Funding, VRP vs DD timescales

Help & FAQs
1

When I initially set up an auto-invest into my portfolio, it was via VRP from my Lloyds Bank account. Money would leave my bank account on the 24th of each month and be invested the same day or next available trading day. However, as Lloyds is one of those no longer supporting VRP, I had to set up a DD when I changed the monthly amount. Last month it was a few days between the money leaving my bank account and finally being invested. Looking at the FAQs, it suggests it could take between 3-6 days before the money is invested if using DD.

Why is it virtually same day if using VRP, but DD leaves your money in limbo for up to 6 days?

As is, I’ve cancelled the DD auto-invest due to my current circumstances. Should I be in a position to start auto-investing again, would a standing order be the better option or a calendar reminder to manually fund my portfolio?

2

An instant manual bank transfer is faster than a standing order, methinks. As soon as the screen shows that the money has been transferred and can be invested you can set up the relevant purchase and as long as all of that has happened on a normal banking day before 2pm then the purchase should go through on this very same day.

However, I have everything set up by Standing Order as my bank doesn’t support Savings Plans any longer and I don’t want the hassle of having to keep track manually of things.