Chase savings bonus rate has ended looking to transfer out

20122013

My Chase savings bonus rate has ended, so I am transferring the funds into my existing Zopa Savings and Cahoot Simple Saver accounts. As this is a temporary measure, while I look for better saving rates. When I transfer funds out from the two account, apart from they both have daily outbound transfer limits, and Zopa requires a linked account (and request a change if need be), is there anything else I may have missed regarding the rules on transferring funds out ?

masonic

There aren't any other restrictions around moving money from your Chase savings/current account, just the transfer limit you've mentioned.

20122013

https://forums.moneysavingexpert.com/discussion/comment/82059329#Comment_82059329

Hello, As ZOPA only can have one linked account at one time, even if I linked it to my newly opened account, there will still be cap on how much I can transfer out to the new account or be flagged up. I was thinking to transfer out to Principality ( but this is a Triple access account) so it will incur a penalty as over the free access limit. Do all the banks have the same restrictions ? perhaps better to earn less interest and then find a better rate and transfer directly from CHASE ?

ToastLady

With transfers out from Zopa SS, if I don't want it to go to my linked account, I move money to Zopa Biscuit current account, and then transfer out to whatever bank from there, as there are no restrictions on amount of payees, if that helps at all.

20122013

https://forums.moneysavingexpert.com/discussion/comment/82059362#Comment_82059362

that's great to know (as it is not easy to get to ZOPA's customer service team)

masonic

The other thing you can do is make a request to Chase to temporarily increase the transfer limit (under Profile > Limits), see https://www.chase.co.uk/gb/en/support/moving-money/

This would allow you to send a single manual bank transfer to Zopa, rather than trying to get around Chase's £25k limit by spreading between the two Chase accounts.

It depends how much you are sending to Zopa and how much to Cahoot.

I'm not sure where Principality comes into all this but their triple access account only counts withdrawals towards the three accesses, not deposits into the account. The third withdrawal can be an account closure, in which case the full balance plus accrued interest can be moved. There is nothing to stop you opening a new access account once you've done that.

ToastLady

I should have said that you can also transfer in to Zopa Biscuit account from anywhere, and not limited by the linked account aspect of the Smart Saver.

20122013

https://forums.moneysavingexpert.com/discussion/comment/82059394#Comment_82059394

Great to know, Chase had confirmed that it takes 6 hours to increase the withdraw limit.