A Direct Debit is simply an instruction from you to your bank or building society. It allows InvestEngine to collect cash amounts from your account as agreed when you set up your Direct Debit payment with InvestEngine. Once you have set up your
Direct Debit with InvestEngine, the money is deducted automatically.
Direct Debit is the simplest and most convenient way for you to pay regular and one-off amounts into your InvestEngine account. It is also one of the safest forms of payment in the UK, as the Direct Debit Guarantee applies to all collections.
When will my Direct Debit payment appear in my InvestEngine account?
If you have an active Direct Debit with InvestEngine with regular monthly contributions, your cash payment will appear in your InvestEngine account two working days after it has been deducted from your bank. If you are making a one-off transaction from an existing Direct Debit mandate, this can take up to five working days from the time you instruct us.
If you are setting up a new direct debit, the initial authorisation and payment processes means that it can take up to 7 business days for your funds to appear in your account.
What is the Direct Debit Guarantee?
The Guarantee is offered by all banks and building societies that accept instructions to pay Direct Debits.
When you set up a Direct Debit with InvestEngine, we confirm the amount and date of your regular payment. If an error is made in the payment of your Direct Debit, by InvestEngine or your bank or building society, you are entitled to a full and immediate refund of the amount paid from your bank or building society.
If you receive a refund you are not entitled to, you must pay it back when InvestEngine asks you to.
You can cancel a Direct Debit at any time by simply contacting your bank or building society.
Is there a limit to how much I can deposit in my InvestEngine account using Direct Debit?
Currently, there is a £5,000 payment limits for Direct Debit. If you want to deposit larger sums into your InvestEngine account, please use a wire transfer (electronic payment) from your bank.
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InvestEngine® is a trading name and registered trade mark of InvestEngine Limited. InvestEngine (UK) Limited is Authorised and Regulated by the Financial Conduct Authority. The Firm Reference Number is 801128. InvestEngine (UK) Limited is incorporated in the UK with company number 10438231 and has its registered office at Lawford House, Albert Place, London, United Kingdom.