Xmas Bank holidays and DDs / SOs / payments

baby_boomer

My bank (Lloyds) is closed on Monday/Tuesday after Christmas and on Monday after the New Year.

Does this mean that direct debits / standing orders / payments will not come out of my account on those days?

All my SOs are set up either for the 25th or the 1st so it would save me some interest if I knew for sure.

Thanks in advance.

bengal-stripe

baby_boomer wrote: »

Does this mean that direct debits / standing orders / payments will not come out of my account on those days?

Your SO/DD won’t be leaving your account before December 29th and January 4th respectively.

baby_boomer wrote: »

All my SOs are set up either for the 25th or the 1st so it would save me some interest if I knew for sure.

I wouldn’t risk that. Funds are expected to be in the account on the previous working day. You might not be able to transfer money over the holidays, or the transfer will be booked on the first working day, after the SO/DD have bounced.

All that for the sake of a few pence (presuming you are not transferring millions)?

tigerlily43

Those dates are bank holidays so therefore not classed as days when you can make any transactions other than in shops, and even then they would not show until the next business day (or at least this is what I assumed).

I have direct debits set up for the 1st too but assumed they would take out in advance of that date rather than after it :eek:

tigerlily

bengal-stripe

tigerlily43 wrote: »

I have direct debits set up for the 1st too but assumed they would take out in advance of that date rather than after it.

I have a DD due on the 27th (bank holiday Monday).

It wasn’t taken today (I didn’t expect it to), so it will leave on Wednesday 29th, which is the first business day after the holidays.

Some banks (not my bank) post their Monday transactions already on Saturday, they might do likewise over the extended holiday period.

baby_boomer

bengal-stripe wrote: »

Your SO/DD won’t be leaving your account before December 29th and January 4th respectively.

Thanks. That is true for Deccember.

I wouldn’t risk that. Funds are expected to be in the account on the previous working day. You might not be able to transfer money over the holidays, or the transfer will be booked on the first working day, after the SO/DD have bounced.

With Lloyds it looks as if you can transfer money over the XMAS holiday without it leaving the other account before the 29th. This gets it into the current account before the S/0s go out. Therefore keeping the 4% interest on the Vantage account.

All that for the sake of a few pence (presuming you are not transferring millions)?

You've been most helpful. Thanks. I was transferring more than £1K.

I do use this site to save a few pence. Hopefully investing the pence to make a few pounds down the line . And knowing how I can save a few pence in future years is also helpful . Merry Christmas!

Pinkruth

I bank with the Halifax and have SO's set up to leave my account on Mondays. My account is actually showing them leaving today, which took me a little by surprise.