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

Albermarle

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 m

As the Govt has not announced any new taxes or hardly any policies ( apart from the Winter Fuel one) , it seems an odd reason to completely change an investment strategy. Why not wait until the budget and then see what will  actually happen ?

GeoffTF

mikeprice said:

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. 

If your money is going to be parked for a significant period of time, you can use a savings accounts with another banks or building societies, or NS&I which does not have a compensation limit or a withdrawal limit. If you do not tell us which banks are making it difficult for you move your money, we cannot help.

theoretica

Why don't you start from the other side - find the account you like the interest rate of and then just ask them 'how would I transfer the money out to buy a house'?

But if you are concerned about FSCS cover that will limit how much you put into each account.

Grumpy_chap

mikeprice said:

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.

AIUI, any bank will allow pre-arranged CHAPS transfers of any amount.
The limits you reference are for "self-serve" online transactions.

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. 

You might be jumping the gun and, quite possibly, from the frying pan into the fire.
What tax policies do you refer to, specifically?

There is lots of rumour amongst the media.  Some of that rumour may well come to fruition. 
Will you live in the house you will purchase?  If not, the rumours I have heard suggest that acquiring a second property as an investment right now would be liable for significant changes in taxation and policy.  There is no reason that the rumours I have heard are any more accurate than any other rumours.

The best thing you can do, if trying to pre-empt the actions that the Government may take in the October budget would be to refer to the Manifesto of the majority party.

The many rumours may well be the media being self-serving.  If a tabloid paper publishes 100 terrible things that will be done in the budget, some of them probably will be done.  Then, the day after the budget, that tabloid can run with the headline "we told you so" and reference whichever of the terrible things were actually in the budget and either just stay silent on the others, or threaten that those other terrible things are going to happen next time around.

Ballard

If you’re so worried about the government’s policies, I’m slightly confused as to why you want to invest in property in the UK (I’m assuming UK as you haven’t said otherwise). 

EssexExile

Ballard said:

If you’re so worried about the government’s policies, I’m slightly confused as to why you want to invest in property in the UK (I’m assuming UK as you haven’t said otherwise). 

I was curious about that. Their intention is to have lots of houses built, increasing supply should reduce prices.