How much time between standing orders?

Helen28

I have to cycle money through my Nationwide Flex Account to retain my travel insurance.

I have been doing it manually but I almost missed doing it because of problems so I have decided to automate it.

If I pay the money in from another bank account by standing order on the 20th of the month, what date should I transfer it out again by standing order so that I do not end up with a minus balance for a day or so?

EachPenny

Helen28 wrote: »

If I pay the money in from another bank account by standing order on the 20th of the month, what date should I transfer it out again by standing order so that I do not end up with a minus balance for a day or so?

The safest way of doing it is to pay the money into the FlexAccount by standing order, but transfer it back out manually.

That way you cannot forget to transfer in, and if you forget to transfer out all you will lose is a few days of interest.

Transferring in and out by standing order needs enough of a gap to deal with the worst case (Easter weekend perhaps?) but even then, if the transfer in SO failed for some reason you might have problems (charges?) when the transfer out is due.

My approach is to have a day mid-month when I sweep up any interest and time the SO's to take place that day when I'd be logging in to my Nationwide online banking anyway.

agrinnall

I do all my transfers manually so that the money is back in the originating account as quickly as possible, but I'd agree that EachPenny's suggested method is the best option if you think you might miss the transfer in at some point in the future.

I_am_spartacus

I do a gap of three days to allow for any bank holiday clashes.

agrinnall

I_am_spartacus wrote: »

I do a gap of three days to allow for any bank holiday clashes.

It's not enough, it's 4 days every Easter, and 4 days in 4 out of 7 years at Christmas. Although depending on the dates in the month of your transfers you may never be affected by Christmas and rarely by Easter.

Vortigern

If you make the transfers weekly or four-weekly, rather than monthly, you can transfer in on Wednesdays and out on Thursdays. No weekends involved but watch out for Christmas and random Royal Event holidays.

Ben8282

I would prefer to leave one clear week. If you are transferring in on the 20th set the transfer out for the 27th. Better safe than sorry.

18cc

or you could allow a lot less time in between but apply for an arranged overdraft. if ever you go overdrawn for a day or so eg easter or christmas etc you pay 18% i believe ie about 39p a day on £750. It might never happen but if it did its not much to pay