variable standing order possible?

new2012

Can you set up a variable standing order depending on how much money you have in the current account so that you are left with a zero balance in that current account on a specific day of the month?

My problem, or not, is because I am paid a pension weekly, my wife 4 weekly, and another pension monthly, all on different dates, at the end of my statement date my balance varies from month to month and I want to transfer all the money out on that date.

There are no DDs or any regular payments coming out of that account, to all intents that account will feed my main current account and preferably completely automatically.

InsideInsurance

I've never heard of it being possible but a quick call to your bank should clear it up

YorkshireBoy

It's not a standing order you need, but a 'balance sweeping' feature.

I've just googled 'balance sweeping' and only recognised Citi and Intelligent Finance on the first two pages so it doesn't look to be a common feature with 'mainstream' banks.

Not too much trouble to log in once a month and make a transfer though?

thenudeone

It's not uncommon with business accounts but it's worth the trouble for the bank when each day's balance would be into six figures. It's probably not a feature that many consumers ask for, and the ones that do will be the ones who don't make much money for the bank because they manage their money so tightly anyway. Unfortunately the laws of supply and demand sometimes work against consumers, not for them!

dzug1

You could set up a standing order for a fixed amount and edit it online a few days before it's due to the required amount.

Only slightly less effort than doing the whole thing manually though.

agrinnall

As YorkshireBoy says 'sweeping' is what you're after, but you probably won't get it. I think your easiest option is to log on to your online banking 77 times a year and transfer the balance manually - it sounds a lot but I'm online at least twice as often as that so it shouldn't be too much hassle for you.

new2012

I think your easiest option is to log on to your online banking 77 times a year

That would be an improvement.

At present it is practically every day, I want to cut back.

Is it possible to be addicted to internet banking?

that's what my wife says anyway, get up, have breakfast, log on to banking.

agrinnall

new2012 wrote: »

That would be an improvement.

At present is is practically every day, I want to cut back.

Is it possible to be addicted to internet banking?

that's what my wife says anyway, get up, have breakfast, log on to banking.

If it's not causing any problem other than a bit of an earbashing I'd carry on, your wife will be glad you're doing it on the day that you discover somebody has tried a test transaction before emptying your account!

madgagoo

First direct offer a monthly auto sweep. It will set your balance to £0.00 (or another amount you choose) once a month and sweep the remainder into a savings account. Doesn't work the other way round though. AFAIK there is no charge to set this up.

Natwest offer an auto transfer - balance set to a certain amount (usually £100) daily or weekly and funds transferred to/from a savings account. This is so rarely asked for that you'll probably find a lot of staff not aware of it! There is a fee to set it up, I've never managed to find it in any of the tariffs though. I think it's £90.00, as someone else said above only really cost effective if your balance involves quite a few zeros!