When you set up an investment plan, you essentially program automatic buy orders on a regular schedule.
You choose a cycle that suits you (between weekly, fortnightly and monthly), the amount you want to spend on your recurring investment, and a start date.
On your start date (and on each regularly scheduled investment date after that), we'll trigger your buy order and direct debit of the required funds from your linked bank account.
When your funds clear, which typically takes 1-2 business days, your order will be placed in the market (if it's open) or queued for when it next opens (if it's closed).
When your order is placed in the market, our brokerage provider will aim to purchase as many units as possible during market hours (at the market price) with the allocated funds
Once your order has been executed, we'll send you an email confirmation. You can also find information on your pending and executed orders within the Spaceship mobile app.
Generally, orders are completed within 3-4 business days.