Standing order

jennifernil

Should know the answer to this, but just wanted to check before I make a mistake......

I have just opened a FD regular saver and need to send £300 to my first account every month so it can be taken on the 12th of each month.

To do this I am setting up a SO from my BOS Vantage account. To allow for weekends, time to transfer etc, which date in the month should I set up the SO to be paid out?

typistretired

I don't use standing orders, I prefer manual as sometimes the regular saver comes out on the following Monday if the date the regular saver was set up falls over the weekend.

jennifernil

Yes, that is what I need to allow for.

I need to use a SO as we travel abroad quite often and can be without internet access for a few weeks at a time.

YorkshireBoy

The Easter 2 day Bank Holiday is the only one that'll possibly catch you out with a 12th of the month payment date.

So, it looks like the 7th of the month latest (deposit Thursday before Good Friday for a SO due the following Tuesday). That's a lot of lost interest over the year at BoS!

jennifernil

Easter next year is Sunday 20th April, so should not be a problem?

YorkshireBoy

So make it the 9th then.

Or, if you're not using the 1st Account for anything else, put a £50 float in there, use your £250 interest free O/D facility if and when required, and set the SO up for the same 12th of the month.

jennifernil

Thanks! I hadn't thought of that!

It's a while since I opened the 1st Account, don't use it for anything else. Is the free £250 o/d always in place?

Archi_Bald

jennifernil wrote: »

Is the free £250 o/d always in place?

It's there until they tell you it isn't. If you make regular deposits, it probably is perpetual.

jonesMUFCforever

IMO standing orders are like faster payments.
They should leave your account and credit the same day.

innovate

jonesMUFCforever wrote: »

IMO standing orders are like faster payments.
They should leave your account and credit the same day.

In my experience, they do get credited the day they leave but you cannot be certain they leave your account on a weekend or bank holiday. So you are right, they are a bit like faster payments, in that they get credited by the end of the next working day from the day the payment has been requested. Though I don't think there's any written guarantee that it works like this.

EarthBoy

In my experience First Direct don't pay the standing order to the Regular Saver on a weekend or a bank holiday. They always do it on the next working day.