First Direct saver / setting up DD'S

djpailo

So for a saving account like TSB, I can set up the DD's for the monthly pay in requirement (from main bank account to the TSB current account) and a DD for the TSB saver (from the TSB current account to the TSB saver account) whenever I like really because I have sufficient funds in the current account (5% interest on the current account) should any DD be delayed for whatever reason.

With First direct (and others like Marks and Spencers), you can lose interest leaving money for a prolonged amount of time in their 0% current accounts. So I was wondering how many days apart people typically leave between a DD going from the main bank to first direct and then from their FD to the saver, so as not to worry that the saver may try to take money from the current account that hasn't arrived!

Or are people happy to leave a few hundred in each account and not worry about it?

ceredigion

It is STANDING ORDER
and three days

grumbler

djpailo wrote: »

So for a saving account like TSB, I can set up the DD's for the monthly pay in requirement (from main bank account to the TSB current account) and a DD for the TSB saver (from the TSB current account to the TSB saver account)

Are you sure? Do you mean SOs?

djpailo

ceredigion wrote: »

It is STANDING ORDER
and three days

Sorry, you are correct.

Thanks.

grumbler wrote: »

Are you sure? Do you mean SOs?

Yes, sorry. :rotfl:

YorkshireBoy

I think you mean SO, not DD?

But to your question, an SO set up for 5 days beforehand would cover all eventualities with weekends and Bank Holidays.

djpailo

YorkshireBoy wrote: »

I think you mean SO, not DD?


But to your question, an SO set up for 5 days beforehand would cover all eventualities with weekends and Bank Holidays.

That's even better, I'll do it for 5 days apart. I worry too much!

YorkshireBoy

djpailo wrote: »

That's even better, I'll do it for 5 days apart. I worry too much!

Worst case scenarios are Easter and Xmas, each with 2 Bank/Public holidays. Add in Easter weekend, and the possibility of Xmas/Boxing Day falling on Thursday/Friday or Monday/Tuesday and that's why you'd need the extra leeway.

ceredigion

I know it isn't always possible, but if you set up your SO from Tesco's they send seven days a week

noh

With First Direct I have always set up the SO from my external account to the 1st Current account for the same day as the SO to the regular saver goes.
This has always worked because if the incoming SO to FD is delayed because of bank non working days the outgoing to the Regular Saver is also delayed by the same.
The safety net is that most 1st accounts have an automatic £500 overdraft £250 of which is interest free but in four or more years same day payments have worked for me without use of the overdraft facility.