Transferring large amounts to savings accounts

inkydolphin

In your experience what's the quickest/easiest way to transfer £80k from a current account to a savings account with a different organisation? Is it different when opening the savings account rather than transferring into an existing account or does it not make any difference?

Edit:I mean in terms of the amounts your bank will let you transfer in one go rather than security concerns.

Thanks.

Bigwheels1111

I always do a smaller transfer first.
Plus expect a fraud check.
As a lot of newer banks don’t do conformation of payee your bank will advise you not to make the payment.
Having done this 11 times since November Im quite used to it.

MikeJXE

Not been a problem for me as long as I am 100% sure it's going to the right place. I was using Santander to Coventry building society 

inkydolphin

Bigwheels1111 said:

I always do a smaller transfer first.
Plus expect a fraud check.
As a lot of newer banks don’t do conformation of payee your bank will advise you not to make the payment.
Having done this 11 times since November Im quite used to it.

@Bigwheels1111 Thanks - and then transfer the whole amount in one go or do you have to do it in chunks?

inkydolphin

MikeJXE said:

Not been a problem for me as long as I am 100% sure it's going to the right place. I was using Santander to Coventry building society 

@MikeJXE Thanks - I meant more in terms of the amounts you can transfer in one go rather than sending to the wrong place (have amended OP to clarify).

Bigwheels1111

inkydolphin said:

Bigwheels1111 said:

I always do a smaller transfer first.
Plus expect a fraud check.
As a lot of newer banks don’t do conformation of payee your bank will advise you not to make the payment.
Having done this 11 times since November Im quite used to it.

@Bigwheels1111 Thanks - and then transfer the whole amount in one go or do you have to do it in chunks?

Depends on your bank, I do £1 or £10 first then £79,990.
Nation wide app allows 10k, but £9,999 eight times in a row is ok.
First Direct 80k in one go is ok, over the phone as saves time.

Mr.Generous

Daily limits by bank online vary from bank to bank. For example Halifax is £25k and Nationwide £100k

When I'm paying for a property I go into branch with ID and they make the transfer for me free of charge.

yorsiwel

My bank (Nat West) limited the amount I could transfer in one day to £10k. I was able to increase that to £20k online, but I don't know if it is possible to increase that further (or how). I discovered to my cost that also applies to a working day. I tried  to transfer £20k on a Saturday, but then I couldn't transfer another £20k on the following Monday. I had to wait until Tuesday. As far as I know, I can transfer an unlimited amount by cheque or bank card, but I have never tried with the latter. My bank sent a text asking if a cheque for a large amount that I wrote was genuine. I did not see it in time so the cheque bounced. With online transfers, I don't think it makes a difference whether it's a new account or not, except that I have to set up a new payee first. Based on my experience, if it's a new account, I think the quickest, easiest and safest way would be to transfer £50 on a Monday, check on Tuesday it went to the right place and then transfer £20k on Tues, Weds, Thurs and 19,950 on Fri. 

cwep2

Depends entirely on your current account rules/procedures. I am with Santander, I am a bit of a rate tart so I move savings around a lot over the last few months often 5 figures at a time. 

I can do 25k online in one go, and up to 100k in any rolling 24hour window. 

I will get locked out due to fraud checks every 6-8 weeks and spend 40 minutes on the phone to answer the same scripted questions. 

Have found limits on many other banks more onerous with fraud checks blocking payments a lot and across the board. Family members bank with HSBC, Lloyds, RBS/NatWest and its worse in comparison. Nationwide I couldn’t be doing with the card thingy you had to use. Have also tried Halifax and Lloyds and I preferred Santander but a few years ago so can’t remember specifically why. 

wmb194

If it's an option, you could write a cheque.

mebu60

cwep2 said:

Depends entirely on your current account rules/procedures. I am with Santander, I am a bit of a rate tart so I move savings around a lot over the last few months often 5 figures at a time. 

I can do 25k online in one go, and up to 100k in any rolling 24hour window. 

I will get locked out due to fraud checks every 6-8 weeks and spend 40 minutes on the phone to answer the same scripted questions. 

Have found limits on many other banks more onerous with fraud checks blocking payments a lot and across the board. Family members bank with HSBC, Lloyds, RBS/NatWest and its worse in comparison. Nationwide I couldn’t be doing with the card thingy you had to use. Have also tried Halifax and Lloyds and I preferred Santander but a few years ago so can’t remember specifically why. 

Am also with Santander so same limits. I always do the chunks at different amounts so that if one went adrift it would be easier to differentiate which one!