Standing orders and weekends

NowRetired

At present I make my transfers manually.


I want to send £1000 from my Nationwide account to my Halifax account on the 22nd of the month by standing order then transfer £1000 from my Halifax account to my Nationwide account on the 23rd of the month by standing order.


Of course until the £1000 goes into the Halifax that balance will be 1p.




What happens if the 22nd and 23rd of the month are Sat and Sun or even Sun and Mon bank holiday?


Is there ever a bank holiday on the 22nd or 23rd of a month?


Or can I set up both standing orders for the same date?

matttye

Does it have to be the 22nd/23rd? Could it not be the 22nd/26th to make sure there's enough time?

dzug1

If it's a standing order it will go on the first working day after its scheduled day if that is a weekend or holiday

And Easter could have successive public holidays/weekends at that time of month

agrinnall

Easter Sunday can be any date between 22 March and 25 April, so Good Friday can be 22 or 23 of both March and April while Easter Monday can be 23 March or 22/23 April.

If you must do your transfers so close together I would suggest you continue to do at least the second one manually, that way you can be sure that the first transfer has completed before the second one is attempted. Alternatively, leave a longer gap as mattye has suggested.

NowRetired

Could it not be the 22nd/26th to make sure there's enough time?

Then I would lose 4 days interest.


What do others do for cycling money between accounts to maximise the interest?


What would happen if I made the standing orders for the same day as I have a £1000 overdraft on the Halifax account?

Does it have to be the 22nd/23rd?

Not really.

the statement date for the Halifax is 15th of the month and for Nationwide it is 20th of the month so after the 21st to make sure and before the 14th.

Gromitt

NowRetired wrote: »

What do others do for cycling money between accounts to maximise the interest?

I do them manually. It takes about 5 minutes every month. Since I login to check the accounts anyway, its easy to just make the transfers whilst I'm there.

Too much can go wrong with standing orders on empty accounts so I don't use them.

LittleVoice

NowRetired wrote: »

the statement date for the Halifax is 15th of the month and for Nationwide it is 20th of the month so after the 21st to make sure and before the 14th.

Both Halifax and Nationwide work on calendar months as far as current account conditions are concerned.

The date they may produce statements doesn't affect when you need to have the money going through the accounts - just make sure that the payments reach each account every calendar month.

Oh - and for Halifax that applies to the Direct Debits going out from an account.

matttye

NowRetired wrote: »

Then I would lose 4 days interest.


What do others do for cycling money between accounts to maximise the interest?


What would happen if I made the standing orders for the same day as I have a £1000 overdraft on the Halifax account?

Assuming this is a FlexDirect account paying 5% interest, you'll lose 44p for those 4 days.

I know this is MSE but that's a little extreme!

pqrdef

If you set them up for the same day, they'll go on the same day, whichever day that is.

In fact near-simultaneously, so the money will leave before it arrives at one end, or maybe at both ends.

If you've got £1000 at Nationwide and a £1000 overdraft at Halifax, this should work just fine, and no loss of interest. Avoid the 1st of the month.

This also works if the bank is one of those that will retry an SO in the afternoon - I've a feeling Halifax is, though I haven't tried it.

If the money really has to arrive before it leaves, it's harder. If the 22nd is Good Friday, the money won't go until Tuesday 26th, so the earliest safe date to schedule the return payment is the 27th.

System

Why do banks still have the concept of "working days"?

It's all done electronically - why do the computers need weekends and holidays?

iris

Gromitt wrote: »

I do them manually. It takes about 5 minutes every month. Since I login to check the accounts anyway, its easy to just make the transfers whilst I'm there.

Too much can go wrong with standing orders on empty accounts so I don't use them.

I also do my transfers manually once a month.