First and foremost, i love your platform and its automations. Is it possible for the InvestEngine development team to offer weekly orders as opposed to monthly, to obtain a better overall average price?
This would be very beneficial for volitile commodities like GOLD. Right now I pay in monthly and have Autoinvest switched on so my DCA rate is 12 orders per year as opposed to 52/48 a year with weekly purchasing.
Programming wise could this be done? In my mind a program could be written to divide the regular savings amount coming into the portfolio by 4, purchase 4 equal amounts 7,14,21,28 days apart and then have the code cycle reset everytime new money enters the protfolio. Just thinking out loud on how this could function.
Hi Martin, thanks for getting in touch. You may set up a weekly Savings plan if your bank supports Variable Recurring Payments, please see our FAQ How do I set up the Savings Plan feature? for more information
To avail of weekly direct debit payments depends on your bank. If your bank allows weekly direct debits the Invest Engine app will give you the option for a weekly direct debits. My bank, Monzo does not allow weekly direct debits. This brings me back to my original question could Invest Engine develop a mechanism to divide the monthly payment by 2 or 4 to allow users to avail of a more efficient DCA strategy?
i.e. Auto Invest / weekly / fornightly / monthly options
How about setting up 4 direct debits which occur 1x per month - DD1 on 2nd of each month, DD2 on the 10th of each month, DD 3 on the 18th of each month and DD 4 on the 26th of each month?
Good thinking thank you, but it seems i can only have 1x Direct Debit per portfolio. I will see if a standing order is an option. Ile contact IE and ask if i can set up a standing order. Im also going to contact Monzo to see if they have an account upgrade that will allow weekly payments.