TSB Bank has highlighted essential information regarding savings limits that customers need to know. The issue came to the fore after a customer contacted the group over social media with a question about payment rules.
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?” TSB responded by clarifying the limitations for transactions. The bank stated: “For savings accounts, they cannot make external transfers. You can only transfer to other TSB accounts in your name.”
However, the bank noted that current accounts have different regulations. The provider explained: “For your current account, you can send up to £25,000 per day as a faster payment through your Online Banking.”
For transactions above this amount, TSB advised that customers would need to spread the payments over several days or visit a branch with identification. They further explained: “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.”
This guidance follows Halifax recently issuing an update to explain the rules for its ISA accounts. A customer asked about reactivating an existing ISA and whether it would count as opening a new account within the same tax year.
The bank provided clarity on its policy, saying: “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 further elaborated that individuals can pay in up to their ISA allowance. Savers can deposit up to £20,000 every year across different types of ISAs. The person went on to explain that they wanted to access the ISA to collect the interest earned and possibly close the account account.
In response, the bank confirmed: “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.”