When you set up a direct debit, an amount of money that you choose is automatically and regularly withdrawn from your current account and contributed to your Wealthsimple account. The timeframe is up to you and we can help you set up weekly, fortnightly, or monthly contributions. There are no fees for this.
Simply put, it's a great way to build great savings habits by setting aside a portion of your pay cheque and forgetting about it. We believe in a time-tested piece of financial advice: "Invest early, invest often."
The other great thing about investing this way is that it steadily drips your funds into the market and avoids the dilemma of trying to time the market, "should I do it now or wait?". Better to invest steadily and often than try to pick the perfect time (which no one manages to do consistently - the greatest investment managers included).
How do I set one up?
- Login to your Wealthsimple account
- Click the 'Add funds' button
- Select the account you'd like to fund
- Select the frequency of payment as 'Recurring' and the Payment Method 'Direct Debit'
- Enter the amount
- Choose how often you want it to be debited (weekly, fortnightly, or monthly)
- Chooser a date to begin - this is customisable!
- Complete the Direct Debit mandate with your bank details, and you're done!
You can change your plan at any time by simply cancelling your existing plan from the “Add funds” page and setting up a new plan.
If you have any questions about setting up or changing your plan, please get in touch at firstname.lastname@example.org or 0800 808 5653