Standing orders close together

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  • bigadaj
    bigadaj Posts: 11,531 Forumite
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    The other alternative is manual payments of course, faster payments are often near instantaneous.
  • EachPenny
    EachPenny Posts: 12,239 Forumite
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    The mirrored £1000 payments between accounts 1 and 2 could be done on any day of the month surely? You seem to be creating a potential problem for yourself by having them on the 27th.

    What is account 3? Why do you need to pay £1000 in, or is it just a savings account where you skim some of your pay off into?
    "In the future, everyone will be rich for 15 minutes"
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    EachPenny wrote: »
    The mirrored £1000 payments between accounts 1 and 2 could be done on any day of the month surely? You seem to be creating a potential problem for yourself by having them on the 27th.

    What is account 3? Why do you need to pay £1000 in, or is it just a savings account where you skim some of your pay off into?
    Going on OP's previous postings, they (as in the couple) were considering opening a pair of Nationwide FlexDirects. So I suspect account 3 is one of them (remembering of course that you can't cross-fund at Nationwide).


    Of course all this account 1/account 2/account 3 language doesn't help anyone point out potential pitfalls...such as the fact that Tesco will send SOs on a weekend for example.
  • badger09
    badger09 Posts: 11,209 Forumite
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    I didn't understand OP's problem in his OP, and I still don't:(

    If all the accounts are full and the movement of £xx is purely to fulfil minimum funding conditions, why on earth not set the SOs up for mid month and avoid the potential issue of missing a month's pay in:cool:
  • prezzacc
    prezzacc Posts: 147 Forumite
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    Ok - Let me explain. Firstly, I've over complicated this and confused myself. I was trying to keep it simple with account 1 etc. Here goes. Ignore my previous posts. I confused myselfs (im thinking of other accounts!)

    HSBC account (1) gets my wages in. 26th.
    NW account (2) will have £2500 in but needs Funding £1000
    NW account (3) (no minimum required) needs set amount (majority of wages) to go in as this is where we both pay a set amount into to cover mortgage,bills etc which all start coming out first few days of the month.

    Currently HSBC pays my set figure into NW account 3 as NW account 2 is new.

    I need to do this at the end of the month as i only get my salary for a couple days before it hits the joint NW account 3.

    So scrapping my first post i now think:, All i need to do is pay my set figure from HSBC to NW Account 2 (minimum fulfilled) then to NW account 3.

    As NW account 2 is full, there will be no problem paying it a little earlier (26th) into NW account 3.

    Its probably not the "Normal" way of how people work thier wages bills etc, but is how we've done it and worked fine for years so would like to stick to it.

    Appreciate everyone's time trying to help me. Sorry it was a mess!
  • EachPenny
    EachPenny Posts: 12,239 Forumite
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    If account 3 needs no minimum payment then it would appear you get no interest on it, nor the travel insurance perk?

    So why not move account 3 to Santander to gain:
    a) Interest on the balance while you wait for bills to be paid
    b) Cashback on bills which are paid by direct debit (hopefully maximised!)
    "In the future, everyone will be rich for 15 minutes"
  • prezzacc
    prezzacc Posts: 147 Forumite
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    Hi each Penny.

    Thanks for the reply.

    I do get the travel insurance on account 3. Just So used to that account being funded!

    I have considered swapping that one but I do like the travel insurance, I'm also a little concerned at the amount of accounts I'm recently opening just to get some interest! Might check the credit report soon!
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    So account 2 is a FlexDirect. Is account 3 a FlexAccount or FlexPlus?
  • prezzacc
    prezzacc Posts: 147 Forumite
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    Hiya

    3 is flexaccount yes.
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    prezzacc wrote: »
    Hiya

    3 is flexaccount yes.
    So it does have a minimum funding requirement then (you said it didn't in post #16). It's £750 to continue to receive the free travel insurance you say you have on it...isn't it?
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