Standing Order - Cancelling?

GibbsRule_No3.

When should (can) I cancel a Standing Order?
I have an SO for Nationwide Monthly Flex Regular Saver Issue 2 savings account, one year. I have been trying to get my savings in order and preparing for this years savings. My last £200 (1st of the month) has been taken from the current SO and the account matures on 31st January. Will it be okay to now cancel that SO? I'd like to be ready to jump into the next account for 1st February. I did try setting up the new Flex Regular Saver Issue 4 (my current one is Issue 2) but it won't let me, it tells me I have a saver account already, even though that is Issue 2. As it is a different Issue, why will it not accept me?

Reaper

If they have all the payments then yes, you can stop the standing order.

From the Summary details page:
"You can only be named on one Flex Regular Saver product at any time (of any Issue)"

That's why you are unable to start a new one until the current one ends.

EssexHebridean

I usually set my SOs for regular savers to have an end date of the final payment. That saves the hassle of having to remember to go in and cancel it. 

Ayr_Rage

Standing Orders SEND payments, the receiver does not request anything.

SOs cancel immediately as it is your instruction, therefore cancel the current SO and set up a new one when the new account details are available.

GibbsRule_No3.

Thank you all for the quick response. I have cancelled the SO I will bear in mind when I set up the next yearly saver to set a date to cancel. If Flex Issue 4 is still available in February I assume it will run out March 2026. I was confused by paying in £2600 and not the £2400 for 12 months in a year, will interest be paid on the £2600 (I know it is not 8% on £2600 but each months amount).

Ayr_Rage

@GibbsRule_No3 I also managed to get 13 deposits and you will get interest on that last £200 for the days that it is invested.