Direct deposit into an Index Fund on a monthly basis? How can I set this up?

Question

I'd like to have money transferred from my bank directly into an S&P 500 Index fund on a monthly basis? How can I set this up? Do I go thru an online brokerage (E-Trade)? Or thru a fund company? Anyone have experience with this? Info would be greatly appreciated. Thx.

Answer 1

What you are trying to do is simple, but you will have to fill out some paperwork.

I would suggest that you talk to the Human Resource department of your employer. Part of their job is to handle this type of matter for company employees.

Answer 2

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Answer 3

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RE:
Direct deposit into an Index Fund on a monthly basis? How can I set this up?
I'd like to have money transferred from my bank directly into an S&P 500 Index fund on a monthly basis? How can I set this up? Do I go thru an online brokerage (E-Trade)? Or thru a fund company? Anyone have experience with this? Info would be greatly appreciated. Thx.

Answer 4

If you're investing in an index mutual fund and you do not have plans to also buy stocks or bonds, etc., there is absolutely NO reason to go through a broker, or go through a bank. That will only add either fees or complexity or both.

Go directly to either Vanguard or Fidelity or T.RowePrice's web site. They make it VERY easy to set this up. I have done it at both Vanguard and Fidelity. These funds have low costs and the companies are among the best in the business.

Here's Vanguard's description of what you want:

https://flagship.vanguard.com/VGApp/hnw/accounttypes/general/ATSMFEasyAcctMgmtContent.jsp

Answer 5

Vanguard Direct Deposit

Answer 6

You can do it either way. Basically, you open an account at a brokerage or at a fund company and setup an automatic investment plan.

That said, having a brokerage account is far more convenient and doesn't cost you anything to do. Having a brokerage account will allow you to buy other stocks or funds and have them all in one account.

When you do, select a brokerage that will allow you to buy the funds you are interested in without any fees. Don't assume, as most brokerage has an extensive list of transaction fee free funds, but it doesn't apply to all funds.

Answer 7

Doesn't your bank sell index funds
Do it through your bank
And S&P 500 index fund is the same thing anywhere.

Answer 8

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Answer 9

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Answer 10

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