Rate hopping - how do you transfer large savings amounts between accounts? Kroo, Revolut?

AgentPhenom

I have £85k currently in a Chip account but I've just opened Tandem and want to transfer it. My current account with Natwest has a £20k per day limit which means it takes five days to move the total amount.

In previous experience sometimes by the time I've transferred the lot there's a better rate on one of my other accounts so it's the same process again. It would be great if I could transfer the whole amount at once, or multiple transactions on the same day.

I've looked at other current accounts, most aren't much higher (£25k max) but Kroo don't seem to have this limit. It does state £10k per transaction before checks but I guess I could do multiple transactions. Even with a check I'd assume that would be quicker than five days.

The problem here is Tandem don't have the option for Kroo in the account picker. Revolut are listed and state "GBP transfers to UK beneficiaries have a limit of £250,000 per transaction" so it sound like that would work.

Anyone have any experience of doing what I'm trying to do?

Thanks!

jaypers

If you’re a Prem Customer it’s £50k rather than £20k. 

Ayr_Rage

Sometimes being a rate tart is a right PITA !

PloughmansLunch

You can link non-open banking bank accounts by sending a PDF statement to Tandem CS, I've linked my Chase current account this way in the past, so I'm sure Kroo would also be possible this way. However, now that there's a likely vast influx of funds and new customers heading to Tandem it may take them a fair bit of time to do this.

GeoffTF

Santander will do up to £100K Faster Payments over the telephone. Lloyds will do up to £250K Faster Payments in branch:

https://www.lloydsbank.com/online-banking/payments-and-transfers/pay-by-chaps.html

If you want more than that, most big banks will do CHAPS.

AgentPhenom

jaypers said:

If you’re a Prem Customer it’s £50k rather than £20k. 

Yes, I noticed that but I don't fulfil any of the criteria unfortunately 😕

AgentPhenom

PloughmansLunch said:

You can link non-open banking bank accounts by sending a PDF statement to Tandem CS, I've linked my Chase current account this way in the past, so I'm sure Kroo would also be possible this way. However, now that there's a likely vast influx of funds and new customers heading to Tandem it may take them a fair bit of time to do this.

Good too know, thank you! Kroo support open banking so it should be possible.

AgentPhenom

GeoffTF said:

Santander will do up to £100K Faster Payments over the telephone. Lloyds will do up to £250K Faster Payments in branch. If you want more than that, most big banks will do CHAPS.

Not quite as convenient as a few taps on the apps but that could be an option. Thanks!

jlfrs01

Onyl way I've been able to best the £20k limit is via telephone banking and even then, I've had a specific window of time in which the transaction has to be made, your bank may operate under the same principle.

wmb194

AgentPhenom said:

GeoffTF said:

Santander will do up to £100K Faster Payments over the telephone. Lloyds will do up to £250K Faster Payments in branch. If you want more than that, most big banks will do CHAPS.

Not quite as convenient as a few taps on the apps but that could be an option. Thanks!

Do you have a current access with Barclays? There is a fee if you cancel one but otherwise it offers Chaps payments for free* and you can do it in app.

TiVo_Lad

The Nationwide FlexAccount has a £100K per day limit (in total). BUT NWBS may elect to reduce this limit if it's a new payee, or doesn't get used very often. It's a black art as to what limit you'll get. Sometimes a brand new account that doesn't support Confirmation of Payee gets the full £100K immediately, whilst other times you can have a Building Society client account that gets limited to £25K. That said, my Tandem Account is and always has been at £100K (I fund via direct Faster Payments from within the NWBS App rather than via Open Banking)