Standing orders 'make payments until'

JustAnotherSaver

Ok a dummy question but what the hell i'll ask anyway

Setting up a standing order to fund a monthly regular saver so it's limited to 12 payments.
Now i always just set it up manually and then stop it after the final payment because i've never been fully sure of the thread title and didn't want to end up missing a payment by getting it wrong.

So when you go through entering the details and get to the bottom and it says you can make further payments until further notice or a set date...

The final payment for this regular saver i've set up now will be 01/11/2018 (unless i can't change it in which case it'll be 23/11/2018 as i've just now set it up to pay on the 23rd of the month) but let's go with 01/11/2018 for ease of example...

I just want to check that a payment will actually be sent ON 01/11/2018. I'm pretty sure it will be & that this will be the final payment (as opposed to 01/10/2018 being the final one and the SO ending in Nov)

but for the sake of just asking here & coming across as daft i'd rather do that than have a payment missed

badger09

JustAnotherSaver wrote: »

Ok a dummy question but what the hell i'll ask anyway

Setting up a standing order to fund a monthly regular saver so it's limited to 12 payments.
Now i always just set it up manually and then stop it after the final payment because i've never been fully sure of the thread title and didn't want to end up missing a payment by getting it wrong.

So when you go through entering the details and get to the bottom and it says you can make further payments until further notice or a set date...

The final payment for this regular saver i've set up now will be 01/11/2018 (unless i can't change it in which case it'll be 23/11/2018 as i've just now set it up to pay on the 23rd of the month) but let's go with 01/11/2018 for ease of example...

I just want to check that a payment will actually be sent ON 01/11/2018. I'm pretty sure it will be & that this will be the final payment (as opposed to 01/10/2018 being the final one and the SO ending in Nov)

but for the sake of just asking here & coming across as daft i'd rather do that than have a payment missed

The date you enter as the final payment date will be the date the final SO is taken (weekends/Bank Holidays being possible exceptions).

In other words, it won't stop the month before if that is what you're asking:cool:

Kim_13

I believe so, but if you wanted to make sure you could set it to end on 2/11/18. I think certain providers format it better in this regard - an old Nationwide standing order said something like every month, first payment 1/x/x, final payment 1/x/x - so no room for confusion whatsoever.

I set up a Tesco SO this morning and briefly asked myself the same question. I've set it to stop before I'll want to increase the amount (July) and will then set up another, so I'll have first hand experience of whether it actually pays without needing a manual payment on 1 June.

benjus

Is there an option to enter the total number of payments that should be made? I generally use this.

Shakin_Steve

Kim_13 wrote: »

I believe so, but if you wanted to make sure you could set it to end on 2/11/18. I think certain providers format it better in this regard - an old Nationwide standing order said something like every month, first payment 1/x/x, final payment 1/x/x - so no room for confusion whatsoever.

I set up a Tesco SO this morning and briefly asked myself the same question. I've set it to stop before I'll want to increase the amount (July) and will then set up another, so I'll have first hand experience of whether it actually pays without needing a manual payment on 1 June.

You don’t need to stop it and set up another one. You can edit it at any time, so just alter the amount to be paid and leave the dates alone (unless you also want to change those, of course).

JustAnotherSaver

Now you mention it, i've been with a bank/building society that did actually specify something like last payment date.

I think Santander specify number of payments to be made, possibly as a way of verifying the last date?

Halifax & Lloyds are pretty much the same as each other. TSB too i think?

18cc

As an example: if you want to make 12 payments with the first being 1 January 2018 then set the final payment to 1 December 2018

Or if the first payment is 23 June 2018 the final would be set to 23 May 2019

Shakin_Steve

With Barclays you can do number of payments, until a certain date or until further notice. You can also make the first payment different to the following ones, or the last payment different from the preceding ones.