Advise on Moving a large amount from Halifax c/a

Smitty

Hello

I am about to receive a large sum of cash into my wife's current account, I then need to spray it into various online savings accounts (also in her name). probably 4 or 5 at (upto) £35k each.

You deposit into Kaupthing by 'pushing' from your current account. Apparently if we go into Halifax with ID, they can send as much as we want by this method. If we dont go into the branch, the limit is £15k per day.

The other savings accounts are done by 'pulling' from the savings accounts. I assume these will be hit by the £15k limit.

Has anyone got any advice on how to move the cash as quickly as possible ?

Kind Regards

Mikeyorks

If it's sitting in the current account - you'll be getting 0.1% Interest on everything over £2.5k. So the 'quickest way' is to CHAPS (same day transfer)everything out at £25 a go. That way there is no limit on the value ..... but you will need to check all the target accounts accept inward CHAPS?

As Halifax don't support Faster Payments outwards ... it's going to take 4 working days to BACS money out .... so the £25 is largely recouped if you're transferring to 6.0%+ accounts .... ( and particularly if the BACS straddles a weekend).

The DD transfer pulling from the Halifax account shouldn't be subject to any limit (I've recently transferred out over £40k in one go). But it will take several days to happen (can be up to 10 days if the DD isn't already established) .... and meantime you are losing Interest at the Halifax end.

Smitty

Thanks for your response

I know Kaupthing take CHAPS, not sure if the others (HiSave, Icesave, Firstsave, Brad&Bing) do, but I will try and find out...
I suspect they dont.
If there is no limit on the pull it would be very helpful !
Does anyone else have any experience of paying into the above accounts by CHAPS ?

chris1

Smitty wrote: »

If there is no limit on the pull it would be very helpful !

I don't believe there is a limit on the 'pull' made by direct debit by the likes of IceSave.

LongTermLurker

IIRC I've hit a £10k limit in the past pulling money by debit card payment (as opposed to direct debit) into Egg - but I was allowed to do a second one straight away. You'd be best phoning the banks concerned and asking them.