Overview
After setting up a direct deposit, you can choose to automatically invest or transfer funds from your paycheque with Wealthsimple’s automate your pay feature. Automating your paycheque helps you make a habit of investing by automatically transferring a portion of your paycheque directly into a security, investment, or any Cash account.
How it works
You can set up an automation for as many of your Wealthsimple accounts as you’d like. Every time you receive your paycheque, your funds will be automatically invested or transferred into the accounts you have automations set up for.
You can choose to automatically invest or transfer funds into managed, self-directed, or Cash accounts:
Account type | How the funds are invested |
Managed account | Funds are automatically invested in your managed account. |
Self-directed account | Funds are automatically transferred to your self-directed account’s cash balance or into a security of your choosing. |
Individual or joint Cash account | Funds are automatically transferred to your Cash account. |
Choose an amount to invest
You can choose any dollar amount, but it shouldn't be any more than the total value of your direct deposit. If you set up multiple automations, check that the total amount doesn’t exceed your direct deposit amount. If a direct deposit worth less than $10.00 is deposited into your Wealthsimple account, we won't run your automations.
After the initial set up
Once your automation is set up, your funds will automatically transfer or invest for you as soon as your direct deposit payment arrives.
Automate your pay and contribution limits in registered accounts
If you set up an automation to go into a registered account, make sure you are aware of your remaining contribution room. Automations will not automatically stop if you've reach your contribution limit.
For more information on how to find your contribution limits, check out these resources:
Set up automate your pay
You can set up automations from any individual Cash account you receive a paycheque in. Automations aren’t supported from joint Cash accounts at this time.
To set up an automation, follow these steps:
- Log in to your Wealthsimple mobile app
- Tap the Cash account you receive your paycheque in
- Tap the More button at the top of the account page
- Choose Automate your pay from the options
- Tap Get started
- Create an automation by choosing an Account, a Method, and an Amount to automate
- Tap Next
- Review your details and Confirm your automation
- Tap Create another one to add more automations
Select multiple paycheque sources
You can select multiple paycheque sources to run automations for each time you receive a direct deposit. To select multiple paycheque sources:
- Log in to your Wealthsimple mobile app
- Tap the Cash account you receive paycheques in
- Tap the More button at the top of the account page
- Choose Automate your pay from the options
- Tap Paycheque
- Choose which paycheque sources you want to run automations for
- Tap Save to confirm your changes
Pause automate your pay
You can pause your automations to stop them from running when you receive your direct deposit. To pause automate your pay:
- Log in to your Wealthsimple mobile app
- Tap the Cash account you receive paycheques in
- Tap the More button at the top of the account page
- Choose Automate your pay from the options
- Tap the Settings (gear) icon in the top right corner
- Toggle Automations to off to pause your automations
Cancel an automation
You can cancel an automation at any time. To cancel an automation:
- Log in to your Wealthsimple mobile app
- Tap the Cash account you paycheques in
- Tap the More button at the top of the account page
- Choose Automate your pay from the options
- Tap the automation you want to cancel
- Select Cancel automation
- Tap Cancel automation again to confirm
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