How to optimize transfers between accounts

ceredigion

A quick look suggests, casual employment on min wage, tax credits, shared equity one bed flat and £150k. Not completely impossible but not likely.

colsten

VeryMan wrote: »

OMG OMG OMG!!!!!
I dont want to make a transfer on 12th of the month.....
I want to set a standing order to transfer EVERY 12th of EACH month!!!!

Why not just set up an SO on the 12th of each month?

VeryMan wrote: »

You are driving me crazy

That's just returning the favour

pollypenny

VeryMan wrote: »

OMG OMG OMG!!!!!
I dont want to make a transfer on 12th of the month.....
I want to set a standing order to transfer EVERY 12th of EACH month!!!!

Well just do It! :cool:

What's stopping you?

LXdaddy

I know this is probably a waste of breath but


All the accounts that can have a standing order will have an option of choosing when the transfers take place.


Most that I deal with have choices on frequency.
All offer monthly
Most if not all offer weekly
Some offer every 4 weeks
etc etc


If you choose WEEKLY then you get to specify the day of the week - it doesn't just move on a Thursday one week and a Monday the next.


If you choose MONTHLY then you get to choose which day of the month - 12th for example. Usually this is based on when you set the SO up and choose the date of first payment - it will then happen on the same day of the month from then on. (exceptions if you choose the 31st obviously)


Equally, as long as the balance in an account is more then the funding requirement you can safely set in bound and outbound SOs for the same date. A credit on the 12th and a debit on the 12th or a debit on the 12th and a credit on the 12th will be fine.

colsten

LXdaddy wrote: »

A credit on the 12th and a debit on the 12th or a debit on the 12th and a credit on the 12th will be fine.

Almost all banks don't process SOs on weekends and bank holidays. Tesco does, however. So if they play a part in your transfers, you could get out of synch.

colsten

Celifein wrote: »

The Tesco current account doesn't have a minimum payment amount, so you don't need to include it in your standing orders.

I know. But this doesn't mean you can't include it. There might even be good reason to include it, for example to give the account the appearance of being used for more than just a savings account.

Celifein wrote: »

Their savings accounts are good ..............

I know that too as it has been - unfortunately - mentioned far too often already.

ceredigion

VeryMan wrote: »

So what if the 12th of a month falls on a bank holiday or weekend? It won't be sent?

Next working day

VeryMan

ceredigion wrote: »

Next working day

that means I have to leave at least 4 days between my SOs

VeryMan

LXdaddy wrote: »

I know this is probably a waste of breath but


All the accounts that can have a standing order will have an option of choosing when the transfers take place.


Most that I deal with have choices on frequency.
All offer monthly
Most if not all offer weekly
Some offer every 4 weeks
etc etc


If you choose WEEKLY then you get to specify the day of the week - it doesn't just move on a Thursday one week and a Monday the next.


If you choose MONTHLY then you get to choose which day of the month - 12th for example. Usually this is based on when you set the SO up and choose the date of first payment - it will then happen on the same day of the month from then on. (exceptions if you choose the 31st obviously)


Equally, as long as the balance in an account is more then the funding requirement you can safely set in bound and outbound SOs for the same date. A credit on the 12th and a debit on the 12th or a debit on the 12th and a credit on the 12th will be fine.

that is the explanation I needed, thanks!

Westie983

12th falls on a Saturday or Sunday on the following months, so will come out the next working day

November 12th - (14th)
February 12th - (13th)
March 12th - (13th)
August 12th - (14th)
November 12th - (13th)