TSB Bank warns ‘you can’t do this’ over limit that | European Markets

TSB Financial institution has defined some important financial savings limits that apply to all clients with the group.

The problem got here to mild after a individual acquired in contact over social media with a query about making funds.

They requested: “What is the max figure I can make a payment on in from my savings account and my current account? Can I send £100,000 to someone from each of those accounts?”

In response, the bank first identified an important limitation that applies to transfers from its financial savings accounts.

The group mentioned: “For savings accounts, they cannot make external transfers. You can only transfer to other TSB accounts in your name.”

Nevertheless, the case is completely different when shifting money from a present account. TSB defined: “For your current account, you can send up to £25,000 per day as a faster payment through your Online Banking.

“For larger payments, you’d need to either arrange this over multiple days, or visit a branch with your card and valid photo ID.”

When organising a switch in department, you’ve got more leeway about how a lot you may pay out.

The bank mentioned: “In branch, they can send up to £100,000 per day as a faster payment, or arrange a CHAPS payment with no limit for larger payments.”

Halifax not too long ago defined some key limits that apply to its ISA accounts after a buyer acquired in contact with a query.

That they had opened an ISA with one other supplier this tax 12 months, and have been uncertain if they’d be capable to reactivate an current ISA they’d with Halifax.

The bank mentioned initially: “You can only put money into one cash ISA with us in a tax year, but you can also pay into any other cash ISA, stocks and shares ISA, Lifetime ISA, or Innovative Finance ISA for which you are eligible in each tax year.”

Halifax added that that is subject to the individual’s ISA allowance, which permits an particular person to deposit up to £20,000 a 12 months in ISAs.

The individual went on to elucidate that they needed to entry the Halifax ISA so they might get the curiosity funds and probably close the account.

The bank additional defined in response: “Yes, you can reactivate your existing ISA with us without facing any penalty with HMRC. Renewing your existing ISA won’t impact your new ISA.”