A Recurring Investment is a two-fold process, and it is very important that you understand this in order to carry out both elements of the process so that the platform can process your regular investments correctly. The two elements of the process are:

1. Moving funds from your bank account to the SatrixNOW account

2. Telling the platform what to purchase with those funds.



In this article, we deal specifically with how to get those funds into the minor account and then provide a hyperlink to a separate detailed FAQ article (HYPERLINK)  which explains how to tell the platform what to buy with those funds.



The transfer of funds into free cash for a minor account can actually be done in one of 2 ways as follows:


A. Via Manual Debit Order - through SatrixNOW

Using this method, you give SatrixNOW permission to transfer funds from your bank account to the platform at the regular intervals you choose.


Due to the way debit orders work, they unfortunately can NOT be setup for Minor accounts on the platform in the same way as they can for persons of legal age. 


For a minor account, this method involves the Authorised User of the minor account completing the following 2 simple steps:


1. Complete this Debit Order Authority form.


2. Email the signed form to helpme@satrixnow.co.za



PLEASE NOTE:

If you opted for this method of transferring funds automatically on a regular basis, to the SatrixNOW minor account, you NOW need to instruct us what instruments you would like us to buy with those funds.


You can do this by setting up a Recurring Investment on the platform by following step B on the How do I set up a Recurring Investment on a SatrixNOW minor account? FAQ article.




B. By setting up a recurring payment / stop order on your bank account - through your bank

Using this method, you instruct your bank to transfer funds from your bank account to the SatrixNOW minor account at regular intervals you choose.


Most banks now offer their clients the facility to setup recurring payments / stop orders on their online banking platform.


This is a simple way to regularly transfer funds from your bank account to your SatrixNOW Investment / TFSA account where it can be used by a Recurring Investment, to be made out of Available Funds.


As the options for the specific day of the month on which Recurring Investments can run on SatrixNOW are the 1st, and 25th day of each month, recurring payments should be setup to transfer funds to your SatrixNOW account a minimum of 2 full working days (probably safer to choose 3 days) before the day choose for the recurring investment to happen.



PLEASE NOTE:

  • It is absolutely imperative to the success of a recurring payment (stop order) that the correct reference be used on that recurring payment so that we know which client and which account (Investment or TFSA) to allocate the funds to.


    Please read this FAQ article for a detailed description of the reference you should use - What reference should I use?



  • If you opted for this method of transferring funds automatically on a regular basis to the minor account, you NOW need to instruct us what instrument/s you would like us to buy with those funds.

You can do this by setting up a Recurring Investment on the platform by following step B on the How do I set up a Recurring Investment on a SatrixNOW minor account? FAQ article.