Best Current Account for large, fast transfers

BarGin

kjs31 said:

Thanks all. I'm wondering what the benefit is of having a Kroo account if no savings accounts will link to it. I opened it for the decent interest initially but that's lagging behind now from a savings perspective (I accept that it's decent for a current account). 

My Tandem and Newcastle Building Society accounts are both linked to Kroo.

kjs31

BarGin said:

My Tandem and Newcastle Building Society accounts are both linked to Kroo.

Thanks, that’s useful. I have both of those so will link those to Kroo. 

BlackthornU

Also be careful about how fast you can get your money from your savings accounts.
I am in a similar position to you with funds for a house purchase. I put a lump sum into Ulster Bank Loyalty Saver account (when 4.9% was one of the best rates) and now find that I can only take out £20K per weekday. Ulster advertised it as instant access with payment limits of £20K a day but also allowing 2 £50K payments a week 
https://www.ulsterbank.co.uk/banking-with-ulster-bank/how-to/make-payments.html
but they seem to have stopped the one-off payments now without updating their website. Their telephone banking is limited to £10K a day!

wmb194

BlackthornU said:

Also be careful about how fast you can get your money from your savings accounts.
I am in a similar position to you with funds for a house purchase. I put a lump sum into Ulster Bank Loyalty Saver account (when 4.9% was one of the best rates) and now find that I can only take out £20K per weekday. Ulster advertised it as instant access with payment limits of £20K a day but also allowing 2 £50K payments a week 
https://www.ulsterbank.co.uk/banking-with-ulster-bank/how-to/make-payments.html
but they seem to have stopped the one-off payments now without updating their website. Their telephone banking is limited to £10K a day!

Send it by Chaps or write a cheque.

SiliconChip

wmb194 said:

BlackthornU said:

Also be careful about how fast you can get your money from your savings accounts.
I am in a similar position to you with funds for a house purchase. I put a lump sum into Ulster Bank Loyalty Saver account (when 4.9% was one of the best rates) and now find that I can only take out £20K per weekday. Ulster advertised it as instant access with payment limits of £20K a day but also allowing 2 £50K payments a week 
https://www.ulsterbank.co.uk/banking-with-ulster-bank/how-to/make-payments.html
but they seem to have stopped the one-off payments now without updating their website. Their telephone banking is limited to £10K a day!

Send it by Chaps or write a cheque.

It's a savings account so it won't come with a cheque book, and it's very unlikely that Chaps payments are allowed from it.

wmb194

SiliconChip said:

wmb194 said:

BlackthornU said:

Also be careful about how fast you can get your money from your savings accounts.
I am in a similar position to you with funds for a house purchase. I put a lump sum into Ulster Bank Loyalty Saver account (when 4.9% was one of the best rates) and now find that I can only take out £20K per weekday. Ulster advertised it as instant access with payment limits of £20K a day but also allowing 2 £50K payments a week 
https://www.ulsterbank.co.uk/banking-with-ulster-bank/how-to/make-payments.html
but they seem to have stopped the one-off payments now without updating their website. Their telephone banking is limited to £10K a day!

Send it by Chaps or write a cheque.

It's a savings account so it won't come with a cheque book, and it's very unlikely that Chaps payments are allowed from it.

I'd expect he's actually transferring the money via a current account or could.

BlackthornU

wmb194 said:

SiliconChip said:

wmb194 said:

BlackthornU said:

Also be careful about how fast you can get your money from your savings accounts.
I am in a similar position to you with funds for a house purchase. I put a lump sum into Ulster Bank Loyalty Saver account (when 4.9% was one of the best rates) and now find that I can only take out £20K per weekday. Ulster advertised it as instant access with payment limits of £20K a day but also allowing 2 £50K payments a week 
https://www.ulsterbank.co.uk/banking-with-ulster-bank/how-to/make-payments.html
but they seem to have stopped the one-off payments now without updating their website. Their telephone banking is limited to £10K a day!

Send it by Chaps or write a cheque.

It's a savings account so it won't come with a cheque book, and it's very unlikely that Chaps payments are allowed from it.

I'd expect he's actually transferring the money via a current account or could.

There can be problems with paying out from current accounts, but the issue I am highlighting is that payments from savings accounts (in this case Ulster Loyalty Saver) back to your current account can be limited to relatively small amounts. 
Note that the Ulster account only paid the good rate of 4.9% if the balance was over £50K - so an account sold as instant access would take at least 3 days to empty if you have the minimum needed for the attractive rate.
Chaps not an option (or a bad one at a cost of £25) and obviously not a cheque from a savings account.

wmb194

BlackthornU said:

wmb194 said:

SiliconChip said:

wmb194 said:

BlackthornU said:

Also be careful about how fast you can get your money from your savings accounts.
I am in a similar position to you with funds for a house purchase. I put a lump sum into Ulster Bank Loyalty Saver account (when 4.9% was one of the best rates) and now find that I can only take out £20K per weekday. Ulster advertised it as instant access with payment limits of £20K a day but also allowing 2 £50K payments a week 
https://www.ulsterbank.co.uk/banking-with-ulster-bank/how-to/make-payments.html
but they seem to have stopped the one-off payments now without updating their website. Their telephone banking is limited to £10K a day!

Send it by Chaps or write a cheque.

It's a savings account so it won't come with a cheque book, and it's very unlikely that Chaps payments are allowed from it.

I'd expect he's actually transferring the money via a current account or could.

