In the same way that you can set up a debit order to regularly pay your cellphone bill or DSTV account, you can also set up a debit order to automatically transfer money from your bank account into your EasyEquities account at regular intervals of your choosing (Ie. every month / quarter / year).
This article covers how to set up a recurring deposit to your EasyEquities account, which will appear as available funds for you to invest across the platform as you wish. Alternatively, if you have specific shares, ETFs, baskets/bundles or unit trusts in mind that you know you'd like to contribute to regularly, you can also set up a recurring investment for these directly. Read more about setting up this type of recurring investment here.
To set up a debit order into your available funds:
- Navigate to the menu on the top left of your profile (3 horizontal lines on desktop; EasyEquities abacus logo on mobile)
- Select "My Recurring Investments" (desktop) or "Recurring Investments" (mobile)
- On mobile, select the wallet you'd like to funds to be deposited into (either ZAR or TFSA)
- Click the "Setup recurring investment" button on the bottom option - "AVAILABLE FUNDS"
- Decide the amount you'd like to deposit every month (and set the amount you'd like it to increase by every year)
- Choose which day you'd like the debit order to go off on (1st, 15th or 28th of the month)
- Select which verified bank account you'd like the debit order to come from
Important to note: if your banking details are not verified on the platform, you will see a warning saying that the debit order functionality is not available.
Consult this FAQ for more information on how to get your banking details verified so you can proceed with setting up the debit order.
Unfortunately, not all banks are setup to run through our debit order service.
If you want to see if we can run a debit order off your bank account, please consult our list of debit order banks here.
To view the costs associated with Debit orders, please consult our EasyEquities Cost Profile.
- Funds from debit orders are locked for 40 days
- If you do not have sufficient funds in your bank account when the debit order is actioned and the debit order bounces, you will still be charged the R100 debit order failure charge.
- If there are no available funds in your EasyEquities account, your account will be in a negative balance. You will either need to deposit additional funds or contact our trading desk to assist you with selling out of your instruments at firstname.lastname@example.org