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  • FIRST POST
    • Helen28
    • By Helen28 14th Feb 18, 4:53 PM
    • 23Posts
    • 2Thanks
    Helen28
    How much time between standing orders?
    • #1
    • 14th Feb 18, 4:53 PM
    How much time between standing orders? 14th Feb 18 at 4:53 PM
    I have to cycle money through my Nationwide Flex Account to retain my travel insurance.

    I have been doing it manually but I almost missed doing it because of problems so I have decided to automate it.

    If I pay the money in from another bank account by standing order on the 20th of the month, what date should I transfer it out again by standing order so that I do not end up with a minus balance for a day or so?
Page 1
    • EachPenny
    • By EachPenny 14th Feb 18, 6:28 PM
    • 4,618 Posts
    • 11,903 Thanks
    EachPenny
    • #2
    • 14th Feb 18, 6:28 PM
    • #2
    • 14th Feb 18, 6:28 PM
    If I pay the money in from another bank account by standing order on the 20th of the month, what date should I transfer it out again by standing order so that I do not end up with a minus balance for a day or so?
    Originally posted by Helen28
    The safest way of doing it is to pay the money into the FlexAccount by standing order, but transfer it back out manually.

    That way you cannot forget to transfer in, and if you forget to transfer out all you will lose is a few days of interest.

    Transferring in and out by standing order needs enough of a gap to deal with the worst case (Easter weekend perhaps?) but even then, if the transfer in SO failed for some reason you might have problems (charges?) when the transfer out is due.

    My approach is to have a day mid-month when I sweep up any interest and time the SO's to take place that day when I'd be logging in to my Nationwide online banking anyway.
    "In the future, everyone will be rich for 15 minutes"
    • agrinnall
    • By agrinnall 14th Feb 18, 8:52 PM
    • 19,913 Posts
    • 15,623 Thanks
    agrinnall
    • #3
    • 14th Feb 18, 8:52 PM
    • #3
    • 14th Feb 18, 8:52 PM
    I do all my transfers manually so that the money is back in the originating account as quickly as possible, but I'd agree that EachPenny's suggested method is the best option if you think you might miss the transfer in at some point in the future.
    • I am spartacus
    • By I am spartacus 12th Mar 18, 4:20 PM
    • 94 Posts
    • 90 Thanks
    I am spartacus
    • #4
    • 12th Mar 18, 4:20 PM
    • #4
    • 12th Mar 18, 4:20 PM
    I do a gap of three days to allow for any bank holiday clashes.
    I am, therefore I think.

    • agrinnall
    • By agrinnall 12th Mar 18, 7:04 PM
    • 19,913 Posts
    • 15,623 Thanks
    agrinnall
    • #5
    • 12th Mar 18, 7:04 PM
    • #5
    • 12th Mar 18, 7:04 PM
    I do a gap of three days to allow for any bank holiday clashes.
    Originally posted by I am spartacus
    It's not enough, it's 4 days every Easter, and 4 days in 4 out of 7 years at Christmas. Although depending on the dates in the month of your transfers you may never be affected by Christmas and rarely by Easter.
    • Vortigern
    • By Vortigern 13th Mar 18, 11:53 PM
    • 2,392 Posts
    • 1,602 Thanks
    Vortigern
    • #6
    • 13th Mar 18, 11:53 PM
    • #6
    • 13th Mar 18, 11:53 PM
    If you make the transfers weekly or four-weekly, rather than monthly, you can transfer in on Wednesdays and out on Thursdays. No weekends involved but watch out for Christmas and random Royal Event holidays.
    • Ben8282
    • By Ben8282 14th Mar 18, 12:30 AM
    • 2,218 Posts
    • 980 Thanks
    Ben8282
    • #7
    • 14th Mar 18, 12:30 AM
    • #7
    • 14th Mar 18, 12:30 AM
    I would prefer to leave one clear week. If you are transferring in on the 20th set the transfer out for the 27th. Better safe than sorry.
    • 18cc
    • By 18cc 14th Mar 18, 9:15 AM
    • 385 Posts
    • 232 Thanks
    18cc
    • #8
    • 14th Mar 18, 9:15 AM
    • #8
    • 14th Mar 18, 9:15 AM
    or you could allow a lot less time in between but apply for an arranged overdraft. if ever you go overdrawn for a day or so eg easter or christmas etc you pay 18% i believe ie about 39p a day on 750. It might never happen but if it did its not much to pay
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