Paralyzed by low Faster Payments limits

Grizebeck

Coventry building society has NO faster payment limit for payments done on the phone!

TheBanker

Grizebeck said:

Coventry building society has NO faster payment limit for payments done on the phone!

They must have a limit - the FPS scheme its self cannot send or receive payments in excess of £1m. 

Grizebeck

TheBanker said:

Grizebeck said:

Coventry building society has NO faster payment limit for payments done on the phone!

They must have a limit - the FPS scheme its self cannot send or receive payments in excess of £1m. 

The limit is the balance in the account. The most you can hold with the Coventry is 1 million so yes i guess the above applies
I was surprised it trumps the likes of halifax etc!

Descrabled

However, having moved your million from Coventry to your current account, it will take you some time to move it any further at the rate of £25k limit per day.

Grizebeck

Descrabled said:

However, having moved your million from Coventry to your current account, it will take you some time to move it any further at the rate of £25k limit per day.

But i can move my million🤣🤣 to any account of my choice

Contador38

In the distant past, Lloyds used to pay interest on up to 3 current accounts called 'Vantage'.
They then set up Club and ceased to pay interest on Vantage.
Both my wife and I ended up with 3 Vantage accounts with nil balance and a Club account for our main banking.
It turned out to be a blessing as each Lloyds account (inc the dormant Vantage) could transfer up to £25K each.
When we bought our house, we therefore were able to move £100K each plus an extra £25k from our joint account. So in total £225k daily. For what it's worth, we did not have to do a Chaps payment.