The New Top Easy Access Savings Discussion Area

flaneurs_lobster

MichaelAP said:

They have that wrong for NatWest.
They say £100,00 max daily.
The actual is £20,000 max daily.

I'm sure you mean "They say £100,000..."

That £20k max can be overridden as a 1-off if you have biometrics set up on your NatWest app, no idea what the real limit is, probably set per account.

NB why do Nationwide & NatWest come after Revolut & Royal Bank of Scotland in that alphabetically-ordered Pay.uk list? Sloppy.

13zero8

MichaelAP said:

13zero8 said:

KevinG said:

13zero8 said:

refluxer said:

13zero8 said:

I'll be withdrawing the remaining balance tomorrow. Didn't want to withdraw the full 91k in one day because my nominated account has a daily 50k transfer limit. 

Daily transfer limits would normally apply to withdrawals from that account, not deposits ?

I know I made a stupid error in my interest calc, but I'm not so stupid that I don't know that 😉

Bearing in mind the whole point is to move money into a higher interest account, and this requires bouncing the money off a nominated account.... 

Correct, I could have withdrawn from Atom (and successfully received in my nominated account) the full 91k in one go, but as my nominated account has a daily PAYMENT limit of 50k, I wouldn't have been able to transfer (on the same day) more than 50k of those received funds into the higher rate savings account I want to move the money into, so I decided to split it and withdraw over two days.

Please don't tell me I've got that wrong too and have been wasting years of my life making multiple times the number of transfers I needed to... 😁

Not at all, you're absolutely right and it's something I hadn't thought of, as I will be withdrawing all of the money from two Atom accounts in the next couple of weeks and the account I was going to move it to also has a £50K (actually I think it's £49,999) daily payment limit so it would make sense to split it. (Although I think I could transfer more if I did it by phone rather than online.)

Thank phew for that!

You can check out your bank's various payment method limits here...

https://www.wearepay.uk/what-we-do/payment-systems/faster-payment-system/transaction-limits/


Noticed that my bank's online payment limit is £49,999.99 but they appear to give a penny grace and allow £50k payments. 

They have that wrong for NatWest.
They say £100,00 max daily.
The actual is £20,000 max daily.

I don't think they've got it wrong, I just think there are two limits in play.....
1) what banks CAN allow customers to transfer, and 2) what banks actually allow customers to transfer.

So in the case of Natwest, they can allow daily transfers of up to £100k but have set their own limit at £20k.

For the banks I use I've found that both limits match though.

Rheumatoid

13zero8 said:

MichaelAP said:

13zero8 said:

KevinG said:

13zero8 said:

refluxer said:

13zero8 said:

I'll be withdrawing the remaining balance tomorrow. Didn't want to withdraw the full 91k in one day because my nominated account has a daily 50k transfer limit. 

Daily transfer limits would normally apply to withdrawals from that account, not deposits ?

I know I made a stupid error in my interest calc, but I'm not so stupid that I don't know that 😉

Bearing in mind the whole point is to move money into a higher interest account, and this requires bouncing the money off a nominated account.... 

Correct, I could have withdrawn from Atom (and successfully received in my nominated account) the full 91k in one go, but as my nominated account has a daily PAYMENT limit of 50k, I wouldn't have been able to transfer (on the same day) more than 50k of those received funds into the higher rate savings account I want to move the money into, so I decided to split it and withdraw over two days.

Please don't tell me I've got that wrong too and have been wasting years of my life making multiple times the number of transfers I needed to... 😁

Not at all, you're absolutely right and it's something I hadn't thought of, as I will be withdrawing all of the money from two Atom accounts in the next couple of weeks and the account I was going to move it to also has a £50K (actually I think it's £49,999) daily payment limit so it would make sense to split it. (Although I think I could transfer more if I did it by phone rather than online.)

Thank phew for that!

You can check out your bank's various payment method limits here...

https://www.wearepay.uk/what-we-do/payment-systems/faster-payment-system/transaction-limits/


Noticed that my bank's online payment limit is £49,999.99 but they appear to give a penny grace and allow £50k payments. 

They have that wrong for NatWest.
They say £100,00 max daily.
The actual is £20,000 max daily.

I don't think they've got it wrong, I just think there are two limits in play.....
1) what banks CAN allow customers to transfer, and 2) what banks actually allow customers to transfer.

So in the case of Natwest, they can allow daily transfers of up to £100k but have set their own limit at £20k.

For the banks I use I've found that both limits match though.

