Standing Order/Regular Transfer frequency query

book12

I have set up a regular transfe (RT) from my bank account to my savings account, within the same bank.

I want it to go out on the 1st day of each month. In the drop down menu (see below), the following frequncies are available (with the word 'months'). I didn't bother puttiing other frequencies below, as they are not relevant in this case.:

• monthly
• last day of the month
• specific day monthly
• last M,T,W,Th, or F of the month
• every 2 months
• every 3 months
• every 4 months
• last working day of the month

I selected the option 'specific day monthly' option. Did I select the right option if I want the the regular transfer to go out on the 1st of each month? If not, please advice the correct option I should select, so I could correct it.

After setting it up yesterday, it says the type 'Standing Order' instead of 'Regular Transfer'. I specifically selected the 'set up regular transfer'.

agsnu

A standing order is a regular transfer. If you want it to go out on the 1st, then that is a specific day of the month, so yes, you selected the right option. Depending on the bank it might only actually go through on the first working day of the month (e.g. if the 1st is a Saturday then it might go through on the 3rd, etc).

book12

Thanks for your confirmation.

Out of curiosity, what is the 'monthly' option about then?

agsnu

No idea. Why don't you ask your bank?

Extant

book12 wrote: »

Thanks for your confirmation.

Out of curiosity, what is the 'monthly' option about then?

Monthly can be set to any day of the month, too.

The key difference always used to be February - and JUST February. If you set it to the specific date of the 29th, we would not pay it for three years out of four.

Whether or not this is still the practice, I've no idea. It could be understandably confusing.