as primary.

I moved a lot around via Santander (limit is 100kday in 25k batches) without much issues however had a lot of documents for AML/KYC to provide few months later even though account was actively used and was 5+ years old.

I would probably try use Chase with their £50k/day limit. 

https://www.chase.co.uk/gb/en/support/moving-money/ - Chase still says £25k/day limit, where did you find £50k?

You can see your spending limits if you have an account on profile -> spending limits, however mine also says £25k single/daily

My Chase says £50k daily limit. It was previously £100k... then they cut it to £25k... but have since raised it to £50k without telling me. I have asked them to review it and give me a higher limit. Fingers' crossed. At least they are open to discussing it and setting individual rules. 

TheBanker

Joss1978 said:

AndyTh_2 said:

Futuristic said:

wmb194 said:

Joss1978 said:

Is anyone else feeling paralysed by ridiculously low limits on Faster Payments?

Almost all UK banks seem to impose limits of £25,000 per day for online payments, which makes it impractical when moving around larger sums of money. For example, I want to take advantage of high interest instant access savings accounts, and wish to use my entire £85,000 'allowance' of FSCS protection in each account. So it now takes 4 separate transfers on 4 different days to move funds between my current account and savings account... and then when the banks change their rates and a new account is more competitive, it takes another 4 days to switch over.

Is there any way around this problem? I've been using Revolut, which had been working well in allowing up to £250k Faster Payments per day... but just recently, they have started declining such transfers without any explanation apart from "for security reasons". I'm assuming my account has been flagged somewhere (BOE) as a potential money laundering risk, or some other reason, but they're not divulging anything. All I want to do is get the best interest rates!! All my accounts are in my own name and all money is perfectly legit...so why should Revolut be preventing me from transacting all of a sudden?

Just wondering what other companies I could use instead of Revolut which would allow large Faster Payments.

Do you have a Barclays current account? You can send Chaps payments for free* and there shouldn't be any limits.

Otherwise, if they're accepted, cheques are an option.

https://www.barclays.co.uk/help/payments/payment-information/chaps-payments/

*Although there is a fee for cancellation or modification.

Most small name (incl Chip etc) saving cos won't take CHAPS. 

OP will probably have issues if he starts moving money to one new bank then back out again unless he's had the account for a while/used as primary.

I moved a lot around via Santander (limit is 100kday in 25k batches) without much issues however had a lot of documents for AML/KYC to provide few months later even though account was actively used and was 5+ years old.

I would probably try use Chase with their £50k/day limit. 

https://www.chase.co.uk/gb/en/support/moving-money/ - Chase still says £25k/day limit, where did you find £50k?

You can see your spending limits if you have an account on profile -> spending limits, however mine also says £25k single/daily

My Chase says £50k daily limit. It was previously £100k... then they cut it to £25k... but have since raised it to £50k without telling me. I have asked them to review it and give me a higher limit. Fingers' crossed. At least they are open to discussing it and setting individual rules. 

An interesting observation is that if you read some of the published FOS decisions about scam cases, FOS talk about their expectation that banks monitor accounts for transactions that are out of character. They often mention the fact that the scam transaction was (or wasn't) out of line compared to the value of typical transactions.

I wonder, if the customer had asked to increase their limit to £100k, the bank would argue to FOS that the customer had effectively told the bank that transactions upto £100k are normal, expected activity on their account, and therefore there was no reason for the bank to be suspicious?