Transferring money between accounts (Standing Orders)

maas

If I schedule money to transfer from 1 UK bank to another on a day which falls on a weekend (or bank holiday) does it still go through on that day.

I'm trying to set my money transfers up so the money is shuffled around the fastest. I am currently leaving a couple of days between each transfer but not sure if this is necessary.

bigadaj

maas wrote: »

If I schedule money to transfer from 1 UK bank to another on a day which falls on a weekend (or bank holiday) does it still go through on that day.

I'm trying to set my money transfers up so the money is shuffled around the fastest. I am currently leaving a couple of days between each transfer but not sure if this is necessary.

If it's fro current account funding then so long as the balance is greater than the so amount then it doesn't really matter.

Tesco undertake transactions over weekends which is unusual, and the only account I leave four days between when funding is Halifax reward as there is only a low balance in there.

maas

bigadaj wrote: »

If it's fro current account funding then so long as the balance is greater than the so amount then it doesn't really matter.

Tesco undertake transactions over weekends which is unusual, and the only account I leave four days between when funding is Halifax reward as there is only a low balance in there.

Yes its for current account funding. Im moving money on 1st, 4th, and 7th. I'll leave it as it is then.

YorkshireBoy

maas wrote: »

Yes its for current account funding. Im moving money on 1st, 4th, and 7th. I'll leave it as it is then.

Which accounts are you using? And what are their average balances? Have you quantified the cost of your method, in terms of lost interest over the year?

EarthBoy

Nearly all banks only process standing orders on weekdays, not on weekends or Bank Holidays. If the date for the SO falls on a weekend the payment isn't made until the Monday, -or the next working day after the Bank Holiday. Tesco is the only exception that I know of.

agrinnall

I do mine manually so that I can check that the money has arrived before I transfer it back or elsewhere, it's usually all done within a couple of hours on one day.