Best dates for transferring in money

DCFC79

I have 3 accounts so RBS, Natwest and Halifax, they are the Rewards accounts a set amount is to be paid in and direct debits set up to get the benefits.

Can anyone advise what date is best for the transfer of money so it doesn't hit say Good Friday etc ?

Thanks

jay1804

I usually set the 1st or 2nd of month for any standing orders as I get paid on the last working day of the month. I dont't know whats going to happen next month i'm guessing all will go through on 6th?

Ballard

I assume that you mean to set up standing orders. I never bothered with them but if I were to I'd set up weekly standing orders for Wednesdays for 35% of the requirement. That way, even if one is missed due to a midweek bank holiday you'd still have transferred 105% of the requirement.

General_Grant

DCFC79 said:

I have 3 accounts so RBS, Natwest and Halifax, they are the Rewards accounts a set amount is to be paid in and direct debits set up to get the benefits.

Can anyone advise what date is best for the transfer of money so it doesn't hit say Good Friday etc ?

Thanks

There isn't a "best" date.
If you have DDs or SOs going out on the first working day of a month (perhaps your Water Company DD) then I'd make sure that the funding goes in by 22nd of a month so it's there even for 1 March.
None of the funding requirements are for a minimum lump sum in a one-off, so you don't have to plan for that.
If you are circulating the funding, I'd allow time for one payment to arrive before it has to be paid out.  Different banks operate different processes in that some process transactions at the weekend and others don't.

PRAISETHESUN

For my RBS/NatWest accounts I have a DD pulling weekly on Wednesdays - this avoid most issues with bank holidays, except for over Xmas. But otherwise as above there isn't really a "best" date. Avoiding the start or end of the month might be slightly better, but as weekdays/weekends change every year you'll come unstuck eventually. As long as it get processed within the reward period you'll get paid, so aiming for mid-month is probably the safest.

colsten

The only general 'best' I can see is not to leave it too close to the end of a month, as you could fall foul of weekends and/or processing delays and thereby miss the reward for a given month. Other than than that, it all depends on your personal situation - when you have the money available, and when your DDs are pulled where DDs are needed.

I like to do my minimum deposits across all accounts which require minimum deposits around the 3rd working day of a month. I used to do this all by SO but I have now completely reversed to doing it all manually. That way I don't need to be concerned about having enough in the accounts for taking the money out, I can skim off any rewards at the same time, and I fulfill the login requirements where those exist.

datlex

Any date or dates is fine so long as you meet the monthly requirements.  It does not have to be the full amount in one go and it can be the same money circulated around.