Double makes it easy to build your portfolio consistently with automated recurring deposits. Here's how to set them up:
Steps:
Navigate to the Deposits Page: Log in to your Double account and click the Transfer Funds button in the top right or navigate to this link: https://double.finance/transfer/deposit
Input your deposit amount: Please make sure you have funds available at your connected bank. If the funds are returned a $30 fee is assessed.
Select Repeat This Deposit: You can then select the frequency of your deposit, everything from weekly to monthly to a custom schedule is possible.
Review and Confirm: Double-check all the details of your recurring deposit setup. Once you're satisfied, confirm to activate it.
Notes:
By default, deposits are invested into your account by our optimizer. This depends on your current target strategies and their weights. Generally we will use new deposits to buy underweight targets, while respecting wash sales if you have wash sale prevention enabled on your account.
Benefits of Recurring Deposits:
Consistency: Invest consistently without having to remember to make manual deposits.
Dollar-Cost Averaging: By investing regularly, you average out your purchase price over time, reducing the impact of market fluctuations.
Discipline: Recurring deposits help you stay disciplined with your investment strategy.
Convenience: Automate your investing and let Double handle the rest.
Tips for Recurring Deposits:
Start Small: Begin with a comfortable amount that you can consistently deposit. You can always increase it later.
Align with Payday: Schedule your recurring deposits to coincide with your paydays to ensure sufficient funds.
Monitor and Adjust: Review your recurring deposits periodically and adjust the amount or frequency as needed based on your financial goals and circumstances.
Need Help?
If you have any questions or need assistance setting up recurring deposits, please don't hesitate to contact Double support.