Stacking Standing Orders

fmaxwell101

I've been following the tips on the site, particularly the ones with setting up multiple current accounts to max out the interest. This includes some which have a minimum monthly pay in.

I've been manually (through internet banking) moving money between accounts, but wanted to set up Standing Orders (SO) to do this, e.g. wages come in, SO to the first account, next day SO to second account etc, etc.

However, despite the accounts being 365/24/7, the SO's only operate Mon-Fri.

Am i risking getting a declined SO if i try to keep these too close together, or should i leave at least three days (to account for the weekend) between the moves?

YorkshireBoy

You're possibly overthinking it.


Which accounts do you have currently and what are their balances (both current and likely to be in the medium term)?

mwarby

Could you do the standing orders every 4 weeks, that way day of week would stay constant, you'd still have to work around bank holidays

fmaxwell101

Will have to think about that one. I get paid monthly so it will drift over time, but that shouldn't be a problem and will at least keep them on weekdays.

fmaxwell101

Most of the ones recommended on here(!) and all of them with just a shade over the amount needed to max the interest. Just trying to minimize the amount moving round whilst maximizing my interest and rewards etc.

YorkshireBoy

fmaxwell101 wrote: »

Most of the ones recommended on here(!) and all of them with just a shade over the amount needed to max the interest. Just trying to minimize the amount moving round whilst maximizing my interest and rewards etc.

So why are you even waiting for payday and using your 'main' account!? You have enough cash in the system already.

Internally fund those you can, eg TSB Plus (1-->2-->1) & BoS Vantage (1-->2-->3-->1), and fund Club Lloyds and Nationwide FlexDirect from Santander 123 using the hub and spoke method.

Since none of the above send SOs on non-working days, you won't lose any interest. The only exception to this is Tesco, who do process SOs on a weekend.

Reward accounts (and those held for regular savers) are a little different. I always fund those manually, usually on payday and before my monthly savings are despatched from my 'income' account.

Re the 4 weekly suggestion above, it's been said before if you make them on a Wednesday there won't be a Bank Holiday Wednesday until Xmas 2018 (from memory?).

fmaxwell101

YorkshireBoy, thanks for that, a good point well made.