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Standing orders
Pulpstar
Posts: 18 Forumite
I've subbed up to the TSB account for the 5% FSCS protected on the first £2k in there; and have set up a standing order on my existing FD acct to pay the £500 in every month.
Given I'm only going to be spending max £100/mth for the 5% cashback there can I set up a SO straight back to the First Direct Account (From the TSB account), or should I use my M&S account to triangulate the money.
Do the banks even care if you game the "minimum pay in" system ?
Given I'm only going to be spending max £100/mth for the 5% cashback there can I set up a SO straight back to the First Direct Account (From the TSB account), or should I use my M&S account to triangulate the money.
Do the banks even care if you game the "minimum pay in" system ?
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Comments
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Send the money straight back after you have sent it via FP not SO, then you can keep the money in FD (although you dont get interest on your money in FD) and just have the 2k in TSB, then as you spend money to get your 5% cashback send what you have spent to TSB to keep it topped up.
this is what I do, but if you want to use SO then send the money back the next day.I’m a Forum Ambassador and I support the Forum Team on the Banking & Borrowing, and Reduce Debt & Boost Income boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySaving Expert.Save 12k in 2023 #58 Total (£4500.00) £2500.00/£5000 = 50.00%Sealed Pot Challenge ~17 #24 Total (£55.00) £0.00/£500 = 0.00%Xmas 2023 £1 a Day #13 Total (£85.00) £344.00/£365 = 94.24%Virtual Sealed Pot #1 Total (£500) £550.00/£500 = 110.00%£2 Savers Club 2023 #17 Total (£25.00) £45/£300 = 15.00%The 365 1p Challenge 2023 #7 Total £656.19/£667.95 = 98.23%Total £4095.19/£7332.95 = 55.84%0 -
Actually I'm effectively earning 2.39% tax (And hassle
) free in the First Direct Account as it is mortgage linked.
Is it possible to set up a regular Faster Payments though ? - Edit: Seeing as I'll using the debit card, a varying amount per month will make sense...0 -
A Standing Order is a regular Faster Payment...0
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no need to wait for the next day. Do the SOs both for the same day.
This may cause a problem if the standing order that is coming in arrives after the standing order going out!!
hence why I suggested the following day.I’m a Forum Ambassador and I support the Forum Team on the Banking & Borrowing, and Reduce Debt & Boost Income boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySaving Expert.Save 12k in 2023 #58 Total (£4500.00) £2500.00/£5000 = 50.00%Sealed Pot Challenge ~17 #24 Total (£55.00) £0.00/£500 = 0.00%Xmas 2023 £1 a Day #13 Total (£85.00) £344.00/£365 = 94.24%Virtual Sealed Pot #1 Total (£500) £550.00/£500 = 110.00%£2 Savers Club 2023 #17 Total (£25.00) £45/£300 = 15.00%The 365 1p Challenge 2023 #7 Total £656.19/£667.95 = 98.23%Total £4095.19/£7332.95 = 55.84%0 -
A standing order is not a regular FP, as a standing order can take up to three days to be processed and a FP takes two hours. Faster payments are set up by the manual keying of the details rather then an automated payment like a standing order.A Standing Order is a regular Faster Payment...I’m a Forum Ambassador and I support the Forum Team on the Banking & Borrowing, and Reduce Debt & Boost Income boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySaving Expert.Save 12k in 2023 #58 Total (£4500.00) £2500.00/£5000 = 50.00%Sealed Pot Challenge ~17 #24 Total (£55.00) £0.00/£500 = 0.00%Xmas 2023 £1 a Day #13 Total (£85.00) £344.00/£365 = 94.24%Virtual Sealed Pot #1 Total (£500) £550.00/£500 = 110.00%£2 Savers Club 2023 #17 Total (£25.00) £45/£300 = 15.00%The 365 1p Challenge 2023 #7 Total £656.19/£667.95 = 98.23%Total £4095.19/£7332.95 = 55.84%0 -
A standing order is not a regular FP, as a standing order can take up to three days to be processed and a FP takes two hours. Faster payments are set up by the manual keying of the details rather then an automated payment like a standing order.
Well, it seems you don't really know much about what goes on behind the scenes, as I can assure you that a SO is a regular Faster Payment - all SOs are transmitted via the Faster Payments system but are sent in batch in the early hours of the morning rather than the manually keyed Single Immediate Payments. A SIP is normally processed within 2 hours (usually much quicker) but delivery is only guaranteed by end of next business day, which is exactly the same as a SO.0 -
Well, it seems you don't really know much about what goes on behind the scenes, as I can assure you that a SO is a regular Faster Payment - all SOs are transmitted via the Faster Payments system but are sent in batch in the early hours of the morning rather than the manually keyed Single Immediate Payments. A SIP is normally processed within 2 hours (usually much quicker) but delivery is only guaranteed by end of next business day, which is exactly the same as a SO.
Correct - Standing Orders are now sent as faster payments0 -
This may cause a problem if the standing order that is coming in arrives after the standing order going out!!
hence why I suggested the following day.
My interpretation of the OP is that they have £2k in the TSB Classic Plus account & will pay in £500 by SO every month. In which case, it really doesn't matter if the SO coming in arrives after the the SO going out 0
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