Recurring deposits are a great way to build wealth by setting aside a portion of your funds for investments.
Set up a recurring deposit
You can set up recurring deposits in CAD on a weekly, bi-weekly, or monthly basis.
To set up a recurring deposit, follow these steps:
- Sign in to the Wealthsimple app on your mobile device
- Tap the Move tab at the bottom of the screen
- Select Automations
- Choose Recurring deposits
- Tap Set up a recurring deposit
- 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 a recurring deposit
You can cancel 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:
- Sign in to the Wealthsimple app on your mobile device
- Tap the Move tab at the bottom of your screen
- Select Automations from the menu
- Tap Recurring deposits
- Choose the recurring deposit you wish to cancel
- Tap Cancel
- Tap Confirm to cancel 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 an recurring deposit, you will need to cancel your existing recurring deposit and set up a new one.
I set up a recurring deposit for less than $1,500 to my trading account. Can I trade my funds instantly?
Recurring deposits can take up to 3 business days before you can start trading funds depending on whether your deposits are instant eligible and if you have remaining limit for the requested amount at the time of the scheduled date. If a market opportunity arises and you’d like to access funds to trade straight away, consider making an instant deposit.
If I set up a recurring deposit for a TFSA, RRSP or other registered account, will you tell me if I am getting close to my contribution limit?
No. Please double-check your contribution limits before setting up an recurring deposit to a registered account.
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