Standing Order Payment dates Santander/Nationwide

OldBeanz

I have had a Nationwide Flex Plus Current Account and for years have been paying in £750 plus the monthly charge (currently £763) from my Santander 123 into the Nationwide account and paying the £750 straight back.
Previously this happened on the 1st of the month without incident. 2 months ago I changed both dates to the 14th of the month to reflect when my pay comes into Santander. Now I receive a text message from the Nationwide saying there are no funds in the account to transfer the £750 back and to make sure I have the money in the account by 1430hr. The transaction then works as the money is through.
I spoke to Nationwide and they make no charges so it was not an issue for them and I guess I could switch the warning off but it is handy in case there are any other transactions.
Is this just a 'feature' or any other idea how to circumvent this issue without resorting to the 1st.

born_again

Why not get the funds transferred back to Santander a day later.
Given the 0.6% interest rate on the 123 account now. It's not going to make any difference.

Sandtree

Unless you keep a £750 float in the Nationwide account then you have a potential timing issue if Nationwide attempt to run the transfer before the Santander money has arrived.  Either create a float, delay the return payment to the next day or put up with the warnings

Lumiona

Do you need to send the £750 over? AFAK there's no min pay in, possibly there was when there was interest on the account. I keep nothing in my Nationwide account and just do a transfer for the £13 a week before it is due out.

OldBeanz

Lumiona said:

Do you need to send the £750 over? AFAK there's no min pay in, possibly there was when there was interest on the account. I keep nothing in my Nationwide account and just do a transfer for the £13 a week before it is due out.

This used to be the case but I have just searched and as you say cannot find a requirement to pay in £750 per month. I will spend the next few days double checking. I wonder when that requirement changed. I really need to read these 30 page documents of terms and conditions that get sent to me from time to time.

OldBeanz

Searched MSe and that confirms no pay in required - Thanks again Lumiona

kaMelo

OldBeanz said:

Searched MSe and that confirms no pay in required - Thanks again Lumiona

Was there ever a required pay in and if so what did it give you?
As it's a paid for account I don't think there was ever a pay in requirement, certainly I've never "had" to pay anything in for any account benefits or interest when they paid it since I've held one from 2014.

OldBeanz

kaMelo said:

OldBeanz said:

Searched MSe and that confirms no pay in required - Thanks again Lumiona

Was there ever a required pay in and if so what did it give you?
As it's a paid for account I don't think there was ever a pay in requirement, certainly I've never "had" to pay anything in for any account benefits or interest when they paid it since I've held one from 2014.

Was into quite a few accounts at that time - thankfully now just down to the 2 - but quite happy to trust your memory. Not too much of an issue until changing dates changed the time the transactions took place which I find quite weird. Actually thinking back it may have been a Bank of Scotland one that needed the money paid in as I think I forgot to trigger a payment for it but it's long time closed. Oh well - at least I had the money to do it

colsten

The FlexPlus account never had any minimum monthly deposit requirement. https://www.nationwide.co.uk/support/support-articles/manage-your-account/travel-insurance/travel-insurance-with-flexplus#tab:TravelinsurancewithFlexPlus

The FlexAccount, an entirely different account from the FlexPlus, requires a minimum a minimum of £750  if you are eligible and want to maintain your tavel insurance cover. https://www.nationwide.co.uk/support/support-articles/manage-your-account/travel-insurance/travel-insurance-with-flexaccount

OldBeanz

colsten said:

The FlexPlus account never had any minimum monthly deposit requirement. https://www.nationwide.co.uk/support/support-articles/manage-your-account/travel-insurance/travel-insurance-with-flexplus#tab:TravelinsurancewithFlexPlus

The FlexAccount, an entirely different account from the FlexPlus, requires a minimum a minimum of £750  if you are eligible and want to maintain your tavel insurance cover. https://www.nationwide.co.uk/support/support-articles/manage-your-account/travel-insurance/travel-insurance-with-flexaccount

Right - that makes a bit more sense. Not really used the account apart from the Credit Card abroad as well as the motor and travel insurance although thinking about it the wife has a cracked phone. Thanks for clearing this up