Standing orders close together

prezzacc

Hi,

To fulfil some minimum pay ins to accounts I've set up standing orders.

Account 1 pays £1000 to account 2 on the 27th.
Account 2 pays £1000 to account 1 on the 27th.

Account 1 then pays £1000 to account 3 on the 28th where it stays.

As far as I can figure out even with weekends & bank holidays I can't miss a payment as there is a clear day between account 1 receiving and making its second payment?!

Or am I missing something and risking it!?

Thanks

molerat

If 27th is a Saturday they will all go on Monday 29th.

PeacefulWaters

molerat wrote: »

If 27th is a Saturday they will all go on Monday 29th.

Unless it's February. And not a leap year.

prezzacc

Great. Sounds like all should run smoothly as expected. However the February comment made me think...
What if the 27th of Feb is a Saturday... So would pay 1st of March... Meaning I haven't made the monthly minimum pay in! I haven't checked but I'm guessing that won't happenuch and I'm sure these banks would understand!!

eskbanker

prezzacc wrote: »

What if the 27th of Feb is a Saturday... So would pay 1st of March... Meaning I haven't made the monthly minimum pay in! I haven't checked but I'm guessing that won't happenuch and I'm sure these banks would understand!!

February 27th will be a Saturday every seven years on average but if you think that the 'banks would understand' (in the sense of 'counting' a 1 March deposit as being in February) then prepare to be disappointed!

If you're solely doing this to meet minimum monthly funding then it might not be an issue anyway if accounts 1 and 2 have balances of at least £2K and £1K anyway, or if things are tight on balances then consider weekly standing orders of £250....

Vortigern

prezzacc wrote: »

To fulfil some minimum pay ins to accounts I've set up standing orders.

If you need to leave a day between standing orders you could use weekly or 4-weekly SOs with a payment out on Wednesday and back on Thursday. You'll never hit a weekend and Weds/Thurs bank holidays are relatively rare.

surreysaver

eskbanker wrote: »

February 27th will be a Saturday every seven years on average but if you think that the 'banks would understand' (in the sense of 'counting' a 1 March deposit as being in February) then prepare to be disappointed!

It would be more frequent than that because of leap years - every 5 or 6 years. Be careful if the following Monday is ever a bank holiday (I can't remember how early Easter could fall), or if the Queen dies we might get an extra public holiday depending on when she dies. I seem to recall being told once not to have direct debits due any later than 25th of each month for these reasons.

EachPenny

prezzacc wrote: »

Or am I missing something and risking it!?

Leaving it that tight to the end of the month is a risk - and make sure the T&C's allow you to go that close and don't have an earlier cut-off date.

I normally pick a date somewhere near mid-month, but if you are looking at month end to align with a payday, then the start of the month would be safer.

I also agree with eskbanker - when it comes to paying you money banks never 'understand'. Play safe.

eskbanker

surreysaver wrote: »

It would be more frequent than that because of leap years - every 5 or 6 years.

No, leap years don't come into it (every February has one and only one 27th) and the long-term averages mean that the 27th is a Saturday one year in seven, the same as every other day of the week - if the 27th was a Saturday more frequently than one in seven (on average), which day of the week do you believe would occur less frequently to compensate?!

surreysaver wrote: »

if the Queen dies....

She will. We all will....

EachPenny

eskbanker wrote: »

She will. We all will....

Nooooo! Surely Santa Claus won't? :eek:

prezzacc

Well!

Now ive opened a can of worms! So to confirm, im purely fulfilling the minimum pay ins however each account will have the top amount to get the interest so they wont be low. Ive not heard of keeping the funds in there for more than a day, im paying in the minimum, just so happens im paying it out the same day there will always be over £1k for the month.

Due to payday as mentioned i need to move the money on the 27th. With , i think ill try it, keep an eye on it and IF one month goes wrong amend it. I guess ill lose my interest, but its still going to be more than the measly pennies interest im getting currently !