Consistency in saving and investing is the key to building wealth. That’s why we’re excited to introduce our new Auto Debit feature.
With Auto Debit, you can now automate your monthly Cash Ins into your selected funds – whether it’s to save or invest! Set it up once and we’ll take care of the rest.
Should you set up an Auto Debit Plan?
Setting up an Auto Debit plan is a great and easy way to consistently save and invest.
Consistency helps you earn more with the power of compounding.
Compounding returns are essentially returns earned from previous returns earned. By staying invested and consistently adding to your initial capital, this will lead to your wealth growing faster overtime.
Automate dollar-cost averaging and avoid making emotional investing decisions.
Dollar-cost averaging is an investing strategy where you invest the same amount of money consistently every week or month, regardless of market conditions. By investing in the highs and lows, you’re averaging the amount you invest over a long period of time, maximising your potential returns.
Through Auto Debit, you only need to commit to your regular investment amount, which takes the emotion out of the investment process.
Helps you achieve your long term financial goals.
By saving consistently in the right place, you will be able to build a sizable fund to meet your financial goals – whether it’s for an emergency, house, or travel.
So update your app now to access the new feature!
How to Set Up Your Auto Debit Plan
Here’s a step-by-step tutorial to help you get started:
There are a few things to note about Auto Debit:
The Auto Debit Date is designated on the 5th day of every month
This is the day where your Cash Ins are automatically made from your chosen bank account to your chosen Versa funds. If the 5th day of the month falls on a weekend or public holiday, then the Auto Debit Date will fall on the next business day.
Example 1: 5th July 2023 falls on Wednesday, which is a business day. No change to the Auto Debit Date. Your Cash In will be automated as scheduled.
Example 2: 5th August 2023 falls on a Saturday, hence the Auto Debit Date for the month of August will fall on 7th August 2023.
Please set up your Auto Debit Plan at least 6 business days before the Auto Debit Date
As all Auto Debits are only carried out on the 5th day of every month, you are required to set up your new Auto Debit Plan at least 6 business days prior, for us to complete processing. The daily cut-off time to set up your Auto Debit Plan is 3:00pm.
Example: If the upcoming Auto Debit Date is 5th July 2023, please set up your new Auto Debit Plan before 3:00pm on 23 June 2023.
You will not be able to create or edit your Auto Debit Plan on the specified processing periods below
To ensure that all Auto Debit Plans are processed without any disruption, you will not be able to create or edit your Auto Debit Plan for the during the 7 business days listed below:
- After 3pm on 26 June to 7 July 2023
- After 3pm on 28 July to 9 August 2023
- After 3pm on 25 August to 7 September 2023
- After 3pm on 26 September to 9 October 2023
- After 3pm on 27 October to 8 November 2023
- After 3pm on 27 November to 7 December 2023
- After 3pm on 27 December 2023 to 9 January 2024
Update your app today to start saving & investing consistently!
Frequently Asked Questions (FAQs)
Why should I set up an Auto Debit Plan?
An Auto Debit Plan is a great and easy way to help you consistently save and invest monthly. Through Auto Debit, you practise dollar-cost averaging – an investing strategy where you invest in intervals and avoid emotional-based investing. This way, you can meet your financial goals faster.
I changed my mind after setting an Auto Debit Plan. Can I cancel or make any changes to my plan?
You can only change your Auto Debit Plan 6 business days before 5th of the next month. Rest assured, if you created your Auto Debit Plan today (8 June 2023), you can change it right away.
Can I set multiple Auto Debit Plans?
Yes, you can set up multiple Auto Debit Plans from one bank account.
Can I make several Auto Debit Plans to one fund (For example: 2 Auto Debit Plans for Versa Cash)?
Yes, you can. You can do this by creating a separate Auto Debit Plan with a different bank account. For example, Bank ABC and Bank DEF are scheduled to Cash In to Versa REITs.
What happens when my bank account balance is less than the amount set in my Auto Debit plan?
All Auto Debit plans will automatically fail. Therefore, we encourage you to ensure that your bank account balance is higher than the Maximum Amount of your Auto Debit plan.
I completed my Auto Debit Plan. Why are there no Cash-Ins made to my selected funds?
Auto Debit Plan automates Cash-Ins on the 5th business day of the month only. Kindly ensure that you have completed setting up your Auto Debit Plan 6 business days prior to then.