Many people using Beanstalk set up regular contributions for their child’s Junior ISA and / or their own ISA. It’s a great way to build a nest egg as your regular contributions quickly add up without you having to think about it.
Through the app, Beanstalk lets you set up and manage a regular monthly Direct Debit but did you know that you can also set up a standing order to make regular contributions?
Using a standing order allows you to select the date each month you want the payment to be made, as opposed to defaulting to the date which Beanstalk collects payments (on or around the 18th of each month). With standing orders you can also choose a different payment frequency – some Beanstalk users have standing orders set up to make weekly contributions rather than monthly ones.
The main difference between a standing order and Direct Debit is that you need to set up the standing order yourself. The process for doing so is different for each bank but is normally easy to do through your banking app or online bank account. You will be asked for the name, sort code, account number and reference.
To find these details, just click “Top up” in the Beanstalk app for the account you wish to set up a standing order for. Then select “via Bank Transfer” and you will see the bank account details and reference you need to use.
Beanstalk uses Seccl Custody Limited as a custodian to receive and hold client money which is why the bank account is in their name. It is a shared bank account so make sure you set the reference to be the one we give you to ensure the money reaches the correct Beanstalk account.