Timing of an internal Santander transfer

where_are_we

For those of us with savings it is good that interest rates have been climbing. I was made more aware of this when £23.04 interest was recently paid for one month`s £4000 Santander Edge savings.

In view of this, we have to fund a substantial number of RS`s SO`s this coming Monday 2nd October (I am aware that although the SO`s are dated to go out 1/10/23, which is a non working bank day, they wont`t go until the next day).

This funding will be done by a Santander internal transfer from their Easy Access Saver to their Current Account. I believe Santander daily interest is calculated on balances up to 8pm. Is this correct? If I do this internal transfer later on Sunday evening eg 10pm,will my Easy Access Saver interest be calculated on the balance at 8pm?

At what time do SO`s go out?

I have calculated one days interest on the amount to be transferred to be £1.60.

I realise that we are exceptional and for most the benefit will be nowhere as great.

PLEASE - no comments along the lines that it is not worth the bother!

friolento

where_are_we said:

For those of us with savings it is good that interest rates have been climbing. I was made more aware of this when £23.04 interest was recently paid for one month`s £4000 Santander Edge savings.

In view of this, we have to fund a substantial number of RS`s SO`s this coming Monday 2nd October (I am aware that although the SO`s are dated to go out 1/10/23, which is a non working bank day, they wont`t go until the next day).

This funding will be done by a Santander internal transfer from their Easy Access Saver to their Current Account. I believe Santander daily interest is calculated on balances up to 8pm. Is this correct? If I do this internal transfer later on Sunday evening eg 10pm,will my Easy Access Saver interest be calculated on the balance at 8pm?

At what time do SO`s go out?

I have calculated one days interest on the amount to be transferred to be £1.60.

I realise that we are exceptional and for most the benefit will be nowhere as great.

PLEASE - no comments along the lines that it is not worth the bother!

I doubt there is a really reliable time for when they calculate the interest.

I have an overdraft facility on my Santander account which covers my SOs. I then transfer money from my savings account on the day the overdraft occured, sometime before 20:15. Obviously, using an overdraft can get expensive if not settled on the day it first occure but I have never missed topping up. Santander send a text just after 8am if you enter into an overdraft.

Though even if an SO fails in the early hours of the morning due to lack of funds, they will try the SO again sometime mid-afternoon. AFAIK, they don't charge for failed SOs if you have a 123 or Edge.

gt94sss2

where_are_we said:

In view of this, we have to fund a substantial number of RS`s SO`s this coming Monday 2nd October (I am aware that although the SO`s are dated to go out 1/10/23, which is a non working bank day, they wont`t go until the next day).

This funding will be done by a Santander internal transfer from their Easy Access Saver to their Current Account. I believe Santander daily interest is calculated on balances up to 8pm. Is this correct? If I do this internal transfer later on Sunday evening eg 10pm,will my Easy Access Saver interest be calculated on the balance at 8pm?

At what time do SO`s go out?

With respect, you are overthinking it.

All you need to do is either:

a) arrange a future dated internal transfer for the 2nd October between your savings and current account: or

b) transfer the money between the accounts manually on the morning of the 2nd October. (or 8:15 pm if all the planned payments are covered by an arranged overdraft)

SO's go out of your account just after midnight. However, if there isn't enough money in the amount, Santander try again for any remaining standing orders in the early afternoon.

As long as the money is there by the time Santander try the second time, standing orders will be made as normal. You will also get a text message from Santander informing you there was an insufficient balance in the morning on such occasions.