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What is a recurring deposit?

A recurring deposit makes it easier to put investing money aside with more discipline and less hassle. The funds will come out of your bank account automatically at the intervals of your choice, powered by PayTo. All you need to do is authorise the linking of your bank account.

How to set up a recurring deposit:

1. Go to your balance you want to top up
2. Choose the deposit frequency and amount
3. PayTo will fund all scheduled deposits from your linked bank account

 

Can I cancel or skip recurring deposits?

Yes, you can cancel recurring deposits, or just skip the next one, anytime up to the day before each scheduled deposit. If you cancel or skip on the day, that next deposit may still be processed, and the cancellation will take effect afterward.

Skipping is ideal for a momentary pause. If you cancel, you’ll need to reenter the details to start again with a new recurring deposit.

You can access and manage your recurring deposits from the Balances screen.

What happens if my recurring deposit is unsuccessful? 

If the transfer for a recurring deposit fails, you’ll be able to view details on Stake. You can try again, but if not, that deposit will simply be skipped until the next scheduled one – which will be for the usual amount, not accumulated.

 

Does a recurring deposit automatically convert into a recurring investment?

No, recurring deposits are for setting money aside, for you to then make your own investments manually. If you’d like to automatically place orders, set up a recurring investment instead. The funding part will happen similarly, but followed by a scheduled order in the security of your choice. 

To learn more about recurring investments, click here. If you still need assistance, please reach out to us here.

 

Are there any limits for a recurring deposit?

Recurring deposits can be of any amount between A$50 and A$10,000, whether going into Stake AUS or Stake Wall St.

 

At what time do funds come out of my bank account?

Funds will be transferred from your linked bank account to Stake at approximately 8am AET on each scheduled date.

If you choose to start a recurring deposit from the same day you set it up, that first transfer will happen immediately (you won’t be charged a FastFunds fee). Subsequent deposits will be debited at approximately 8am AET as per above.