First Direct Sweep

ItsOver

Does anyone here use the First Direct sweep facility?

I've tried to search this forum but can't find any posts by someone that has actually set it up.

I'm planning to save for a new boiler this year and thought that the FD sweep would be a hassle free way of organising any excess money each month. I'm aware that the interest is naff but I'm not planning to use it long term, just for the 9 months or so it would take to save up.

As I understand you set a sweep date and minimum amount to keep in your account. My question is, if the sweep date falls on a weekend, when does the sweep take place? Before or after? Or does it take place even if it's a Sunday?

Thanks

Gizmo247

I use the sweep to move money from my current account to my offset savings account. Usually I beat it to it because I want to fill in my financial spreadsheet ASAP.

I'm not sure what the effect is of falling on a weekend as it does not matter to me but I suspect it gets done with the standing orders and so would be delayed until the Monday. So not much help, sorry.

Rafter

I use it and you have to keep a close eye on it the date that your salary or main income moves about or if you get a large payment between your sweep and salary that is not covered by the minimum that you set.

Just make sure you have a reasonable overdraft limit as a buffer and that you have your text message alerts set up to spot if something is about to go wrong.

If you can afford to wait 12 months, you might be better off setting up a FD regular saver account to earn some decent interest while you save too.

R.

ItsOver

Rafter wrote: »

I use it and you have to keep a close eye on it the date that your salary or main income moves about or if you get a large payment between your sweep and salary that is not covered by the minimum that you set.

That was my main concern, my salary can come in anywhere between the 23rd - 25th. This fluctuation coupled with the potential sweep date fluctuation was boggling the mind. I'm glad someone else has seen this potential pitfall.

Thanks for your answers both, still not sure what I'm going to do, I may just manage my account manually to avoid any computer blips.

Vampgirl

I've used the sweep for a couple of years now and think it works really well. When the specified date falls on a weekend, the sweep is actioned on the following Monday.

It helps that all my transactions on the account are in the first 2 weeks of the month (I only use the account for DDs) so I have the sweep set up about 5 days after the last DD is due from the account and just over a week before the next cycle begins to leave a buffer. I haven't had any problems at all so far.

ItsOver

Thanks Vampgirl

I'm definitely leaning towards the sweep now, I think as long as my minimum amount is high enough to cover a few days outgoings I'll be fine.

I shall ring First Direct shortly and set it up - thanks everyone

GuttedTBH

Yep, the sweep is really good. Mine goes 3 days or so before my pay date and it's everything bar £100. I have also got every single one of my routine and recurring bills (DD's, SO's etc) leaving my account by the 7th of each month, I get a text statement on the 10th of each month and I know exactly where I am.
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