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.

You could have made a lot more than £30 long ago if you'd been willing to pay the fees to move the money around - or to invest in something besides cash. You're tight. And conservative. Which is fine, but doesn't make a CHAPS payment charge, which is legally required for some very good reasons, some kind of outrage.

You can do it online. Read what we're writing fgs

It’s ridiculous, people taking the piss that if you have £50K you can afford £30. Nobody should waste money because they have money.

I don’t think the bank are unreasonable to charge you. I don’t know how much is reasonable, but why should they do it for free? They’re maintaining IT systems to move money, training staff, providing fraud checks... all sorts. And you’re probably getting the basic account transactions for free.

So a charge - YABU.
£30 - probably YABU but I don’t know how much.
Not just writing off £30 just because you have £50K? YANBU!

@partinor - it's not. Max online daily amount is £25k. You can pass fraud check by phone & they'll instantly approve it

I’m surprised about how blasé people are about the charge in relation to the bank balance. Saving money requires being frugal.

Sometimes you have to spend money to make money. Saving in the first place requires frugality but once you have the cash you can get much better returns by being willing to spend small amounts to access opportunities.

Or you can be tight and do a transaction like this manually as the OP has chosen to do. That is her choice, but that doesn't make it an outrage that she can't have exactly what she wants.

It's £30 from a deposit of £50k. Do you value your time so little that doing a 6 mile round trip three times in three days is preferable to paying £30?

I can do £25k online. I can do more by going into the branch.
And yes £10 for a 30 minute trip is more than I get paid.

£30 is the standard fee. Pay it, or find another way to move the money without paying it, that's your choice. I really don't care. But you shouldn't be 'outraged' as it's a standard fee for this type of transaction.

I'm not an expert but all tax payers pay tax if they earn over 1000 if interest in a year don't they? That's only 2% on 50000 so not that far away from where we are now, in fact I've just looked on MSE and there fixed term ISA rates higher than that now. Obviously if it's a joint account I assume the interest is shared so maybe not such an issue

How much you earn is irrelevant unless you have to take upaid leave to visit the bank surely

I e moved more than 50k without paying. It’s definitely not the law that you have to transfer money by CHAPS.

I agree with you. Why should you pay to transfer your own money?

Whether the OP. can afford it or not is completely irrelevant. Maybe it's because she is careful with her money and doesn't waste £30 that she has managed to save 50K.

As I was told by my father in law.....the rich spend as if they are poor, and the poor spend as if they are rich.

I agree with you. Why should you pay to transfer your own money?

Because it’s a service that banks provide, and as they are not a charity, they charge for their services. People don’t have to use banks. You’re more than welcome to keep your money at home if you don’t want to pay for the service they provide to you.

Co op bank allow up to £100,000 faster payment in or out at no charge.

Because it’s a service that banks provide, and as they are not a charity, they charge for their services. People don’t have to use banks. You’re more than welcome to keep your money at home if you don’t want to pay for the service they provide to you.

A nominal fee maybe but £30 for pressing a few buttons on a keyboard....that's outrageous.

£30 for pressing a few buttons on a keyboard....that's outrageous

1. that's not actually what's involved
2. who do you think creates and maintains the software that allows the movement of money between banks? Does it appear by magic? The money has to go through a clearinghouse. CHAPS is run by the Bank of England and is a service that minimises the risk of loss of the payment, which is why it's used for high value inter bank transactions. www.bankofengland.co.uk/payment-and-settlement/chaps

The fee also plays the valuable role of making it harder for criminal organisations to move money around to conceal its origin and invest it in further illegal activity.

I've just done exactly this. I had to move it in 3 instalments. I too didn't want to pay the CHAPS fee. I'm careful with money and have saved for 20 years ....

I'm confused @partinor

You want to move your money for free & can do this online over 2 days so what's your problem 🤔

£30 on £50k IS a nominal fee! It’s less than 0.001%

I've never heard of a bank charging to move money, unless it's via CHAPS or abroad

It is a CHAPS payment that OP is being quoted for

£30 on £50k IS a nominal fee! It’s less than 0.001%
0.001% of £30k is 50p

£50k

It is a CHAPS payment that OP is being quoted for
Fair enough. The OP didn't say that in the OP. Do it by BACS or FPS, then

Or cheque or debit card