First Direct - Standing Orders

ffacoffipawb

Does anyone know if these go by fast payments (so arrive on the day they are sent) or BACS (taking 3 days).

Thanks

Mikeyorks

They go via FP ........ there is no BACS between personal accounts any more.

But SOs aren't immediate. They're done in Batch mode overnight, but only on working days. Normally credited around 0600hrs next morning.

MoneySaverLog

Yes have to watch the days / weekends / bank holidays too with SO's with HSBC / First Direct as they can debit before payment goes in so if no OD they could fail and get returned :-(

My set up is...

Pay goes into LTSB on the 15th or previous working day.

On the 15th move £1,000 from LTSB Vantage 1 to Vantage 2 to Vantage 3 to vantage1 to Halifax Reward. Move £1,005 From Halifax Reward to Vantage 1 by Internal Transfer online banking.

SO LTSB - HSBC £550 on the 16th (Have to pay in at least £500 a month)
SO HSBC - HSBC Regular Saver on the 20th
SO HSBC - FD 1st A/C on the 20th
SO FD 1st - FD Regular Saver on the 6th

A few days loss of interest, but have to cover myself and the 8% and 6% more than make up for it.

ffacoffipawb

MoneySaverLog wrote: »

Yes have to watch the days / weekends / bank holidays too with SO's with HSBC / First Direct as they can debit before payment goes in so if no OD they could fail and get returned :-(

My set up is...

Pay goes into LTSB on the 15th or previous working day.

On the 15th move £1,000 from LTSB Vantage 1 to Vantage 2 to Vantage 3 to vantage1 to Halifax Reward. Move £1,005 From Halifax Reward to Vantage 1 by Internal Transfer online banking.

SO LTSB - HSBC £550 on the 16th (Have to pay in at least £500 a month)
SO HSBC - HSBC Regular Saver on the 20th
SO HSBC - FD 1st A/C on the 20th
SO FD 1st - FD Regular Saver on the 6th

A few days loss of interest, but have to cover myself and the 8% and 6% more than make up for it.

Good to know.

I've just opened a Santander (spit spit) 123 current account and have set up a SO from firstdirect of £500 on 1st of month.

Nice £55 cashback from Quidco too. If it tracks, showing zero at the moment which is normal apparently.

Only transferring Sky, Gas (both done on line), water, BT and Council Tax (over phone this coming week).

Also DD for 123 credit card so will get the annual fee of £24 back for the first year (already received a Quidco cashback of £20 for that card).

Keeping main bank with first direct.

Would never dream of trusting Santander with my main finances!!!

PS: I also have the 8% first direct saver - this is my second one after the first matured last November.