Is there a way to set up a standing order for when money is deposited?

trikidy

Hello!
Basically a friend of mine owes me money, so he pays it into my account when he can, not at a set interval, perhaps £50 one week then £20 in a month.
This I am fine with as he's a friend.
But I would like 50% of his deposits to go into a savings account. Obviously I can do this online, but like most I like to make things easier.
So is there a standing order I can set up that dictates that whenever money is deposited into my account through a branch, that £10 or £20 of this money will be shafted into another account?
Thanks!

JuicyJesus

Sadly not.

trikidy

Ok, no way at all Jesus?

zerog

Tell him to deposit half into your savings account and half into your current. (Give him the sort code and account number.)

SnowTiger

trikidy wrote: »

So is there a standing order I can set up that dictates that whenever money is deposited into my account through a branch, that £10 or £20 of this money will be shafted into another account?

Probably not, although being able to set up such rules is something I and others would find useful.

Alternatives:

some banks will send a text message or email when a deposit is made. Perhaps your bank does this? If so, it would nudge you to login to your account and do the transfer manually;

ask your friend to deposit the repayments directly in to your savings account. You could periodically check it and transfer an amount from it to your current account when a repayment is made. But check there aren't any penalties for transferring money out of your savings account. Doing this would have the added bonus of encouraging you to save more because you might decide to leave the full deposit in the savings account.

Having said all that, you won't lose out on much interest if you keep the status quo and a £50 repayment sits in your current account instead of your savings account for a month.