I can only transfer 20k a day out of NW

MichaelAP

flaneurs_lobster said:

MichaelAP said:

They have that wrong for NatWest.
They say £100,00 max daily.
The actual is £20,000 max daily.

I'm sure you mean "They say £100,000..."

That £20k max can be overridden as a 1-off if you have biometrics set up on your NatWest app, no idea what the real limit is, probably set per account.

NB why do Nationwide & NatWest come after Revolut & Royal Bank of Scotland in that alphabetically-ordered Pay.uk list? Sloppy.

Yes £100,000 is what I should have typed…. Typo mistake sorry.

The £20k max can not be overridden both within the App or Online. The max allowed you can set is £20k as @Rheumatoid mentions.

MichaelAP

13zero8 said:

MichaelAP said:

13zero8 said:

KevinG said:

13zero8 said:

refluxer said:

13zero8 said:

I'll be withdrawing the remaining balance tomorrow. Didn't want to withdraw the full 91k in one day because my nominated account has a daily 50k transfer limit. 

Daily transfer limits would normally apply to withdrawals from that account, not deposits ?

I know I made a stupid error in my interest calc, but I'm not so stupid that I don't know that 😉

Bearing in mind the whole point is to move money into a higher interest account, and this requires bouncing the money off a nominated account.... 

Correct, I could have withdrawn from Atom (and successfully received in my nominated account) the full 91k in one go, but as my nominated account has a daily PAYMENT limit of 50k, I wouldn't have been able to transfer (on the same day) more than 50k of those received funds into the higher rate savings account I want to move the money into, so I decided to split it and withdraw over two days.

Please don't tell me I've got that wrong too and have been wasting years of my life making multiple times the number of transfers I needed to... 😁

Not at all, you're absolutely right and it's something I hadn't thought of, as I will be withdrawing all of the money from two Atom accounts in the next couple of weeks and the account I was going to move it to also has a £50K (actually I think it's £49,999) daily payment limit so it would make sense to split it. (Although I think I could transfer more if I did it by phone rather than online.)

Thank phew for that!

You can check out your bank's various payment method limits here...

https://www.wearepay.uk/what-we-do/payment-systems/faster-payment-system/transaction-limits/


Noticed that my bank's online payment limit is £49,999.99 but they appear to give a penny grace and allow £50k payments. 

They have that wrong for NatWest.
They say £100,00 max daily.
The actual is £20,000 max daily.

I don't think they've got it wrong, I just think there are two limits in play.....
1) what banks CAN allow customers to transfer, and 2) what banks actually allow customers to transfer.

So in the case of Natwest, they can allow daily transfers of up to £100k but have set their own limit at £20k.

For the banks I use I've found that both limits match though.

Well, if they have not got it wrong as you are saying then they should explain, for a normal daily transfer be it Open banking, Online or Mobile the Max you can set is £20k.
There is no option to carry out a standard transaction for a sum of £100k.
As such the site should make that clear. No point in saying they allow £100k when you cannot do it through the three payment methods I mention.

13zero8

Rheumatoid said:

13zero8 said:

MichaelAP said:

13zero8 said:

KevinG said:

13zero8 said:

refluxer said:

13zero8 said:

I'll be withdrawing the remaining balance tomorrow. Didn't want to withdraw the full 91k in one day because my nominated account has a daily 50k transfer limit. 

Daily transfer limits would normally apply to withdrawals from that account, not deposits ?

I know I made a stupid error in my interest calc, but I'm not so stupid that I don't know that 😉

Bearing in mind the whole point is to move money into a higher interest account, and this requires bouncing the money off a nominated account.... 

Correct, I could have withdrawn from Atom (and successfully received in my nominated account) the full 91k in one go, but as my nominated account has a daily PAYMENT limit of 50k, I wouldn't have been able to transfer (on the same day) more than 50k of those received funds into the higher rate savings account I want to move the money into, so I decided to split it and withdraw over two days.

Please don't tell me I've got that wrong too and have been wasting years of my life making multiple times the number of transfers I needed to... 😁

Not at all, you're absolutely right and it's something I hadn't thought of, as I will be withdrawing all of the money from two Atom accounts in the next couple of weeks and the account I was going to move it to also has a £50K (actually I think it's £49,999) daily payment limit so it would make sense to split it. (Although I think I could transfer more if I did it by phone rather than online.)

Thank phew for that!

You can check out your bank's various payment method limits here...

https://www.wearepay.uk/what-we-do/payment-systems/faster-payment-system/transaction-limits/


Noticed that my bank's online payment limit is £49,999.99 but they appear to give a penny grace and allow £50k payments. 

