transferring money into savings account..

stewie1098
stewie1098 Posts: 109 Forumite
in Savings & investments
Wonder if someone can help on this. I am a Nationwide current account holder. Want to set up 2 or 3 internet based savings accounts, eg Close brothers etc. Is the only way I can transfer the money by fast payment, with a daily limit t of £10,000, as to do this is going to take a few weeks as I want to the full amount £85K into each ?Stew

Comments

  • jamei305
    jamei305 Posts: 635 Forumite
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    stewie1098 wrote: »
    Wonder if someone can help on this. I am a Nationwide current account holder. Want to set up 2 or 3 internet based savings accounts, eg Close brothers etc. Is the only way I can transfer the money by fast payment, with a daily limit t of £10,000, as to do this is going to take a few weeks as I want to the full amount £85K into each ?Stew


    The £10K limit for Nationwide is per transaction not per day. Just do 9 transfers immediately after each other.
  • colsten
    colsten Posts: 17,597 Forumite
    First Anniversary Photogenic Name Dropper First Post
    Several payments of up to £10K each is definitely one way to do it.

    You could also ask Nationwide on the phone whether they'll transfer the lot without charging you the £20 CHAPS fee they usually levy for this. Their website doesn't offer this but you might get lucky. I had a similar request at Santander the other day and much to my surprise they offered to make one payment without charging.
  • Tom99
    Tom99 Posts: 5,371 Forumite
    First Post First Anniversary
    jamei305 wrote: »
    The £10K limit for Nationwide is per transaction not per day. Just do 9 transfers immediately after each other.
    Are you sure? This link says £10,000 is a daily limit.
    https://www.nationwide.co.uk/support/support-articles/manage-your-account/transfer-limits-and-timescales#~
  • JGB1955
    JGB1955 Posts: 3,478 Forumite
    First Anniversary First Post Name Dropper
    You can definitely send multiple payments on one day. I paid £25K out of my Nationwide account on one day earlier this year.



    Their website states;


    You can use the faster payment service to send payments of up to £10,000 at a time. The money can be sent to any account in the UK from your current account. It's free to use, and there's no limit on the number of payments you can make. You just need to have enough money in your account.
    #2 Saving for Christmas 2024 - £1 a day challenge. £131 of £366
  • Keep_pedalling
    Keep_pedalling Posts: 16,612 Forumite
    First Anniversary First Post Name Dropper Photogenic
    Tom99 wrote: »
    Are you sure? This link says £10,000 is a daily limit.
    https://www.nationwide.co.uk/support/support-articles/manage-your-account/transfer-limits-and-timescales#~

    And if you click through a bit further you will find that you can make multiple payments with no time limit.

    https://www.nationwide.co.uk/support/payments-and-transfers/large-payment

    The big question is why hold so much in cash at pathetic interest rates?
  • capital0ne
    capital0ne Posts: 872 Forumite
    First Anniversary First Post
    To keep track of the payments I usually add some pence £10,000.01, £10,000.02 and so on, but as £10k is the limit you will have to do something like £9,999.01, £9,999.02 and so on
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