Set up or cancel an auto-deposit

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.

Note:  When you set up an auto-deposit for a trading account, your funds will be available to trade 3-5 business days after the scheduled deposit date.

To set up an auto-deposit, follow these steps:

Wealthsimple app Web
  1. Sign in to the Wealthsimple app on your mobile device
  2. Tap the Profile icon at the top-right of the screen
  3. Select Automations
  4. Choose Auto-deposits
  5. Tap Create a new auto-deposit
  6. Pick an account to deposit into and tap Continue
  7. Select the bank account you wish the funds to come from
  8. Tap Monthly to open frequency options
  9. Select your preferred frequency and tap Done
  10. Tap Today to open start date options
  11. Select your preferred date and tap Done
  12. Enter an amount to deposit into your account and tap Continue
  13. Review your deposit details and tap Submit deposit
 
 

Managed Investing & Save

  1. Log into my.wealthsimple.com and sign in to your Invest & Save profile
  2. Click on Move funds from the top menu bar
  3. Select the bank account you would like to transfer funds From
  4. Select the Wealthsimple account you would like to transfer funds To
  5. Enter the Amount you'd like to transfer
  6. Schedule the frequency of the transfer (if this a one-time contribution select Just this once)
  7. Choose a Transfer date for the transaction
  8. Click Submit deposit
  9. Review and Confirm this deposit
Note: You cannot create or cancel an auto-deposit for a trading account on the web.

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.

Wealthsimple app Web
  1. Sign in to the Wealthsimple app on your mobile device
  2. Tap the Profile icon at the top-right of the screen
  3. Select Automations
  4. Choose Auto-deposits
  5. Choose the auto-deposit you wish to cancel
  6. Tap Delete auto deposit at the bottom of your screen
  7. Confirm by selecting Yes, delete it
 

Managed Investing & Save

  1. Log into my.wealthsimple.com and sign in to your Managed Investing & Save profile
  2. Click on Activity from the top menu bar
  3. Select Cancel next to the auto-deposit
  4. Review and click Yes, cancel deposit

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 take 3-5 business days to settle before you can start trading funds, regardless of the amount. 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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