Automatic transfer from savings account to current account - how to do?

Si_Clist

At present we are with NatWest, with which we just have our joint current account and an ISA.  We do all our banking online via the app. 

We would like to open a savings account of some kind, from which we can transfer each month a set amount into our current account.  Is this possible?

Brie

If a bank doesn't allow a standing order to be set up then look for one where you can set up future dated payments.  That way you should be able to arrange payments for a set number of months in advance. 

Mark_d

I don't bank with Natwest but I've never heard of a savings account that allows you to set up standing orders

Si_Clist

Might there perhaps be another way of arriving at the same result i.e. every 4 weeks a fixed sum goes from a "savings" account into our current account?

MyRealNameToo

Si_Clist said:

Might there perhaps be another way of arriving at the same result i.e. every 4 weeks a fixed sum goes from a "savings" account into our current account?

If the "savings" account was actually a current account then yes, the aforementioned standing order would do it but gone are the days of there being current accounts giving interest better than savings accounts. 

Barkin

Skipton - can do regular monthly/quarterly/6 monthly/yearly withdrawals to a nominated account.

wmb194

Si_Clist said:

Might there perhaps be another way of arriving at the same result i.e. every 4 weeks a fixed sum goes from a "savings" account into our current account?

You can do it with a Chase savings account. You’d need to open a Chase current account as well. Note that Chase is app only.

Si_Clist

Barkin said:

Skipton - can do regular monthly/quarterly/6 monthly/yearly withdrawals to a nominated account.

Thank you for that 

I do believe we're now sorted.

JGB1955

Or.. you could use a savings account that 'pays away' the monthly interest.  Invest £30K and your monthly interest will be close to £100.  Sorted!

Rob5342

It takes 15 seconds to do a transfer, surely it's better to look for the best interest rate rsther then trying to save to little time. Writing three posts here was probably more work than making a years worth of transfers. 

j.p

The Principality's Online Easy Access lets you set up a series of future withdrawals to your nominated account rather than just one, spaced out however you like. Still have to set up each instance of a payment on its own, though, as there is no concept of 'repeat'. At least you have precise control over which day of the week each payment will hit its destination, if you look ahead in the calendar, unlike monthly standing orders that often arrive late if a payment happens to fall on a weekend. For me it is important, because when I create regular transfers to cover monthly direct debits from a current account, I want the incoming paymens from savings to always arrive one working day prior to the direct debit's expected collection ocurring, not the same day. Also by having discrete separate paymens you can easily change them or skip them on an individual basis if you expect other sources of funds to arrive alongside, without affecting the rest of the series (or having to remember to change it back to the original after the exception happens, as you'd do if you have to fiddle with standing orders).

Oaknorth also lets you do this.

Both can show the projected remaining available balance, before interest, provided the series runs its course.