Transferring large amounts to savings accounts

GeoffTF

I also bank with Santander. For a new payee, do every possible check. Send £1. Check that it has arrived. Phone Santander up. Tell them what you have done, and ask them to send the rest. That has always worked for me - so far. Online Faster Payments to my long standing Marcus account also go straight through.

fabsaver

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. 

I'd much rather deal with the Nationwide card device than have to endure a 40+ minute phone call every few weeks.

Santander are renowned for their over the top fraud checks. A couple of years ago a relative was interrogated for nearly 2 hours over a £500 payment to their own account with another bank!

Albermarle

Nationwide I couldn’t be doing with the card thingy you had to use.

If you do not want to spend 30 seconds using the card thingy, you can do it in less time if you have the Nationwide app on your phone.

mebu60

GeoffTF said:

I also bank with Santander. For a new payee, do every possible check. Send £1. Check that it has arrived. Phone Santander up. Tell them what you have done, and ask them to send the rest. That has always worked for me - so far. Online Faster Payments to my long standing Marcus account also go straight through.

When I get the security check, once we're done with the questions I always get the Santander person to transfer the remaining total balance in one go. Good idea re calling them instead. Might do that next time transferring to new payee after test payment cleared. Though last two checks have been when paying accounts I've paid into multiple times before over a decent time period. A fact I might have referenced more than once during the conversation. Along with 'you need to answer the phone quicker if this is to become a regular occurrence'. 

boingy

mebu60 said:

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! 

That is very wise. I made two £500 transfers from the Co-op to the same account on the same day. One got blocked and the other didn't. That just added to the fun and confusion of the Co-op rep who led with "but I can see that the transfer went through ok". After a, frankly, ridiculous interrogation I was allowed to transfer the other £500 to my own account in my name that I had previously transferred to. Weirdly, they said it was the *first* £500 transfer that they blocked and that the second transfer went through immediately. Where is the logic in that? And if you are wondering why two £500 transfers rather than one £1000 transfer it's because previously they had told me that transfers below £1000 are "usually OK". I no longer bank with them.

Mrnkar_2

mebu60 said:

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! 

Great idea transferring different amounts. Never thought of that.

Mrnkar_2

Albermarle said:

Nationwide I couldn’t be doing with the card thingy you had to use.

If you do not want to spend 30 seconds using the card thingy, you can do it in less time if you have the Nationwide app on your phone.

When I set up Newcastle as a new payee a few days ago from Nationwide,  for the first time ever I didn't need to use my card reader. I'm almost certain I didn't do it from the app but the main website. Usual security questions were asked and my deposit to Newcastle went through.

Malchester

I have heard lots of things about how strict Santander are about checking and holding up transfers so while I use Santander as my main current account I have a Nationwide current account which I use for transferring funds to and from and between savings accounts. So far over many years have never had a transfer queried. Don't even mind using the card reader 

Silverbullet036

Malchester said:

I have heard lots of things about how strict Santander are about checking and holding up transfers so while I use Santander as my main current account I have a Nationwide current account which I use for transferring funds to and from and between savings accounts. So far over many years have never had a transfer queried. Don't even mind using the card reader 

I am the same , I use a Lloyds current account to do all the to'ing and fro'ing from the different banks. Santander only goes to LLoyds and no one else and never had a problem

Bigwheels1111

Silverbullet036 said:

Malchester said:

I have heard lots of things about how strict Santander are about checking and holding up transfers so while I use Santander as my main current account I have a Nationwide current account which I use for transferring funds to and from and between savings accounts. So far over many years have never had a transfer queried. Don't even mind using the card reader 

I am the same , I use a Lloyds current account to do all the to'ing and fro'ing from the different banks. Santander only goes to LLoyds and no one else and never had a problem

I use FD, Like you need a stable bank to make transfers.

No like Santander who block or even Lock accounts for months.