Standing order for each day?

only_me_123

Hi there,

I am wondering if it’s possible to set up a standing order to come out of my account every day?

It may sound strange but I’m wanting to transfer a few pounds automatically each day into my savings.

I bank with Santander and can only see an option to do it per week. Without setup one per week on a different day, does anyone know if it’s possible ?

Thanks!

adindas

only_me_123 wrote: »

Hi there,

I am wondering if it’s possible to set up a standing order to come out of my account every day?

It may sound strange but I’m wanting to transfer a few pounds automatically each day into my savings.

I bank with Santander and can only see an option to do it per week. Without setup one per week on a different day, does anyone know if it’s possible ?

Thanks!

You could do a weekly SO, bi-weekly, monthly SO, but I am not aware any current account that allow a daily SO.

Why do you need a daily SO to a saving account ?? Is it not better to just use your current account for daily use ?? You might want to use two current account and do a weekly SO.

where_are_we

Set up 7 different weekly SO`s. Start first one weekly and the next 6 weekly, but starting one day later each time. I don`t know if this will work.

pafpcg

where_are_we wrote: »

Set up 7 different weekly SO`s. Start first one weekly and the next 6 weekly, but starting one day later each time. I don`t know if this will work.

Well, it's worth a try! I'd suggest try it with two and see if it works. BUT, only on Monday-Friday because standing orders will be processed only on "business days" so any SOs for Saturday & Sunday will be actioned on the following Monday and similarly for SOs which fall on public holidays.

Edit: Tesco Bank are one of the few banks that operate seven days per week without regard to weekends.

Does seem a curious requirement though....

EarthBoy

I've just checked all my banking apps and found that Starling allows you to set up daily Standing Orders.

wiseonesomeofthetime

As do Monzo

Eco_Miser

only_me_123 wrote: »

It may sound strange but I’m wanting to transfer a few pounds automatically each day into my savings.

I've no idea if daily SOs are possible, but your motivation intrigues me. What does a daily transfer achieve?
Do you get paid daily? If not why not transfer the appropriate amount just after you get paid?

Walker1

I used to have a daily standing order. When I got paid I would put all my money for the month into a Monzo pot, work out what that was a day till my next pay came in and have it transfer into my main account every night. Was massively helpful for budgeting.

I’m sure the op has different reasons but I thought I’d share.

IvanOpinion

I am genuinely intrigued with this level of micro managing - why?
I have my Santander account and even when things were tight I could go to cash machine and get a statement (although my monthly statement delivered by post was usually adequate along with the stubs on my cheque book), then along came the internet and now we have an app so I can find out my balance in a few seconds.

A young colleague in work seems to need to check his account balance multiple times per day and tells me about rounding things into savings and creating 'pots', goals and other things that he then seems to spend half his day managing. Usually, I check my account once per month (to reconcile my statement - normally takes less than 5 minutes) otherwise very occasionally if I am expecting a large payment or transfer (which to be fair I can do in a few seconds using the App).

I just feel life is too short to be spending so much time micro-managing the impact to my balance of a cup of coffee.

kinger101

(a) Make sure you're transferring money to somewhere with a higher interest rate. Many "savings" accounts underperform current accouts.

(b) Don't do it daily. Do it Monthly at the start or end of the month. With a challenging target amount. Doing it daily just creates a hand-to-mouth mindset. Likely counterproductive for achieving long-term financial goals.

Eco_Miser

Walker1 wrote: »

I used to have a daily standing order. When I got paid I would put all my money for the month into a Monzo pot, work out what that was a day till my next pay came in and have it transfer into my main account every night. Was massively helpful for budgeting.

I’m sure the op has different reasons but I thought I’d share.

That I can understand, sort of - my spending was never anywhere near equal amounts each day; but the OP is going the other way.