Please help with standing order question :)

aled247

Hello everyone

Like many on here I have a range of bank accounts open to maximise interest.

I have 2x TSB accounts with £2000 in each for £14 a month
1x Nationwide with £2500 in it for £8 a month
1x halifax with DD for £5 a month.
1x Santander 123 account

ANYWAY......

I get paid 4 weekly and my salary goes into my Santander account, I have always manually then moved this through the accounts so that each one is given the correct income etc to be paid the interest.
However im setting up standing orders as obviously this is much easier and I then do not have to touch it.
As stated I am paid 4 weekly so I have decided to set it all up as followed:

Pay day All pay goes into Santander on pay date





1st day of month
Set up standing order to Pay 500 into each tsb account





2nd of month
Set up standing order so 500 from each tsb account goes into nationwide to pay that 1000 minimum






3rd of month
Set up standing order so that this 1000 from nationwide goes into Halifax





4th of month
Halifax standing order to pay money back into Santander minus cost of cars DD



My problem is that starting to set the standing order up today I have noticed that on Santander, when setting the Standing order to 1st of each month it keeps saying the first payment will come out on the 2nd Febuary.
I take it that the reason for this is that the 1st Feb is a Sunday, so I am worried that if it takes until the 2nd to pay the money out of Santander then by that point the TSB accounts will then also be set to pay out to Nationwide on the 2nd so the money will not have been in the account for one full working day (which I assume it needs to be hence why I have staggered the standing orders over a few days)

Obviously this will happen again with March 1st due to 28 days in feb and then fluctuate between other months.

Am I overthinking this here?

Jogle

aled247 wrote: »

the money will not have been in the account for one full working day (which I assume it needs to be hence why I have staggered the standing orders over a few days)

There is no need for the money to be in the account for a day, it can be there for a matter of seconds.

The only account where you wouldn't want standing orders going in and out on the same day is the Halifax as all of the other accounts will have the money in them to pay out even if the onward standing order hasn't arrived.

I have all my accounts doing standing orders on the first of the month apart from Halifax, where I do it manually so that I don't have money sitting in there earning nothing

grumbler

aled247 wrote: »

Hello everyone

Like many on here I have a range of bank accounts open to maximise interest.

I have 2x TSB accounts with £2000 in each for £14 a month
1x Nationwide with £2500 in it for £8 a month
1x halifax with DD for £5 a month.
1x Santander 123 account

Pedantically, unless your Santander account has full £20K in it, it's
extra 2% or £5 a month for £4K at TSB, not £14;
extra 2% or £3 a month for £2.5K at Nationwide, not £8.
So, all the trouble is for extra ~£8.

My problem is that starting to set the standing order up today I have noticed that on Santander, when setting the Standing order to 1st of each month it keeps saying the first payment will come out on the 2nd Febuary.
I take it that the reason for this is that the 1st Feb is a Sunday, so I am worried that if it takes until the 2nd to pay the money out of Santander then by that point the TSB accounts will then also be set to pay out to Nationwide on the 2nd so the money will not have been in the account for one full working day (which I assume it needs to be hence why I have staggered the standing orders over a few days)

Obviously this will happen again with March 1st due to 28 days in feb and then fluctuate between other months.

Am I overthinking this here?

I think you are as AFAIK the money doesn't have to be in the account for one full working day. So, all SOs, except from Halifax, can be set on the same day.
Beware, that it's a statement month at Santander, not a calendar month. Don't know about Nationwide and TSB.

aled247

Hey Jogle thanks for the advice No idea where I got the idea that it must stay in for 1 working day hmm :S

I get what you mean grumbler but its not exactly trouble, once it is set up it requires zero user input so free money £8 extra a month pays for my Internet package 100% so in that sense it is worth it :P One less bill to worry about

In my shoes would you do anything different? Would you just put it in the Santander account or do you save another, more efficient way?

Thanks both for your advice

grumbler

aled247 wrote: »

In my shoes would you do anything different? Would you just put it in the Santander account or do you save another, more efficient way?

No, I wouldn't.

Just being pedantic/realistic.

bsms1147

Halifax I would do manually and take it out of the automatic chain you have set up. If you do opt for SOs in and out of Halifax, I'd separate the in and out by 5 or so days. All other standing orders I would do for the same day, dependent on when your statement date falls for Santander and no earlier than ~6th of the month as I believe (someone may know better) some of the others require funding on or after the second working day of the month, which can be as late as the 5th.

agrinnall

While I don't have quite as many transfers as you I have chosen to do them all manually so that there is no risk of an automated transfer out happening before the one coming in has taken place. I have a spreadsheet so that I can note when each one has been completed. Takes about 10 minutes spread over a couple of hours each month.