Setting Up a Recurring Deposit on Double

Supercharge Your Investing with Recurring Deposits on Double

Time is your greatest ally when it comes to building wealth, and Double, your trusted brokerage account, offers a powerful tool to harness it: recurring deposits.

Think of recurring deposits as your financial autopilot, consistently investing a set amount of money at regular intervals, like weekly or monthly. This strategy offers a multitude of benefits that can significantly boost your investment journey:

1. Consistency is Key: Life gets busy, and it's easy to let investing slip our minds. Recurring deposits eliminate this issue by automating the process. You choose the amount and frequency, and Double takes care of the rest, ensuring consistent contributions regardless of market fluctuations or your own forgetfulness.

2. Dollar-Cost Averaging: This powerful technique involves investing a fixed amount of money at regular intervals, regardless of price. By doing so, you buy more shares when prices are low and fewer when prices are high, averaging out your purchase price over time and reducing the risk of buying high and selling low.

3. Discipline and Reduced Emotional Bias: Investing can be an emotional rollercoaster. When markets are soaring, it's tempting to go all-in, and when they plummet, fear can lead to panic selling. Recurring deposits instill discipline by removing emotion from the equation. You stick to your plan, regardless of market whims, avoiding impulsive decisions that can derail your long-term goals.

4. Convenience and Flexibility: Setting up recurring deposits on Double is a breeze. You can easily customize the amount, frequency, and even the specific investments you want to target. This flexibility allows you to tailor your strategy to your unique financial goals and risk tolerance.

5. Start Small, Dream Big: You don't need a fortune to get started. Recurring deposits make investing accessible to everyone. Even small, regular contributions can accumulate significantly over time thanks to the power of compounding.

By setting up recurring deposits on Double, you're not just investing money; you're investing in a disciplined, consistent approach that can pave the way to financial success. Start today and let Double help you build the future you deserve.

To set up a recurring deposit on Double, follow these steps:

1. Go to the Transfer Funds screen in the top right and click Deposit.
2. If you haven't set up an ACH account, you will be prompted to do so.
3. Enter the amount you want to deposit (e.g., $1,000) and choose the date (default is tomorrow).
4. Toggle the switch to set up a recurring deposit and select the cadence (weekly, monthly, quarterly, common, or custom).
5. Review the example dates for the transfers and confirm.
6. The scheduled transfer will now be set up and visible on the Transfer Funds screen.
7. To cancel a scheduled transfer, simply go back to the Transfer Funds screen and click cancel.

That's all there is to it! Now you know how to easily set up a recurring deposit on Double.