How do I set up Auto Deposits?
When you set up an Auto Deposit, you’re authorising a Direct Debit from your nominated bank account. Each month, we’ll collect your chosen amount on the date you select (or the next working day if it falls on a weekend or bank holiday).*
- Open the NuWealth app and ensure you’ve selected a GIA, ISA, or JISA account (you can switch accounts using the button in the top left corner).
- From the Homepage, tap Portfolio
- Tap Auto Invest
- Tap Set Up Direct Debit
- Enter your deposit amount
- Choose your preferred payment date
- Review and agree to the Direct Debit Mandate and Guarantee
- Confirm setup and receive a confirmation email
What happens next?
- At least five working days prior to your Direct Debit collection date, you will receive an email advance notice that on behalf of NuWealth, Seccl Custody Ltd will be collecting a payment from you by Direct Debit. This notice will confirm your upcoming Direct Debit amount, bank account, payment reference, and Direct Debit date
- Your Direct Debit will be collected on your selected date (or the next working day if it falls on a weekend or bank holiday).*
- Deposits are held in a secure, segregated client account with Lloyds (Seccl’s partner bank) and are protected by the Direct Debit Guarantee.
- Your funds will appear in the app on the next working day after collection.
Important to know
You can cancel or change your Direct Debit amount or date at any time, but Auto Deposits are locked in 10 working days before your collection date.
*If you set up your first monthly Auto Deposit within 10 working days of your selected payment date, your first payment will still be collected - up to 8 working days after setup. As a result, the time between your first and second payments might be less than a full month.
For example:
If you choose the 28th of the month as your payment date but set up your Direct Debit on the 24th, you've missed the 10 working day cut-off. However, your first payment will still be collected around 8 working days after the 24th.