Which UK bank accounts allow outbound transfers of very large amounts?

mikeprice

I have got my life savings in various investments, but the Labour Party's tax and other policies don't make it worthwhile to keep the money invested for ever-decreasing returns netted by me. Therefore, my intention is to exit from those investments over a period of around a year and then use the redeemed funds to buy a house in cash. This will be several hundred thousand pounds.

The issue I face is that most bank accounts I know have a daily limit of around £20k that one can transfer out. I've rang my existing banks and they are firm with these daily caps.

Savings accounts I have do allow transfers of sums larger than £20k, but only to one nominated bank account in my name.

I am looking for a UK bank account that will ideally both (a) pay a good rate of interest while my funds accrue and (b) allow me to make a transfer of a substantial six-figure sum to the solicitor to buy my house.

I am happy to go into their branch with my proof of ID etc. or, if they don't have branches, to email or post any instruction and documentation they require to enable the outbound transfer.

Any suggested bank accounts please?

Thank you.

Mark_d

Talk to Nationwide.  I've never had a problem sending large amount of money for house purchases

GeoffTF

All the major banks will allow unlimited CHAPS payments. I believe that Barclays does them for nothing. Where is your money now? Whether it makes any sense for you to buy a house with your money is another matter.

friolento

All banks will do CHAPS transfers for large amounts. Most will charge you for this but Barclays seem to do it for free

U

DeepSporran

All the main banks will allow  very large payments (unlimited I believe) by CHAPS which normally attracts a fee of £20 or thereabouts. If you’re transferring several hundred thousand pounds then that fee is peanuts.

If you want free transfers, Lloyds allows £25000 daily online, but up to £250,000 in branch. Other banks will have different limits, but I’d be surprised if there aren’t others like Lloyds with higher limits in branch compared to online for Faster Payments with no fee.

Billxx

mikeprice said:

I have got my life savings in various investments, but the Labour Party's tax and other policies don't make it worthwhile to keep the money invested for ever-decreasing returns netted by me.

What tax/policies?  I'm not aware that the government has introduced any new policies yet?

mikeprice

GeoffTF said:

All the major banks will allow unlimited CHAPS payments. I believe that Barclays does them for nothing. Where is your money now? Whether it makes any sense for you to buy a house with your money is another matter.

Thank you.

The major high street banks pay very little in interest for money saved with them? I'm looking for somewhere that would pay a reasonable amount of interest so my money doesn't devalue.

My money is currently in various investments here in the UK. 

mikeprice

Thanks very much everyone for the advice.

I obviously don't mind paying £20 or whatever - it's irrelevant when transferring a six figure sum.

Far more importantly, my understanding is that the major high street banks pay very little interest on money saved in their accounts?

Are there any such bank or building society accounts that pay a decent rate of interest, so my money doesn't devalue please?

gt94sss2

If you want to do large faster payments rather than a CHAPS payment, have a look at 

Starling 
YBS
Skipton 

You can also set up a one off standing order at banks which are often subject to higher limits than normal bank transfers..

Sg28

Are you buying this house to live in? 

Buying a second home or buy to let will likely be in the government cross hairs too, even on top of all the extra costs and hurdles already in place from the last government. 
Probably be better off in standard investments imo and suffer the (potential) extra cgt futher down the line. 

wmb194

mikeprice said:

I have got my life savings in various investments, but the Labour Party's tax and other policies don't make it worthwhile to keep the money invested for ever-decreasing returns netted by me. Therefore, my intention is to exit from those investments over a period of around a year and then use the redeemed funds to buy a house in cash. This will be several hundred thousand pounds.

The issue I face is that most bank accounts I know have a daily limit of around £20k that one can transfer out. I've rang my existing banks and they are firm with these daily caps.

Savings accounts I have do allow transfers of sums larger than £20k, but only to one nominated bank account in my name.

I am looking for a UK bank account that will ideally both (a) pay a good rate of interest while my funds accrue and (b) allow me to make a transfer of a substantial six-figure sum to the solicitor to buy my house.

I am happy to go into their branch with my proof of ID etc. or, if they don't have branches, to email or post any instruction and documentation they require to enable the outbound transfer.

Any suggested bank accounts please?

Thank you.

Chaps or cheque. Some will increase the FP limit in branch with ID e.g., Lloyds to £250k. At the moment Ulster Bank, a trading name of NatWest, has a reasonable savings account in conjunction with its current account and can offer cheques, Chaps & FP. 

https://www.lloydsbank.com/help-guidance/everyday-banking/payments-and-transfers/pay-by-chaps.html#:~:text=If%20you%20want%20to%20send,for%20sending%20a%20Faster%20Payment.

https://www.ulsterbank.co.uk/savings/easy-access-account.html