Featured - Account Types
What type of savings account do you need?Find out about the different types of savings accounts available to suit a variety of needs.
Savings
ISAs
Residential
Buy to let
Specialist mortgages
Featured - Debt and your credit score
How debt impacts your credit scoreA healthy credit score has its benefits, so make sure you manage your debt correctly.
Loans
Featured - Life Insurance
Life InsuranceFor peace of mind that your loved ones will be supported financially after you die, consider taking our life insurance. Find out more and compare policies.
Home & vehicle
Health & travel
Featured - High interest current accounts
Find current accounts offering in-credit interest rates up to 5.00% AER.
Current accounts
Featured - Purchase Cards
Best purchase credit cardsExplore the best cards with a 0% introductory period.
Credit cards
Credit repair
Calculators & guides
Business savings
Business products
Business insurance
How much can I give as a cash gift?
How much can I give as a cash gift?Will your loved one's gift be tax affected?
Categories
Featured guides
Popular news
Latest news - by category
Other money & finance news
Featured Star Ratings categories
Other Star Ratings categories
Featured - Account Types
What type of savings account do you need?Find out about the different types of savings accounts available to suit a variety of needs.
Savings
ISAs
Residential
Buy to let
Specialist mortgages
Featured - Debt and your credit score
How debt impacts your credit scoreA healthy credit score has its benefits, so make sure you manage your debt correctly.
Loans
Featured - Life Insurance
Life InsuranceFor peace of mind that your loved ones will be supported financially after you die, consider taking our life insurance. Find out more and compare policies.
Home & vehicle
Health & travel
Featured - High interest current accounts
Find current accounts offering in-credit interest rates up to 5.00% AER.
Current accounts
Featured - Purchase Cards
Best purchase credit cardsExplore the best cards with a 0% introductory period.
Credit cards
Credit repair
Calculators & guides
Business savings
Business products
Business insurance
How much can I give as a cash gift?
How much can I give as a cash gift?Will your loved one's gift be tax affected?
Categories
Featured guides
Popular news
Latest news - by category
Other money & finance news
Featured Star Ratings categories
Other Star Ratings categories
A standing order is a way of setting up a regular, fixed payment from your bank account.
You can set a payment to be made at a certain frequency (for example, the 1st of each month) and for a set amount of time, such as six months. Your payments will consist of money set at an amount chosen by you.
You can normally set up a standing order by completing a standing order form and giving it to your bank or setting up the standing order in branch, over the phone or using online banking.
Essentially, a standing order is an instruction to your bank, whereas a direct debit gives permission to a company to take money from you. You are the only person who can change the date or payment amount on your standing order. This is the main difference to a direct debit, where these details can be changed by the person or organisation you're paying.
If there isn't enough money in your account to pay a standing order, you may be able to take advantage of a buffer zone, if your current account has one. This is basically a small interest-free overdraft that your bank won't charge you for if you creep into it.
Exceed the buffer zone and your bank or building society may not pay the standing order, and they may charge you a fee or your account will go into an overdraft if you have one arranged. If paying a standing order pushes you into an unauthorised overdraft, you may have additional interest to pay on this facility.
If you know beforehand that you won't have enough money in your bank account, the best thing to do is arrange a temporary overdraft with your bank to pay the standing order. Alternatively, you could try to negotiate a later payment date with the person in question.
If you miss standing orders regularly, you should consider changing payment dates or paying by a different method.
Standing orders can be made using the Faster Payments service, which means the payment should be made almost immediately if both banks are participants in the Faster Payments Scheme. If your bank does not use Faster Payments, it should be completed by the end of the next business day.
You are the only person that can cancel a standing order. You can cancel a standing order at any point in branch, over the phone or via secure online banking. However, make sure you inform the person or organisation in receipt of the payment before you do, as you could incur fees or penalties for non-payment. Remember that if you don't pay a bill on time, this could also affect your credit rating and appear on your credit file.
All of our newsletters are available free by email to all Moneyfactscompare.co.uk users.
Send me Weekend Moneyfactscompare, Savers Friend, Companies Friend and selected third-party offers.
Disclaimer: This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.
This guide reveals which brands operate under which banking licence, helping savers work out to what degree their savings are protected by the FSCS.
This guide reveals which brands operate under which banking licence, helping savers work out to what degree their savings are protected by the FSCS.
Overdrafts are a form of borrowing from your bank or building society, and they can be expensive, so it is important to compare interest rates. Find out more here.
Overdrafts are a form of borrowing from your bank or building society, and they can be expensive, so it's important to compare the interest rate.
With AER, gross rate and net rate all ways of expressing the amount of interest paid by an account, find out the key differences between these three concepts.
With AER, gross rate and net rate all ways of expressing the amount of interest paid by an account, find out the key differences between these three concepts.
The Consumer Credit Act (CCA) is a key piece of legislation that protects consumers and regulates credit agreements. Find out how it affects you and your rights.
The Consumer Credit Act (CCA) is a key piece of legislation that protects consumers and regulates credit agreements.
This guide reveals which brands operate under which banking licence, helping savers work out to what degree their savings are protected by the FSCS.
This guide reveals which brands operate under which banking licence, helping savers work out to what degree their savings are protected by the FSCS.
Overdrafts are a form of borrowing from your bank or building society, and they can be expensive, so it is important to compare interest rates. Find out more here.
Overdrafts are a form of borrowing from your bank or building society, and they can be expensive, so it's important to compare the interest rate.
With AER, gross rate and net rate all ways of expressing the amount of interest paid by an account, find out the key differences between these three concepts.
With AER, gross rate and net rate all ways of expressing the amount of interest paid by an account, find out the key differences between these three concepts.
The Consumer Credit Act (CCA) is a key piece of legislation that protects consumers and regulates credit agreements. Find out how it affects you and your rights.
The Consumer Credit Act (CCA) is a key piece of legislation that protects consumers and regulates credit agreements.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.