They have that wrong for NatWest.
They say £100,00 max daily.
The actual is £20,000 max daily.

I don't think they've got it wrong, I just think there are two limits in play.....
1) what banks CAN allow customers to transfer, and 2) what banks actually allow customers to transfer.

So in the case of Natwest, they can allow daily transfers of up to £100k but have set their own limit at £20k.

For the banks I use I've found that both limits match though.

I can only transfer 20k a day out of NW

Yep, what I said explains why that is.

13zero8

MichaelAP said:

13zero8 said:

MichaelAP said:

13zero8 said:

KevinG said:

13zero8 said:

refluxer said:

13zero8 said:

I'll be withdrawing the remaining balance tomorrow. Didn't want to withdraw the full 91k in one day because my nominated account has a daily 50k transfer limit. 

Daily transfer limits would normally apply to withdrawals from that account, not deposits ?

I know I made a stupid error in my interest calc, but I'm not so stupid that I don't know that 😉

Bearing in mind the whole point is to move money into a higher interest account, and this requires bouncing the money off a nominated account.... 

Correct, I could have withdrawn from Atom (and successfully received in my nominated account) the full 91k in one go, but as my nominated account has a daily PAYMENT limit of 50k, I wouldn't have been able to transfer (on the same day) more than 50k of those received funds into the higher rate savings account I want to move the money into, so I decided to split it and withdraw over two days.

Please don't tell me I've got that wrong too and have been wasting years of my life making multiple times the number of transfers I needed to... 😁

Not at all, you're absolutely right and it's something I hadn't thought of, as I will be withdrawing all of the money from two Atom accounts in the next couple of weeks and the account I was going to move it to also has a £50K (actually I think it's £49,999) daily payment limit so it would make sense to split it. (Although I think I could transfer more if I did it by phone rather than online.)

Thank phew for that!

You can check out your bank's various payment method limits here...

https://www.wearepay.uk/what-we-do/payment-systems/faster-payment-system/transaction-limits/


Noticed that my bank's online payment limit is £49,999.99 but they appear to give a penny grace and allow £50k payments. 

They have that wrong for NatWest.
They say £100,00 max daily.
The actual is £20,000 max daily.

I don't think they've got it wrong, I just think there are two limits in play.....
1) what banks CAN allow customers to transfer, and 2) what banks actually allow customers to transfer.

So in the case of Natwest, they can allow daily transfers of up to £100k but have set their own limit at £20k.

For the banks I use I've found that both limits match though.

Well, if they have not got it wrong as you are saying then they should explain, for a normal daily transfer be it Open banking, Online or Mobile the Max you can set is £20k.
There is no option to carry out a standard transaction for a sum of £100k.
As such the site should make that clear. No point in saying they allow £100k when you cannot do it through the three payment methods I mention.

But they do explain it though. The following info is at the top of the page, so I'm afraid it's a case of RTFM...........


"It is now possible to send individual payments of up to £1 million using the Faster Payments System, but those organisations offering the service can set their own limits, depending on how the payment is sent, and the type of account their customer is sending from.

Personal and business transaction limits for the directly connected organisations (and their subsidiaries) are available below.

Simply click on an organisation to find out how much can be sent per transaction, for both personal and business customers. Please note that some service providers also choose to limit how much it is possible to send during the course of a day."

Basically, what this hints to people is that if you find your bank's limit is lower than what is quoted in the list then contact your bank to see if they'll give you a higher daily limit up to that amount. I did exactly that with Chase (JP Morgan). Their daily limit is £1m as per the list, but the daily limit they apply to customers is £35k. I contacted them via their app and they increased my limit for one day to what I needed it to be.

flaneurs_lobster

MichaelAP said:

The £20k max can not be overridden both within the App or Online. The max allowed you can set is £20k as @Rheumatoid mentions.

It says in can be overrdden in the app FAQ (please forgive shonky picture, app doesn't allow screenshots)

Bridlington1

@soulsaver

Hodge Bank EA  Iss1 slips from 4.4% to 4.15%

Bridlington1

Bridlington1 said:

@soulsaver

Hodge Bank EA  Iss1 slips from 4.4% to 4.15%

In addition to the above the following are now eligible to enter the top 10 if I'm not mistaken:

Charter Savings BankEasy Access - Issue 63 at 4.31% £1 min
Harpenden BS Online Single Access (Issue 1) at 4.31% £100 min