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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

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

118 replies

partinor · 12/01/2019 09:34

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.

OP posts:
LovingLola · 12/01/2019 10:22

You are moving more than £50,000 to another bank to avail of better interest rates. So no, I am not one bit surprised at the lack of outrage that you are being charged a very measly £30. Especially when you can do it free of charge over 3 days when your bank is only 3 miles away .

Ali1612 · 12/01/2019 10:23

Thats because they are not charging you £30 just for wanting to move your money for no reason, they are offering the use of another companies service (CHAPS) which the bank has to pay for so its only reasonable that they ask you to pay that cost.

Money doesn't just magically move between banks, when large amounts are involved it has to go through this company which not surprisingly needs to charge for the service.

Its only in the last few years that the faster payment service has existed and that lower than 50k could be transferred within 2 hours, previously everything would have been done by bacs (3-5 days) or be cheque so i really dont understand your issue, we have more flexibility in moving money quickly than ever before.

dementedpixie · 12/01/2019 10:40

It is a CHAPS payment as Lloyds charge £30 for it. It's a same day transfer usually done for larger amounts of money. Maybe you thought I meant BACS but that takes longer

FromageRay · 12/01/2019 10:45

By opening the account you must have agreed to these terms and conditions. If this charge wasn't written in the terms then by all means complain. To them. Otherwise you did agree to it and need to suck it up or find an alternative solution.

worridmum · 12/01/2019 10:47

Plus banks HAVE to charge for this it is the law no other bank will offer transfers of such large amounts of money for free as this would be in breach of banking law (i for the life of me cannot remember the exact name of the act) But £30 is cump change compared to £50.000 it is not even 0.0001 of the monthly interest paid on that amount of money.

Basically it appears the OP rather then being hard up is just being tight because i cannot think of any circumstances where someone is moving £50k of their own money into a SAVINGS account that they cannot stump up the perfectly valid and legally required payment of £30.

WhataLovelyPear · 12/01/2019 10:50

YABU - banks are a business, not a public service. Also, CHAPS have been around for years and from memory cost around £25 in the 90s so the price hasn't gone up in line with inflation.

Puggles123 · 12/01/2019 10:51

YABU.

Original poster
partinor · 12/01/2019 10:54

I was told there was no other way to move this money.
And yes I can afford £30. But this is our life savings. We have a household income of £30k and have saved this amount over many year. So yes I am going to be tight about spending £30.

OP posts:
Original poster
partinor · 12/01/2019 10:55

worriedmum Tell me where I can put my money to get that amount of interest?

OP posts:
rainbowunicorn · 12/01/2019 10:55

You are being very unreasonable. £30 is nothing when you are moving that amount of money. You are also very lucky that you have a local branch 3 miles away. Going to our "local" branch involves a bus, ferry and train journey at a cost of about £12 or by car and ferry at a cost of around £20. They shut our local town's branch several years ago which incidentally was 3 miles from my house and was a bloody godsend only having to get the bus or walk 3 miles rather than losing most of a day to go to the bank.

worridmum · 12/01/2019 11:22

I would suggest you possibly look abroad at a country in central Europe situated in the Alps that is pretty famous for Chocolate if you want truly good interest rates.

But employ a proper accountant or you will be hit will taxes etc

Andallwaswell · 12/01/2019 11:24

There are definitely other ways of doing this CHAPS is just the easiest. There’s the way I suggested earlier re the instant access savings or have you asked how much a bankers draft costs (it was £12.50 when I worked in a bank but that was a few years ago!).

ShatnersBassoon · 12/01/2019 11:31

Presumably you've had to go without in various ways over the years in order to save £50k with a not huge income; so why are three trips to the bank totaling just 18 miles to save £30 a big deal to you? It's well worth it if your time and energy isn't more valuable put towards other activities.

Charlie97 · 12/01/2019 11:32

@partinor can you afford it or not? In one answer you say you can't the other you can....

To be honest if you're moving more than £50k this is just a service charge and you can well afford it, it's life, life is not fee.

Great stealth boast though.....

CountessVonBoobs · 12/01/2019 12:49

If your whole life savings is in cash, you might want to diversify a bit. I hope you're at least maxing out your ISA allowance annually and investing in your pensions.

Also you can afford it. You're just tight. Which is fine, but stop moaning and saying you can't.

Charlie97 · 12/01/2019 12:51

@CountessVonBoobs to invest tax efficiently in a diversified portfolio the OP would need to take financial advise, I don't think she'd pay for that. Grin

BadLad · 12/01/2019 12:54

But £30 is cump change compared to £50.000 it is not even 0.0001 of the monthly interest paid on that amount of money.

Are you Diane Abbott?

Headbangdesk · 12/01/2019 12:54

My overseas Dsis sent me £200 into my account as a present, currently skint and money very much appreciated. The bank cut £20 - both have Natwest accs.

I don't think you should lose sleep over £30 with 50k in savings.

CloserIAm2Fine · 12/01/2019 12:56

Banks are not a public service. They are a business who have charges for certain transactions. You agree to these charges when you set up your account.

If you have £50k that you’re moving to access better interest rates (do not withdrawing because you have to spend it) then you absolutely can afford £30. So no sympathy that you’re having to pay a small amount for a service from a company.

AlwaysSomethingThere · 12/01/2019 13:06
Biscuit
safariboot · 12/01/2019 13:13

Don't try and dodge the charge by multiple smaller payments, that looks suspicious and could land you in a huge pile of shit.

Ultramic · 12/01/2019 13:17

YABU.

Do you expect a mechanic to fix your car for free because it's 'your car'?

Moving money is a transaction, you're paying for a convenient service, and you're lucky you even have a local branch so you have another option.

You sound tight.

I've never resented paying for my savings to be moved around.

Satsumaeater · 12/01/2019 13:31

Won't the petrol for the three journeys come to £30? Or will you walk?

PattiStanger · 12/01/2019 13:35

If the petrol to go 18 miles costs £30 I suggest another money saving measure - buy a car with normal fuel consumption.

PattiStanger · 12/01/2019 13:36

And your thread title is wrong, they aren't charging you to move it to a savings account.