There can be problems with paying out from current accounts, but the issue I am highlighting is that payments from savings accounts (in this case Ulster Loyalty Saver) back to your current account can be limited to relatively small amounts. 
Note that the Ulster account only paid the good rate of 4.9% if the balance was over £50K - so an account sold as instant access would take at least 3 days to empty if you have the minimum needed for the attractive rate.
Chaps not an option (or a bad one at a cost of £25) and obviously not a cheque from a savings account.

Sure, but you can transfer the money to your Ulster current account and then write a cheque. If you're in a hurry and we're talking about hundreds of thousands of pounds £25 won't kill you. Note with Barclays Chaps is free. With savings accounts from some banks and BS' you can get counter cheques and possibly Banker's Drafts if they're still a thing.  If you're really in a hurry and/or dealing with very large amounts that would be aggravating to move over many weeks I'm pointing out that there are shortcuts.

BlackthornU

wmb194 said:

BlackthornU said:

wmb194 said:

SiliconChip said:

wmb194 said:

BlackthornU said:

Also be careful about how fast you can get your money from your savings accounts.
I am in a similar position to you with funds for a house purchase. I put a lump sum into Ulster Bank Loyalty Saver account (when 4.9% was one of the best rates) and now find that I can only take out £20K per weekday. Ulster advertised it as instant access with payment limits of £20K a day but also allowing 2 £50K payments a week 
https://www.ulsterbank.co.uk/banking-with-ulster-bank/how-to/make-payments.html
but they seem to have stopped the one-off payments now without updating their website. Their telephone banking is limited to £10K a day!

Send it by Chaps or write a cheque.

It's a savings account so it won't come with a cheque book, and it's very unlikely that Chaps payments are allowed from it.

I'd expect he's actually transferring the money via a current account or could.

There can be problems with paying out from current accounts, but the issue I am highlighting is that payments from savings accounts (in this case Ulster Loyalty Saver) back to your current account can be limited to relatively small amounts. 
Note that the Ulster account only paid the good rate of 4.9% if the balance was over £50K - so an account sold as instant access would take at least 3 days to empty if you have the minimum needed for the attractive rate.
Chaps not an option (or a bad one at a cost of £25) and obviously not a cheque from a savings account.

Sure, but you can transfer the money to your Ulster current account and then write a cheque. If you're in a hurry and we're talking about hundreds of thousands of pounds £25 won't kill you. Note with Barclays Chaps is free. With savings accounts from some banks and BS' you can get counter cheques and possibly Banker's Drafts if they're still a thing.  If you're really in a hurry and/or dealing with very large amounts that would be aggravating to move over many weeks I'm pointing out that there are shortcuts.

But I don't have an Ulster current account. The account was called 'Ulster Loyalty account' but you didn't need to have an existing Ulster account to open it. For a Chaps payment you need to attend one of the Ulster branches with ID (I am in England).  Ulster advertised that people in the rest of the UK could open and operate their 'instant access' account online. Yes I get your point that there are options, I was just making the point that it is not just with the payment from the current account that there can be delays. You can also have delays in getting a payment from savings accounts to your current account - even a cheque being paid in would delay things.

wmb194

BlackthornU said:

wmb194 said:

BlackthornU said:

wmb194 said:

SiliconChip said:

wmb194 said:

BlackthornU said:

Also be careful about how fast you can get your money from your savings accounts.
I am in a similar position to you with funds for a house purchase. I put a lump sum into Ulster Bank Loyalty Saver account (when 4.9% was one of the best rates) and now find that I can only take out £20K per weekday. Ulster advertised it as instant access with payment limits of £20K a day but also allowing 2 £50K payments a week 
https://www.ulsterbank.co.uk/banking-with-ulster-bank/how-to/make-payments.html
but they seem to have stopped the one-off payments now without updating their website. Their telephone banking is limited to £10K a day!

Send it by Chaps or write a cheque.

It's a savings account so it won't come with a cheque book, and it's very unlikely that Chaps payments are allowed from it.

I'd expect he's actually transferring the money via a current account or could.

There can be problems with paying out from current accounts, but the issue I am highlighting is that payments from savings accounts (in this case Ulster Loyalty Saver) back to your current account can be limited to relatively small amounts. 
Note that the Ulster account only paid the good rate of 4.9% if the balance was over £50K - so an account sold as instant access would take at least 3 days to empty if you have the minimum needed for the attractive rate.
Chaps not an option (or a bad one at a cost of £25) and obviously not a cheque from a savings account.

Sure, but you can transfer the money to your Ulster current account and then write a cheque. If you're in a hurry and we're talking about hundreds of thousands of pounds £25 won't kill you. Note with Barclays Chaps is free. With savings accounts from some banks and BS' you can get counter cheques and possibly Banker's Drafts if they're still a thing.  If you're really in a hurry and/or dealing with very large amounts that would be aggravating to move over many weeks I'm pointing out that there are shortcuts.

But I don't have an Ulster current account. The account was called 'Ulster Loyalty account' but you didn't need to have an existing Ulster account to open it. For a Chaps payment you need to attend one of the Ulster branches with ID (I am in England).  Ulster advertised that people in the rest of the UK could open and operate their 'instant access' account online. Yes I get your point that there are options, I was just making the point that it is not just with the payment from the current account that there can be delays. You can also have delays in getting a payment from savings accounts to your current account - even a cheque being paid in would delay things.

Open one. Cheque clearing times are very fast now so there wouldn't be much of a delay. Many banks allow Chaps transfers online or by phone. Perhaps the real lesson here is that Ulster Bank is to be avoided.