How do I set up automatic recurring deposits (PACs)?

PAC stands for "Pre-Authorized Contribution" plan. Under this plan, a certain amount of money is automatically withdrawn from your chequing account and contributed to your Wealthsimple account on a regular basis. The timeframe is up to you and we can help you set up weekly, bi-weekly, or monthly contributions. And it's free!

Why should I set up a PAC?

Simply put, it's a great way to build wealth by setting aside a portion of your paycheck. A PAC plan will automatically invest your money at regular intervals and this will provide tremendous long-term benefits as your returns compound. We believe in a time-tested piece of financial advice: "Invest early, invest often." Visit our Plan Page to see how much you can save over time when you set up recurring automatic contributions!

How do I set one up?

1. Login to your Wealthsimple account
2. Click the 'Add funds' button
3. Select the account you'd like to fund
4. Select the bank account you'd like to fund from
5. Enter the amount
6. Schedule the frequency of the PAC
7. Choose a date for the PAC to begin - this is customizable!
8. Click 'Set new contribution' and you're done!

You can change your plan at any time by simply canceling your existing PAC from the “Add funds” page and setting up a new PAC.

If you have any questions about setting up or changing your plan, please get in touch at support@wealthsimple.com or 1-855-782-3559.