What amounts will flag as large transfers?

ColdIron

AFAIK Barclays, Lloyds Bank, Nationwide, NatWest, Co-operative Bank/Smile and RBS are all compatible

molerat

whalemoney said:

refluxer said:

Ah... this page says you can change your nominated account in the app but it can take up to 7 working days (after you've uploaded a bank statement as proof) for it to be actioned - what a pain.

the 7 day wait I could live with, I suppose.  Not ideal but not the worst thing.  The problem though is that I wouldn't have a bank statement as the Santander account is brand new.  And I doubt they'll even send a paper statement, banks dont tend to do that these days.

Did it today and it took a couple of hours.  Didn't use a paper statement, uploaded a PDF.

Bridlington1

whalemoney said:

Hi I've just opened the new Santander 5.2% savings account so I'm eager to empty my 'Marcus' account and put it into the Santander account. I have 70k in Marcus and it says I can only transfer out 20k a time (or I have to call them for any larger sums).  Anybody familiar with the Marcus account knows that you can only transfer your money to a 'linked account', which for is my Nationwide account.  So the money needs to move like this;
Marcus > Nationwide > Santander

To add a further spanner in the works, I've lost that calculator thingy that you need to add new payees for transfer from Nationwide, so I might actually have to move the money from Nationwide to my existing payee details at HSBC;
Marcus > Nationwide > HSBC > Santander

My question is how would you move the money?  Would you move 20k over 3 days? or would you move smaller amounts?  I really don't want to have to pissfart around with any kind of additional verification checks that any of these banks might activate if it meets their large transfer criteria.

Just be careful not to get hit by faster payment limits, if my memory serves me well HSBC has a limit of £25k of faster payments per day so there wouldn't be much point transferring the full £70k from Marcus to HSBC in one go as you'd be left with money stuck in HSBC for a couple of days.

Have you any other accounts in your name set up as payees on Nationwide? If so it may be worth transferring the £70k from Marcus to Nationwide, then:
£25k Nationwide to HSBC to Santander
£x Nationwide to Other Bank to Santander
£x Nationwide to 2nd Other Bank to Santander

If not then you could just make the transfers from Marcus to Nationwide to HSBC to Santander in batches of 2 lots of £25k and one lot of £20k over three days.

Alternatively if you live near a Santander branch and have a Nationwide chequebook you could write yourself a cheque for £70k and deposit it in the Santander eSaver in branch.

whalemoney

So since my last post I moved £1600 from
Marcus > Nationwide > HSBC > Santander

Oh no wait, that last step hasn't actually happened, because HSBC has not only blocked the payment, but has also frozen my account, completely blocked me out of using the app and also sent two absolutely baffling fraud alert texts, the worst being "please call us on xxxxxxxxxx and quote the reference xxxxxx".  BTW those xxxxx aren't me censoring the info, that's what the actual text says!

This is what drives me absolutely crazy about banks.  I'm fine with them having fraud checks etc but their software never works correctly.  Clearly here they've set up an automated text messaging system that is supposed to pull the appropriate telephone number and generate a reference code, but as per usual, it has bollocksed up at some point and now kicks out absolutely useless texts with dozens of xxxxxxxs.  I already know that I'm going to have to waste time I really don't have ringing them and then they can't proceed at their end because xxxxxxx won't be a valid reference number.

The amount of times I've had issues with banks like this!  I could rant more, about Chase Bank being unable to sign me up because their app wouldn't automatically take a selfie of me; or how Virgin Money simply doesn't send me One Time Use passcodes so I haven't had access to about 6k they've kept for about 9 years. 

They all boast about their apps and automated systems but they're all absolutely atrocious.  I can't think of any other service I've ever used that is so consistently useless as when banks try to rely on automated systems.  They must employ chimps to do their programming.

whalemoney

Vintage67 said:

whalemoney said:

refluxer said:

Ah... this page says you can change your nominated account in the app but it can take up to 7 working days (after you've uploaded a bank statement as proof) for it to be actioned - what a pain.

the 7 day wait I could live with, I suppose.  Not ideal but not the worst thing.  The problem though is that I wouldn't have a bank statement as the Santander account is brand new.  And I doubt they'll even send a paper statement, banks dont tend to do that these days.

I don't think Marcus will let you use the Santander savings account as a linked account - in their help section it states that the linked account must be a UK current account, so you'd need to set up a Santander current account as well.

That's probably the easiest way to get round this, if I set up a generic current account with Santander.  Is there any dint to my credit score if I open a current account with them only days after opening a savings account?

If it's of any relevance, I've been with Santander for about 10 years, have an ISA in there and also used to have a current account until 2020 when I switched it out to natwest.

Bigwheels1111

I use First Direct to make and receive all funds.
Yes they block large and small payments, don’t contact you or say they do but don’t.
I don’t care,I ring after 2 hours asking for fraud team and get the money sent.
November last year it took them 4 days as was held Friday to Monday.
I lost £113.15 of interest. They paid it into my account and a £50 Goodwill gesture.
So I was happy.
A banks mess you around, But at least FD pat for their mistakes.
Chase pay up ok as well.
I would avoid Santander like the plague, every other post on here is account blocked or locked for weeks.

Sea_Shell

I gotta bit twitchy about this too, when wanting to move savings...

DH took a pension lump sum,  so I had a decent amount going from ..

Aviva > Santander > Lloyds > Shawbrook (was best for a couple of days!) > Lloyds > Santander.

No new payees needed, and all within daily limits...but I was almost expecting the wheels to fall off. 🤞

All went through ok....so far 😉

badger09

whalemoney said:

Vintage67 said:

whalemoney said:

refluxer said:

Ah... this page says you can change your nominated account in the app but it can take up to 7 working days (after you've uploaded a bank statement as proof) for it to be actioned - what a pain.

the 7 day wait I could live with, I suppose.  Not ideal but not the worst thing.  The problem though is that I wouldn't have a bank statement as the Santander account is brand new.  And I doubt they'll even send a paper statement, banks dont tend to do that these days.

I don't think Marcus will let you use the Santander savings account as a linked account - in their help section it states that the linked account must be a UK current account, so you'd need to set up a Santander current account as well.

That's probably the easiest way to get round this, if I set up a generic current account with Santander.  Is there any dint to my credit score if I open a current account with them only days after opening a savings account?

If it's of any relevance, I've been with Santander for about 10 years, have an ISA in there and also used to have a current account until 2020 when I switched it out to natwest.

Does your ‘credit score’ (made up by individual financial institutions) matter to you? Unless you’re intending to apply for a mortgage or other large credit facility in the next 6 months or so, any impact will be minimal. Just don’t apply for, or accept the offer of, any overdraft