If you've set up a first-timer deposit, we'll begin executing this deposit amount right after you've confirmed the direct debit mandate. It usually takes a few business days for this money to be deducted from your bank account.
After that, it depends on your selected deposit frequency, your bank, and sometimes other factors like bank holidays. Here are some general timelines:
- Weekly deposits will come out of your bank account around midweek and will be visible as a pending order in your Investing Account a working day or two later.
- Monthly deposits will come out of your bank account during the first week of every month, and will then be visible as a pending order in your Investing Account.
- Your first quarterly deposit will be deducted from your bank account during the first week of the following calendar month, then every 3 months thereafter. For example, if I set up my Investing Plan in the middle of April, my first quarterly deposit would be deducted from my bank account during the first week of May and the next automatic deposit would occur during the first week of July.
Please keep in mind that we are only able to execute direct debit mandates for users who have fully completed verification, including bank account verification. This means that your Investing Plan will only begin once your account is verified.