TSB Bank has issued a warning about an important savings rule (Image: Getty)
TSB Bank has explained some important savings limits that apply to all customers with the group.
The issue came to light after a person got in touch over social media with a question about making payments.
They asked: “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 pointed out an important limitation that applies to transfers from its savings accounts.
The group said: “For savings accounts, they cannot make external transfers. You can only transfer to other TSB accounts in your name.”
However, the case is different when moving money from a current account. TSB explained: “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 transfer in branch, you have more leeway about how much you can pay out.
The bank said: “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 recently that apply to its ISA accounts after a customer got in touch with a question.
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They had opened an ISA with another provider this tax year, and were unsure if they would be able to reactivate an existing ISA they had with Halifax.
The bank said 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 this is subject to the person’s ISA allowance, which allows an individual to deposit up to £20,000 a year in ISAs.
The person went on to explain that they wanted to access the Halifax ISA so they could get the interest payments and potentially close the account.
The bank further explained in response: “Yes, you can reactivate your existing ISA with us without facing any penalty with . Renewing your existing ISA won’t impact your new ISA.”