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.

Banks aren’t charities , they charge fees to provide a service. Like all other services.

Jesus, I can’t believe that someone with £50.000+ to spare is complaining about a £30 fee.

Could you get a bankers draft paid to yourself for £50k?

A banker's draft is free with Halifax if you don't have a chequebook for the account.

Livs1987 - but that's why OP has £50k - because she minds her pennies.

Too anhy oeople have a spendthrift mentality in this country, fair play to OP and her DH for saving that much with a low income.

You need to make a chaps payment because of the restrictions imposed by the bank you are transferring to - complain to them !

Otherwise you could have made it in two transactions free online ...,

Oh no, my wallet’s too small for my fifties and my diamond shoes are too tight.

Ha, you are lucky! I have been charged to move money into an account that isn't mine in order for me to pay more money to move it into an account that is...

Yes, it's my money.

Oh no, my wallet’s too small for my fifties and my diamond shoes are too tight

You’ll get no sympathy about having to pay £30 to move £50,000.

Just get on with it. Stop moaning and pay up.

You are aware how banks work ?
I'd rather pay the £30 than go to the bank 3 times . The cost of petrol and parking plus the time involved

ny No it is Lloyds that are saying this. The savings account I am moving it to will accept money in a wide variety of ways and do not charge for it.
And yes I should have realised that the relatively well off demographic of MN would prefer to mock someone who is careful with money.
I will not pay the £30. We have our savings by being careful with money.

If you don’t want to pay for the services a bank provides, you can keep your £50,000 in a tin under your bed 🤷🏻‍♀️. Why are you surprised that a business charges for a service?

Can you not do several smaller transactions via online banking? Normally £10k is ok for an individual transfer online

If you literally have all your money in one account in cash, you're the definition of penny wise, pound foolish, tbh. Haven't you at least got cash ISAs? How much is outstanding on your mortgage?

Mortgage paid off and money was in an ISA. Transferred to current account to move into two savings account. One instant access one fixed rate.

Hard life

www.lloydsbank.com/online-banking/benefits-online-banking/view-pay-your-bills.asp

This says the daily limit is £25k so you could do one £25k one day and the other the next day

You can make a Faster Payment of up to £25k online.

www.lloydsbank.com/online-banking/benefits-online-banking/view-pay-your-bills.asp#tab-row-3

Taking money out of an ISA isnt always the best thing to do, I've seen a Martin Lewis programme about it, I'm sure he said that although now interest rates for ISAs and other savings are about the same but when rates go up you could end up having to pax tax on your interest because you've given up the tax free amount.

Rates will go up eventually and you might lose more than £30 in tax

Ahh - you've not explained it properly !

You've tried to do it online but they flagged for a security check. You failed this security check over the phone & now have to go to a branch with photo id

The only reason you'll need to do a chaps payment in branch is if you've left it too late to do 2 transactions online though

If that's the case, you'll have to suck up £30 charge

That advice is for higher rate taxpayers. Our whole household income is £30k a year.

ny No I did not fail the security check, it is because of the amount. If it was less it would have been fine.

I’m surprised about how blasé people are about the charge in relation to the bank balance. Saving money requires being frugal. My grandfather saved millions while working retail. He was frugal to a fault, but I wish I had a 10th of his discipline.

From Lloyds website:

If you want to make a payment greater than £25,000, you could:

• Split the payment over two or more days (see payment hours below)

• Discuss different payment options by calling us on0345 602 1997 Call telephone number 0345 300 0000(+44 1733 347 007 from outside the UK). If you're a Textphone user, call0345 300 2281Call telephone number 0345 300 2281.

• Visit yourlocal branch.

Anyway going to go and clean the car now.