A standing order moves a set sum from your account on a schedule you control: rent to a landlord, a transfer to savings, or a school fee. Unlike a direct debit initiated by the biller for a variable amount, you fix the figure and can usually cancel at the bank without the recipient’s permission.
Key takeaways
- You set the amount, date and recipient; keep enough cleared balance to avoid failed payments.
- Useful for disciplined saving and fixed bills that do not change each month.
- Review old standing orders so forgotten payments do not drain the account.
- Failed standing orders can still incur fees and damage relationships with payees.