Reach your financial goals by setting up a standing order
Setting up a standing order at Funding Circle can help you achieve your financial goals, whether it’s pension planning, saving for a house or even just a rainy day fund.
Even modest contributions can have a big long-term impact
Making even a modest regular contribution can have a considerable long-term effect. For example, if you start with £10,000 in your Funding Circle account and set up a standing order for £100 a month you could have:
- £33,000 after 10 years
- £73,000 after 20 years
- £143,000 after 30 years
These examples are based on earning a return of 5.5% per year*, with interest compounded monthly. To learn more about how compound interest works and how it can accelerate your return, check out our guide.
The easiest way to add funds to your Funding Circle account each month is to set up a standing order.
What is a standing order?
A standing order is an instruction you give your bank to send a set payment on a regular basis.
For example, if you are currently manually transferring £100 on the 1st of each month into your Funding Circle account, you could instruct your bank to do this for you. Setting up a standing order means this payment will happen automatically — saving you time and hassle and ensuring you make regular contributions each month.
3 simple steps to setting up a standing order:
1) Log in to your account.
2) Navigate to the ‘Transfer Money’ tab, select ‘Transfer in’ and click on ‘View bank details’. Note down the Account Number and Sort Code of Funding Circle’s bank details, as well as your unique reference number (which will look something like LXXXXXXX0000XX).
3) Finally, log into your online banking and use the account information you’ve written down to set up a standing order. If you don’t have online banking you can also set this up over the phone or in a branch. That’s it, it really is that simple.
We hope you have found this useful, and if you have any questions about your account please get in touch.
The Funding Circle team
Remember, by lending to businesses your capital is at risk and funds are not covered by the Financial Services Compensation Scheme.
*As of 17th July 2019 the projected return for the Balanced lending option is 4.5-6.5% per year. Your actual return may be higher or lower, and forecasts are not a reliable indicator of future performance. The example earnings are calculated using a compound interest calculator.
This blog is a general summary, and should not replace financial advice tailored to your specific circumstances. Funding Circle is not authorised to, and does not, provide investment, tax, legal or regulatory advice. If you have any questions, please speak to your professional advisor or seek independent specialist advice.