Standing orders in and out of account

BarGin

I have just opened a Club Lloyds account in order to benefit from the Disney+ lifestyle benefit. I need to deposit £2,000 per month to avoid the monthly fee. I don’t want to leave it there. Can someone recommend the best way to set up standing orders to and from the Lloyds account please?

If I set up one to pay in on the 3rd of the month, is it best to set up one to return the funds on the 5th of the month? I did think 4 weekly on a midweek day but my originating bank, Kroo, doesn’t offer this option for regular payments although I suppose I could move £500 per week.

penners324

Just have them set the same day. The money can be in the account for 2 seconds.

wiseonesomeofthetime

My £500pw goes in on a Tuesday and is returned on a Wednesday.

Just watch bank holidays around Xmas and new year 🤷‍♂️

boingy

I leave the money in Lloyds for 4 days just to be ultra-cautious in allowing for one of the payments to be delayed somehow, especially around bank holidays. I've never been comfortable with the "in and out the same day" thing and I don't begrudge the small amount of lost interest. I also put £400 pcm into their regular saver so the process for me is £2000 in then 4 days later £400 to the RS and the remaining £1600 back out to the original account.

friolento

I have been doing all my minimum monthly current account deposits manually, as a daisy-chain, for quite some time. COOP, Barclays, Chase, Lloyds, Natwest, RBS, Halifax, all on the same day, in and out in a jiffy with Faster Payments, except for Halifax where I spend the deposited money by debit card, also on the same day.

BarGin

Thanks for all the suggestions. I think I'm going to leave £500 in there and have standing orders of £500 in and out the same day every week, then I can forget about it.

ColdIron

I've been using Lloyds as a hub for opposing same day SOs to Santander, TSB, Nationwide, Halifax etc for maybe 10 years. I don't think it's ever hicupped. Most of the spoke accounts have a £5 balance except Santander with £30