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  • FIRST POST
    • ToTo Man
    • By ToTo Man 7th Oct 16, 12:37 PM
    • 62Posts
    • 22Thanks
    ToTo Man
    Setting up standing orders to cycle money between current accounts
    • #1
    • 7th Oct 16, 12:37 PM
    Setting up standing orders to cycle money between current accounts 7th Oct 16 at 12:37 PM
    With fixed-term savings rates so paltry, we have opened more current accounts and linked regular savers to try and max out our interest. The accounts require different minimum pay-ins each month. I've always just done this manually, but now that we have so many accounts to deal with it would be easier if I could set up regular payments (standing orders?) to automate things. However I am concerned about the following scenario happening:

    Say I set-up a payment from account A to account B to be made on the Nth of each month, and then send the money onto account C the day after, and one or more of these scheduled payments takes place on the weekend, will it still register as a pay-in and meet the criteria for interest to be paid for that month? In a world of 24/7 banking common sense says it should, but I'm not an expert on banking systems.

    What is the safest minimum advisable duration for it to be counted as a pay-in for that month?
    Last edited by ToTo Man; 07-10-2016 at 12:48 PM.
Page 1
    • Dobbibill
    • By Dobbibill 7th Oct 16, 12:58 PM
    • 1,697 Posts
    • 2,836 Thanks
    Dobbibill
    • #2
    • 7th Oct 16, 12:58 PM
    • #2
    • 7th Oct 16, 12:58 PM
    SOs will not go on a weekend with a lot of banks so you may find they land up being done on the same working day after the weekend.

    Would the balance in Account B be enough for the outbound SO to Account C etc or would it cause problems for you if the SO from Account A hasn't arrived yet?
    • agrinnall
    • By agrinnall 7th Oct 16, 1:02 PM
    • 15,610 Posts
    • 11,320 Thanks
    agrinnall
    • #3
    • 7th Oct 16, 1:02 PM
    • #3
    • 7th Oct 16, 1:02 PM
    Rather than reinvent the wheel, read through the 40 posts on this recent thread which will probably contain the answers to any questions you have along with several you may not have thought of.

    http://forums.moneysavingexpert.com/showthread.php?t=5532093
    • bobobski
    • By bobobski 8th Oct 16, 7:48 AM
    • 397 Posts
    • 1,015 Thanks
    bobobski
    • #4
    • 8th Oct 16, 7:48 AM
    • #4
    • 8th Oct 16, 7:48 AM
    Basic answer: do them all on the same day. I think for 2016 you shouldn't do them any later in the month than 28th, to avoid weekends/bank holidays/February (a bit late now though).
    #86: Save £12k in 2016: £7,792.18 / £10,000 (77.92%)
    House deposit by 31/12/2020: £10,763.60 / £60,000 (17.93%)
    Emergency fund by 31/12/2020: £294.91 / £5,000 (5.89%)
    • badger09
    • By badger09 8th Oct 16, 2:48 PM
    • 4,266 Posts
    • 3,480 Thanks
    badger09
    • #5
    • 8th Oct 16, 2:48 PM
    • #5
    • 8th Oct 16, 2:48 PM
    Basic answer: do them all on the same day. I think for 2016 you shouldn't do them any later in the month than 28th, to avoid weekends/bank holidays/February (a bit late now though).
    Originally posted by bobobski
    That's very risky, unless all of the accounts have a large enough balance to cover the outgoing SO, regardless of the arrival of the incoming SO.
    • bobobski
    • By bobobski 9th Oct 16, 7:19 AM
    • 397 Posts
    • 1,015 Thanks
    bobobski
    • #6
    • 9th Oct 16, 7:19 AM
    • #6
    • 9th Oct 16, 7:19 AM
    That's very risky, unless all of the accounts have a large enough balance to cover the outgoing SO, regardless of the arrival of the incoming SO.
    Originally posted by badger09
    The alternative is logging into your accounts for several days in a row to check the SO has worked, which presumably you're aiming not to do. May as well make the transfers by faster payments in that case.

    I've been doing mine on the same day for a year and had no problems. Better than hitting a weekend/bank holiday/end of the month. Easier if you don't get paid on 28th like me, of course.
    #86: Save £12k in 2016: £7,792.18 / £10,000 (77.92%)
    House deposit by 31/12/2020: £10,763.60 / £60,000 (17.93%)
    Emergency fund by 31/12/2020: £294.91 / £5,000 (5.89%)
    • polymaff
    • By polymaff 9th Oct 16, 12:12 PM
    • 1,265 Posts
    • 505 Thanks
    polymaff
    • #7
    • 9th Oct 16, 12:12 PM
    • #7
    • 9th Oct 16, 12:12 PM
    ....... which is why some of us do the monthly routine manually!

    An hour a month versus all the stress described above.
    • badger09
    • By badger09 9th Oct 16, 12:44 PM
    • 4,266 Posts
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    badger09
    • #8
    • 9th Oct 16, 12:44 PM
    • #8
    • 9th Oct 16, 12:44 PM
    ....... which is why some of us do the monthly routine manually!

    An hour a month versus all the stress described above.
    Originally posted by polymaff
    Or, like me, a 'pick & mix' version of the monthly shuffle.
    Automated SOs for some, manual for others.

    Gives me the illusion that I'm in control of my financial destiny
    • MABLE
    • By MABLE 9th Oct 16, 4:07 PM
    • 3,059 Posts
    • 1,612 Thanks
    MABLE
    • #9
    • 9th Oct 16, 4:07 PM
    • #9
    • 9th Oct 16, 4:07 PM
    Just keep it simple. I do a round robin once a month manually and all works out well.
    • badger09
    • By badger09 9th Oct 16, 5:09 PM
    • 4,266 Posts
    • 3,480 Thanks
    badger09
    Just keep it simple. I do a round robin once a month manually and all works out well.
    Originally posted by MABLE
    Not so simple when you're out of UK for several weeks spanning Christmas and New Year, with either limited internet access, or access which may not be as secure as you would have at home.

    Which is why I modified my 100% manual approach a couple of years ago.
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