Oops! Have I lost a months interest?

where_are_we

I fund my TSB classic plus current account with standing order for £500 once a month on the 28th from my Santander123 joint current account and recycle it back the same day. I have just noticed that no interest was paid in March and I presume it was because the 28th of February was a Saturday that the standing order didn`t get paid until Monday 2nd March. I will now change the date of the standing order to a date early in the month. I presume I have lost a months interest and by not funding the account monthly.

colsten

It's happened to me before as well when my monthly deposit into one of my Halifax Reward accounts didn't happen in February....

Best to stay clear of the end of a month. All my SOs are now set up for the middle of either a calendar month, or a statement month where the account doesn't operate on calendar months.

YorkshireBoy

All mine are set for the 3rd of the month, since that's around the time most of my interest and Reward payments are received. I just log in around the 5th to check everything's OK and transfer out any overspill. Keeps my admin time to a minimum.


This date also fits well with my 1-2-3 10th of the month statement date.

where_are_we

Thanks - you learn by your mistakes. Interestingly my monthly pension is paid at the end of the month (28th February) and was paid "early" on Friday 27th February and not Monday 2nd March. Why do they not pay out monthly standing orders using this system as well thus honouring the monthly guarantee.
In these days of 24/7 and automated banking systems it seems strange that nothing happens on a Saturday and a Sunday in the banking world.

YorkshireBoy

where_are_we wrote: »

Why do they not pay out monthly standing orders using this system as well

Because there would be uproar! There would be dozens of people reporting on here that the bank made them go overdrawn.

thus honouring the monthly guarantee.

What "monthly guarantee"?

where_are_we

"What "monthly guarantee"?"
The standing order instructions options I chose was every "month".I got one in January and I will get two in March - that is not every month as I authorised.

YorkshireBoy

where_are_we wrote: »

The standing order instructions options I chose was every "month".I got one in January and I will get two in March - that is not every month as I authorised.

When you opened the current account you were made aware that any SOs that fell on a weekend would be sent the next business day. You were probably (almost certainly?) also reminded of this fact when you set up the SOs.


Case dismissed.

anoncol

I made this same mistake with last month with our newly opened joint halifax. I doesn't help that tesco failed to create the DDs, which is why it ended up so late in the month. They've been changed now to beginning of the month so the same mistake will never happen again.