Automating index fund purchase in Fidelity?

[glitzy07]

My husband and I do "yours, mine, and ours" accounts with each of us getting $X into our own personal accounts for every paycheck. I recently changed my payroll direct deposit to take 10% of my personal $ and deposit it into my Fidelity individual investment account instead of my personal checking.

Does anyone know if there is a way to automate the process of actually purchasing more of my preferred index fund with that money every two weeks? Or will I have to manually log-in and buy shares frequently?

For the sake of round numbers, let's say that it's $10/paycheck going to Fidelity. I assume it sits in my holding account (not sure the right name for this - for me it's SPAXX), until I choose to buy something else? Will I have to go in every two weeks or every month and buy $10-20 of the index funds I want? Or is there a way to tell Fidelity to do that automatically?

TIA! I'm a newbie with investing outside of my 401k.

[archiethedragon]

Yes there is. Under Account Features / payments and transfer / automatic transfers and investments.

You can set up an automatic investment to buy SPAXX every two weeks. I would set it up to happen a few days after pay day just to make sure the funds are fully settled in fidelity before the auto investment occurs.

[glitzy07]

Nov 10, 2021 11:17:01 GMT -5 archiethedragon said:

Yes there is. Under Account Features / payments and transfer / automatic transfers and investments.

You can set up an automatic investment to buy SPAXX every two weeks. I would set it up to happen a few days after pay day just to make sure the funds are fully settled in fidelity before the auto investment occurs.

Thank you! I swear I had checked everywhere. Unfortunately it looks like it's only applicable to mutual funds, which I don't have currently.