A Direct Debit is simply an instruction from you allowing InvestEngine to collect cash amounts from your bank account. Once you have set up your Direct Debit with InvestEngine, the money is deducted from your bank account automatically.
A Direct Debit is also one of the safest forms of payment in the UK, as the Direct Debit Guarantee applies to all collections.
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.
Is there a limit to how much I can deposit using Direct Debit?
You can pay up to £5,000 into your InvestEngine account using a Direct Debit (the minimum is £50).
If you want to deposit larger sums into your InvestEngine account, please make a transfer from your bank, either manually or using our Open Banking service.