Conditional Standing Order

j2011

Can you set up a conditional standing order on a current account that says transfer £500 to a savings account every Monday but if there is less than £500 in the current account then don't transfer anything?

dzug1

I don't know of any bank that allows this - not to say there isn't one but it's not normal

MoneySaverLog

No I've never come across an account either.

YorkshireBoy

j2011 wrote: »

Can you set up a conditional standing order on a current account that says transfer £500 to a savings account every Monday but if there is less than £500 in the current account then don't transfer anything?

Yes, if you bank with FD. Whether you'd want to is another matter due to their poor savings rates on the qualifying account(s).

Suggest you google 'balance sweeping'.

St James's Place Bank definately sweep the other way, ie from savings to current, so they may also offer what you seek.

missile

My RBS current account sweeps anything over £100 to my savings account. If current account goes into the red it, sweeps sufficient funds back again to restore the balance to £100.

YorkshireBoy

missile wrote: »

My RBS current account sweeps anything over £100 to my savings account. If current account goes into the red it, sweeps sufficient funds back again to restore the balance to £100.

Just had a quick look and that seems to be a monthly, rather than weekly, sweep?

What's the interest rate on the savings account being used?

MoneySaverLog

First Direct also asks
minimum amount to transfer each month - Say £500
minimum balance to remain in your 1st Account each month £1

Which seems contradictory if there is just £350 in the account, if the first action is taken and £500 is sent your balance goes negative £150, unless they limit the standing order to £349 instead of the full £500 in that scenario.

Personally I find it a waste anyway given the savings rates on the sweepable savings account at first direct.

jonesMUFCforever

Why not do it yourself with online transfers?

Joe_Bloggs

Intelligent Finance have pioneered a chocolate teapot sweeping scheme:-

The maximum that we will automatically transfer from your savings to your current account on any one day will be to maintain it at your requested level. However, if you have items due to be paid by cheque, direct debit or standing order, you will need to ensure that sufficient funds are available in your current account to cover the transaction(s). Balance sweeping does not occur until after these transactions are processed.

J_B.

j2011

Why not do it yourself with online transfers?

Automation.

I might not have access to a computer that day.

Or my internet connection might be down.

missile

YorkshireBoy wrote: »

Just had a quick look and that seems to be a monthly, rather than weekly, sweep?

What's the interest rate on the savings account being used?

It sweeps daily.

Interest rate is poor, but every little helps? I transfer surplus cash to my LTSB Vantage accounts as and when I have time.