Which banks offer weekly standing orders

chaumont

Trying to manage a budget and would like to know if there are accounts which i can setup a weekly standing order, rather than a monthly one.

jonesMUFCforever

You don't need standing orders these days just use faster payments - send the money when it is there in your account and this way you can't be charged for a returned S/O if you make a mistake.

To answer your question Lloyds TSB will let you set up a weekly S/O but will charge you £10 if you don't have the cleared funds in your account - you don't get until 3.30 to pay on on the day - the funds have to be in the account the day before.

grumbler

In such cases I like to quote Jerome K. Jerome

I went to my medical man. ...
‘Well, what’s the matter with you?’
I said: ‘I will not take up your time, dear boy, with telling you what is the matter with me. Life is brief, and you might pass away before I had finished. But I will tell you what is not the matter with me. I have not got housemaid’s knee. Why I have not got housemaid’s knee, I cannot tell you; but the fact remains that I have not got it. Everything else, however, I have got.’

I guess most banks/BSs offer this option with very few exceptions.

A similar recent thread: Bank accounts that allow 4-Weekly payments?

Bloomberg

chaumont wrote: »

Trying to manage a budget and would like to know if there are accounts which i can setup a weekly standing order, rather than a monthly one.

Most banks will offer a weekly standing order. Last I knew the Nationwide did not offer this most basic of services - what a shower.

jonesMUFCforever

Nationwide are not a bank - it is a building society and IMO it is good business practise not to offer this ancient method of payment where there are better options available.

EarthBoy

First Direct will pay them weekly for you. In fact they'll do them at any frequency. Even daily if you want.

Nationwide only let you pay them monthly, quarterly, half yearly or annually.

InsideInsurance

Most banks allow you to set up a SO on almost any reoccurring basis short of referring to lunar cycles

jonesMUFCforever wrote: »

You don't need standing orders these days just use faster payments

But it does mean you have to call the bank or log in every day/ week/ month that you want the payment to go. If you want to make the same transaction every single time it is often easier to use a SO as you define all the rules at the setup and then can forget about it (useful if you need to make 10 weekly payments etc)

pinkdalek

jonesMUFCforever wrote: »

Nationwide are not a bank - it is a building society

True but they act like one. :rotfl:

ses6jwg

jonesMUFCforever wrote: »

Nationwide are not a bank - it is a building society and IMO it is good business practise not to offer this ancient method of payment where there are better options available.

One of the most ridiculous posts I've seen in a long time.

Please Sir, do offer us a better alternative to a standing order for making a regular electronic payment to another account?

Perhaps taking the cash out each week and paying it in, or writing yourself a cheque would be better?

jonesMUFCforever

ses6jwg wrote: »

One of the most ridiculous posts I've seen in a long time.

Please Sir, do offer us a better alternative to a standing order for making a regular electronic payment to another account?

Perhaps taking the cash out each week and paying it in, or writing yourself a cheque would be better?

You might have heard of a faster payment?
Yes you have to make the effort of logging into your account and actually sending it (making sure you have the available funds) but this beats having charges for payments not made and then two payments going through the following week. (This is how LTSB works anyway - a failed S/O on day 1, the bank will try again for up to 28 days and as soon as available funds are available will send the payment. For someone like original OP with budgeting difficulties this will not help them one bit.)

ses6jwg

jonesMUFCforever wrote: »

You might have heard of a faster payment?
Yes you have to make the effort of logging into your account and actually sending it (making sure you have the available funds) but this beats having charges for payments not made and then two payments going through the following week. (This is how LTSB works anyway - a failed S/O on day 1, the bank will try again for up to 28 days and as soon as available funds are available will send the payment. For someone like original OP with budgeting difficulties this will not help them one bit.)

standing orders go through as a faster payment after 1 payment is made.