What’s the difference between a standing order and Direct Debit?
A standing order is a set regular payment you set up yourself to pay other people, organisations, or (for example) to your savings account. You can specify how much you want to pay, the payment date and how often.
A Direct Debit gives a company or organisation authorisation to collect varying payments from your account when they’re due – they have to give you advanced notice of the amounts and dates of collection.
Here are the timescales you'll need if you wish to set up, amend or cancel a standing order or Direct Debit to make sure it’s actioned:
- Online Account Management: By 11:00pm the day before the payment is due to be paid
- Phone: By close of business on the business day before the payment is due to be paid
- Text: 2 hours before close of business on the business day before the payment is due to be paid