In this article:
Overview
Recurring deposits are a great way to build wealth by setting aside a portion of your funds for investments or savings goals. You can set up recurring deposits from another bank account in CAD on a weekly, bi-weekly, or monthly basis.
Set up a recurring deposit
To set up a recurring deposit, follow these steps:
- Log in to the Wealthsimple app
- Tap the Move (arrows) tab at the bottom of your screen
- Scroll down and tap Recurring transfers under Automations
- Tap Create recurring transfer
- Tap Add money to set up a recurring deposit from a bank
- Tap From and choose the source account
- Tap To and choose the destination account
- Tap Today and choose the date to initiate the first deposit
- Tap Monthly to choose a deposit frequency
- Tap Next
- Enter an amount to deposit
- Tap Next
- Review your deposit details and tap Submit
- Log in to your Wealthsimple profile
- Select Move from the top menu
- Select Add money
- Select From and choose the source account
- Select To and choose the destination account
- Enter the Amount you'd like to deposit
- Choose a Date for the transaction
- Choose the Frequency of the deposit
- Select Next
- Review the details and select Submit
Cancel or skip a recurring deposit
You can cancel or skip a recurring deposit up to 24 hours before the next scheduled deposit. If you cancel a recurring deposit within 24 hours of the next scheduled deposit, we’ll process the last deposit and cancel all future deposits.
To cancel a recurring deposit:
- Log in to the Wealthsimple app
- Tap the Move tab at the bottom of your screen
- Scroll down and tap Recurring transfers
- Select the recurring deposit you wish to cancel
- Tap Cancel recurring deposit or Skip next deposit
- Tap Confirm to cancel or skip your recurring deposit
- Log in to your Wealthsimple profile
- Select Activity from the menu at the top of the page
- Select Scheduled activities
- Select the recurring transaction you'd like to cancel
- Select Cancel, then Confirm
Frequently asked questions
Can I change or edit a recurring deposit?
If you’d like to change or edit a recurring deposit, you'll need to cancel your existing recurring deposit and set up a new one.
Can I instantly trade using funds from a recurring deposit?
You can trade instantly with the funds from recurring deposits that fall within your instant deposit limit. If the deposit amount is over your instant deposit limit, you'll need to wait before you can use the recent deposit. This waiting period can take up to 5-7 business days.
If I set up a recurring deposit for a registered account, will you tell me if I'm getting close to my contribution limit?
No. Please double-check your contribution limits before setting up a recurring deposit to a registered account.
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