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Internal Transfer Limit

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Internal Transfer Limit

I have just tried on-line to deposit £20,000 into a 1 year Fixed Rate Saver, taking the money from my Internet Saver Account.  It refused, saying I could not transfer more than £10,000 on-line, and I would have to do it by phone (which I did).


Yet the booklet "Your new Tesco Bank Internet Saver Account", Page 6, "Making Withdrawals", 2nd bullet point, says :-


"You can transfer up to £100,000 a day via Online Banking to another Tesco Bank account in your own name" [My italics and bold]


Never mind that, despite the fact that I already had another account (the Internet Saver) with Tesco, it took two weeks after applying for the Fixed Rate Saver before I could transfer anything into it at all - it was visible on my web page with £0 in it, and I am sick of making phone calls and exchanging letters to sort it out. 


Don't even get me started on the time and trouble it took to open the original Internet Saver account - perhaps for another post.


Now I am applying for a 2 year Fixed Rate Saver.  I hope I don't have to go through all that again.


Re: Internal Transfer Limit

Hi @Lord_Layabout,


I'm really sorry to read about the troubles you've been having opening these accounts and I hope the 2 year account has gone smoothly. In terms of the issue you were having making the £20,000 transfer between the accounts, there's a couple of things we think it might've been; if the accounts aren't all appearing under one set of login details, then it wouldn't count this as an eligible internal transfer and we can look to merge everything together to make this more straightforward in the future. Potentially, another reason could be related to the transfer method selected, and if the transfer was going as a nominated account transfer rather than an internal.


You definitely did the right thing in contacting us though, and I'm glad the transfer has now been made. If you need any further help, please contact us on here or directly on 0345 678 5678 between 8am-10pm Monday to Friday and 9am-5pm at the weekend.