When it comes to banking, it is important that you have control over your finances and know where your money is going to be able to successfully budget and track your expenditure. Many people find that standing orders are a great help because they know when money is leaving their account and how much money will be taken. If you have considered using a standing order, then take some time to read through the benefits of using this method of payment.
You Are In Control
When you choose to pay by standing order, you are in the driving seat. This is because you set it up and you control whether it is fulfilled every month. Unlike a direct debit where the recipient requests the money automatically, you hold the standing order instruction in your account and so you can pick when it is sent and how much you send.
You Can Change Them With Ease
If your payments change or you want to amend the date of your standing order, you just need to log in to your online bank or mobile banking app and amend your standing order with the new information. There is no fuss to do this, and you are not left wondering if the changes have been actioned as you can see all your standing orders on your account and manage them from there too.
You Are Less Likely To Overpay
Because you design your standing order to suit you, you are far less likely to overpay. Most banks will let you stipulate an end date for your payments so you can work out exactly when to stop sending money. Many people with direct debits often complain that companies continue to take money after a payment plan is finished, and this can be very hard to have refunded so using a standing order lets you control when you pay and when you don’t.
You Can be Certain You Will Pay on Time, Every Time
The great thing about a standing order is that you can be sure that your payments will go when you have stipulated, meaning that you won’t end up with fees, if they were taken earlier than expected. Standing orders are paid on the date you set, and they will be paid on weekends too so you never have to be concerned about them going out on a Friday if they aren’t due to go until the Saturday or Sunday.
Why don’t you set up a standing order today and find out how simple the process is. We are certain you will use them again and again as an effective money organisation tool.
All Suits Me customers have access to Standing Orders, being able to set them up and manage them to amend and cancel where necessary.
Standing Orders from Suits Me accounts can be managed via online banking and our banking apps.