Standing order
A mandate given to your bank to automatically execute a recurring transfer — same amount, same beneficiary, same frequency. Used for rent, loan repayments, automated savings transfers. Distinct from a direct debit, which is initiated by the creditor and may vary in amount.
Why It Matters
The number-one lever for automating savings: "pay your saving capacity first" on payday via a standing order to a bucket account. Ankora suggests the amount and the optimal date.
Concrete Example
Standing order of 400 € on the 26th of every month, from the current account to the regulated savings account "Emergency".