To be outraged that Lloyds charge £30 to move my own money into a savings account?

[partinor]

Lloyds bank have told me they charge £30 if I want to move more than £50k to another banks savings account. This is outrageous. £30 to move my own money.

£10k per day is free, ask them to do it that way,

So move it in smaller tranches then.

Write a cheque?

Some fixed interest accounts allow you to make one deposit that is it. And because of the amount I have to take ID into the branch. So basically I keep having to visit the branch to move my own money.

No cant do it by cheque. It is an anti fraud thing to make you go into branch with passport. I can do it in three amounts for free. So I have to visit the branch three times.

Sounds like you can probably spare the £30...

Is it a CHAPS payment?

You cant do this by CHAPS. The fraud protection systems mean you have to go into branch with ID. They do not let you do it any other way.
Slowly We can't actually.

It's an anti-money-laundering precaution. It is also the law.

If you have £50k in cash then you can afford to pay 0.001% of that sum to move it. Or move it in smaller amounts and more slowly.

As others have said, if you've got 50k savings, you can afford 30 quid!

I think it is shit being charged to move your own money. And whether I can afford it or not does not matter.
And I am moving it because Lloyds interest rates are shit.

Is it news to you that banks charge for transactions ??

If you don't want any restrictions on what you can do with your own money, may I recommend the traditional sock under the bed? Very few T's and C's.

Otherwise, you can put up with some mild hassle or pay a very modest sum which is a negligible fraction of your significant cash liquidity which you are moving to make more money, so that fewer criminal gangs can easily traffic people and drugs and launder the proceeds.

Unfortunately all banks have this limit. The only way you can waive it is exceptional circumstances ie bereavement. So even if you go to another institution it's the same. The process is called a CHAPS payment and it's done by all banks over 50k .Sorry.

Switch to First Direct - no branches so you can do everything online / over the phone and no charges. Best bank around

Switch to First Direct - no branches so you can do everything online / over the phone and no charges.

I guarantee you First Direct will charge to move £50k cash, because otherwise they would not be in compliance with the law.

LovingLola Yes it is. I have never been charged for moving money from one account to another before.
I understand the fraud checks, I have no issue with that, it is the charge. So okay I am going to have to go into the branch 3 times instead. A total pita as I have to travel 3 miles to a branch as I do online banking.

Faster payments between banks are free however there are limits as to what can be transferred daily, to move money over the limit the options are either to do several smaller transactions over a few days, ask for a bankers draft or pay the fee for a CHAPS payment. The fee for this payment isnt the bank trying to rip you off, its because CHAPS is a company who provide payment services amongst banks and charge the banks for using it. Just the way banking works when moving large amounts of money.

You don’t HAVE to go into the beach, you could pay the £30. You just have to decide which is more important to you, £30 out of your £50,000 or 3 x 6 mile round trips.

Can’t you open an instant access savings account with the other bank? Move the money in £10k instalments into that then transfer the £50 internally to the fixed savings account. It’s a pain but would avoid the charge.

I need that money, so yes I will save the £30. No choice but to go into branch. But I am surprised that no one else seems to think a charge of £30 is outrageous.

So just pay the £30. If you have £50000 you can afford it.

If you are moving it to a savings account you categorically don't need the money.

How did you acquire £50k in cash in the first place if you desperately need £30?

£30 is totally normal, and being only 3 miles from branch makes you very lucky! Surely most people are a lot further than that with everything shutting?