Auto-deposits, also referred to as recurring deposits, are a great way to build wealth by setting aside a portion of your funds for investments.
Set up an auto-deposit
You can set up auto-deposits in CAD on a weekly, bi-weekly, or monthly basis.
To set up an auto-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 Auto-deposits
- Tap Create a new auto-deposit
- Pick an account to deposit into and tap Next
- Select the bank account you wish the funds to come from
- Tap Next
- Enter the amount to auto-deposit
- Tap Monthly to open frequency options
- Select your preferred frequency and tap Done
- Tap Today to open start date options
- Select your preferred date and tap Done
- Tap Next
- Review your deposit details and tap Submit deposit
- Log in to your Wealthsimple profile
- Select Move from the top menu
- Select Add money
- Choose the account to deposit funds into
- Select the bank account you would like to transfer funds From
- Enter the Amount you'd like to deposit
- Choose the Frequency of the deposit
- Choose a Date for the transaction
- Click Next
- Review the details and select Submit
Cancel an auto-deposit
You can cancel an auto-deposit up to 24 hours before the next scheduled deposit. If you cancel an auto-deposit within 24 hours of the next scheduled deposit, we’ll process the last deposit and cancel all future deposits.
To cancel an auto-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 Auto-deposits
- Choose the auto-deposit you wish to cancel
- Tap Cancel auto-deposit at the bottom of your screen
- Tap Confirm to cancel your auto-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 an auto-deposit?
If you’d like to change or edit an auto-deposit, you will need to cancel your existing auto-deposit and set up a new one.
I set up an auto-deposit for less than $1,500 to my trading account. Can I trade my funds instantly?
Auto-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 an auto-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 auto-deposit to a registered account.
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