Saving little and often doesn't need to become a chore. Set up a standing order, then sit back and watch your savings grow.
If you find yourself forgetting to save or you hesitate at the last minute, then setting up a regular payment (called a standing order) could be just the ticket to helping you stay on track with your saving. In most cases, your bank will send us the money in the early morning, which means it will be in your savings account before you wake up. You really will be saving while you sleep!
Commit to saving
Standing orders are for keeping your spending commitments. By ‘committed spending’ we mean the things you know you're going to need to pay for each month - often every month. Things like rent or mortgage payments, household bills, phone bills, subscriptions for streaming services and gym memberships usually form part of your committed spending. In most cases, these comes out of your bank account through an automated payment method like a standing order or Direct Debit, meaning you don’t need to worry about forgetting who or what needs paying and when.
You can treat your savings in the same way by setting up a regular standing order to pay your NS&I account each week or month, depending on how often you want to put some money away.
How to set up a standing order
It’s all done through your bank. Simply contact your bank and give the details of how much you want to transfer and when. With most banks you can do this online or through their mobile banking app, but we do have a form you can fill out and give to them.
Just remember that if you wish to stop or change your standing order you’ll also need to contact your bank.