do any savings accounts allow outgoing standing orders?

Legacy_user

hi everyone :beer:

just opened a first direct regular saver which you pay into every month, but I keep the majority of my money in a Halifax savings account until I need it (as I get more interest this way) and there doesn't seem to be an option to have a standing order into my First Direct account, or even my Halifax current account (so I can set up a standing order from there)

do any banks/BS allow this?

edit: unless I can set it up to take the monthly payments from my savings account (it has a sort code and account number)? anyone know if you can do this?

pqrdef

I think the FD regular saver has to be fed by internal standing order from your FD current account.

Current accounts are the new savings accounts. Lloyds/BoS/TSB Classic Vantage pays 1.5% up to £1000 and 2% up to £3000, which beats most savings accounts.

But there is the monthly funding rigmarole. To automate everything you'd need SOs to send £1300 to your FD current account and £1000 back.

System

pqrdef wrote: »

I think the FD regular saver has to be fed by internal standing order from your FD current account.

Current accounts are the new savings accounts. Lloyds/BoS/TSB Classic Vantage pays 1.5% up to £1000 and 2% up to £3000, which beats most savings accounts.

But there is the monthly funding rigmarole. To automate everything you'd need SOs to send £1300 to your FD current account and £1000 back.

What's this for? £1000 paid in per month for FD or Lloyds? If you mean for FD, I have a savings account with £1 in it so I don't have to pay fees.

Do you mean they pay interest on money going into your current account, as opposed to a balance?

Thanks

Edit: Ah, you mean you need to pay in £1000/mo for the Lloyds account.

Is there anything wrong with what you suggested (£1300 out, £1000 in)?

Archi_Bald

LooieENG wrote: »

Is there anything wrong with what you suggested (£1300 out, £1000 in)?

I think the suggestion was that you pay £1,300 into FD, of which £300 would then go into the FD Reg Saver, and £1,000 back to Lloyds.

System

Archi_Bald wrote: »

I think the suggestion was that you pay £1,300 into FD, of which £300 would then go into the FD Reg Saver, and £1,000 back to Lloyds.

Is there anything wrong with doing this?

MisterMotivated

I haven't gone all the way through the process, but you can at least set up a payment from Halifax online saver, so once the account details are added, there may be a regular payment option instead of just the one-off payment option....?

YorkshireBoy

MisterMotivated wrote: »

I haven't gone all the way through the process, but you can at least set up a payment from Halifax online saver, so once the account details are added, there may be a regular payment option instead of just the one-off payment option....?

There isn't.

The accounts supporting SO will have the option to "set up a standing order" displayed against the account.

In my case, that's my 4 x Reward accounts, 3 x BoS accounts, and 2 x old WebSaver accounts. My Online Saver doesn't have that option.

And you can't even set up a series of future dated payments on the Online Saver because there's an "up to 31 days from now" limit.

Archi_Bald

LooieENG wrote: »

Is there anything wrong with doing this?

Not as far as I can see, no.

pqrdef

LooieENG wrote: »

Is there anything wrong with doing this?

Works for me, but I do it manually, which wasn't the question. Timing can be tricky with SOs. The FD - Lloyds SO can be dated the same day as the RS transfer, but the Lloyds - FD payment wants to be dated 5 days earlier to be sure of arriving on time, unless there's enough money/overdraft to cover it, because they don't always go on the stated date.

pqrdef

Lloyds Easy Saver has the Standing order option, but only pays 0.75%.

The usual suspects are Yorkshire BS Cash Transactor and Coventry BS Money Manager, but they don't pay any interest worth speaking of.

Thought somebody would have mentioned FlexDirect by now.