In this blog post, we delve into the world of standing orders by answering some frequently asked questions. This is to help you decide if a standing order could work for you when you’re managing your money and making payments. Let’s start with one of the most common questions by explaining what a standing order actually is.
What is a Standing Order?
A standing order is used to make a regular fixed payment to a business, friend or family member. It’s an instruction to your bank to send payment to another bank account, an instruction that you’re in complete control of.
You can change the frequency of when the date is taken, for example, the last day of the month, and how long the payments will last for. You can set up a standing order using your online banking, or by calling your banking provider.
What can you use a Standing Order for?
A standing order is perfect for regular, fixed payments that you need to make monthly such as:
- Rent or mortgage payments
- Moving Money to your savings account
- Charitable donations
- Monthly instalments to smaller companies
Direct Debit vs Standing Order: Which is Best?
This really depends on the type of payment you want to make. If you know your payments will not change or you might need to make changes to the payment, such as the recipient’s details, the date you want to send the money or the amount you want to send, then a standing order may be for you.
On the other hand, if you know that the payments won’t be the same from month to month then a direct debit could be the way to go. However, be aware with a direct debit because if you need to make any changes to the date the payment leaves your account, you will need to contact the company or your bank.
Do Standing Orders Leave my Account Immediately?
With the use of faster payments, the recipient of your standing order will usually receive the money instantly, although it can be anywhere up to 3pm in the afternoon. In most cases, standing orders leave your account in the early hours of the morning between midnight and 3am.
Can Standing Orders be Paid on a Weekend?
A standing order will only leave your account on a working day, which applies from Monday to Friday. So for example, if your payment is due on a Saturday it won’t leave your current account until Monday.
Why did my Standing Order Fail?
The most common reason for a standing order to fail is because there were not enough funds in the account for the payment to be made. It’s always worth checking your account the day before a standing order is due to be collected to ensure you have enough money ready – this can save you any charges for failed payments.
If it’s your first time making the payment and it doesn’t go through, you will need to check that you have all the correct details of the recipient. If you’ve noticed not all the details are correct, you will need to cancel the standing order and create it again using the right information.
If a standing order does fail, the payment will not automatically be taken from your account again, so you’ll need to make a one-off payment instead and wait for next month.
How do I Cancel a Standing Order?
This does depend on your banking provider, but it’s usually very simple if you utilise online banking or use a mobile banking app to manage your finances.
If you head to your online banking account and head to the standing orders section, you should be able to deactivate, delete or cancel your standing order meaning the payment will no longer be made.
Suits Me Standing Orders
If you’re struggling to set up or cancel a current standing order via your online banking account or mobile banking app, feel free to contact our multilingual customer care team who will be happy to assist you with anything to do with your standing order!
Don’t have time to speak? No worries, when you get a minute check out our support guides to solve any standing order queries you may have: