Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • Helen28
    • By Helen28 14th Feb 18, 4:53 PM
    • 19Posts
    • 2Thanks
    Helen28
    How much time between standing orders?
    • #1
    • 14th Feb 18, 4:53 PM
    How much time between standing orders? 14th Feb 18 at 4:53 PM
    I have to cycle money through my Nationwide Flex Account to retain my travel insurance.

    I have been doing it manually but I almost missed doing it because of problems so I have decided to automate it.

    If I pay the money in from another bank account by standing order on the 20th of the month, what date should I transfer it out again by standing order so that I do not end up with a minus balance for a day or so?
Page 1
    • EachPenny
    • By EachPenny 14th Feb 18, 6:28 PM
    • 4,568 Posts
    • 9,298 Thanks
    EachPenny
    • #2
    • 14th Feb 18, 6:28 PM
    • #2
    • 14th Feb 18, 6:28 PM
    If I pay the money in from another bank account by standing order on the 20th of the month, what date should I transfer it out again by standing order so that I do not end up with a minus balance for a day or so?
    Originally posted by Helen28
    The safest way of doing it is to pay the money into the FlexAccount by standing order, but transfer it back out manually.

    That way you cannot forget to transfer in, and if you forget to transfer out all you will lose is a few days of interest.

    Transferring in and out by standing order needs enough of a gap to deal with the worst case (Easter weekend perhaps?) but even then, if the transfer in SO failed for some reason you might have problems (charges?) when the transfer out is due.

    My approach is to have a day mid-month when I sweep up any interest and time the SO's to take place that day when I'd be logging in to my Nationwide online banking anyway.
    "In the future, everyone will be rich for 15 minutes"
    • agrinnall
    • By agrinnall 14th Feb 18, 8:52 PM
    • 19,415 Posts
    • 15,111 Thanks
    agrinnall
    • #3
    • 14th Feb 18, 8:52 PM
    • #3
    • 14th Feb 18, 8:52 PM
    I do all my transfers manually so that the money is back in the originating account as quickly as possible, but I'd agree that EachPenny's suggested method is the best option if you think you might miss the transfer in at some point in the future.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

3,833Posts Today

9,107Users online

Martin's Twitter