We are gradually rolling out this feature to an increasing number of users.
Use my cash first is an optional setting for UK AutoInvests funded with an external payment method.
What does Use my cash first do?
When the setting is turned on, AutoInvest will try to use your available free cash for each scheduled deposit before charging your selected external payment method.
- If your free cash covers the full scheduled deposit, the money will be taken from your free cash, and your external method will not be charged.
- If your free cash is short, your selected external method will be charged for the full scheduled amount.
- If the external method is declined or cannot be charged, the scheduled deposit will be missed.
📄 Note
AutoInvest does not take a partial amount from your free cash if it does not cover the full scheduled deposit.
Is it turned on by default?
No. Use my cash first is off by default. You need to turn it on yourself, where the option is available.
When will my external method be charged?
Your external method will be charged only when Use my cash first is turned on and your available free cash does not cover the full scheduled deposit. If your free cash is enough, the external method will not be charged for that cycle.
How can I turn it on or off?
You can manage the settings from the AutoInvest settings:
- Open the Pie or AutoInvest plan you want to manage.
- Go to AutoInvest settings.
- Choose an external payment method, where required.
- Turn Use my cash first on or off.
What happens to existing AutoInvests?
Existing AutoInvests are unchanged unless you edit them. If your existing UK AutoInvest uses Free funds only, it will continue to run as before until you change the payment method.
Once an existing UK AutoInvest is moved from Free funds only to an external payment method, it cannot be switched back to Free funds only. You can use the Use my cash first setting to try your free cash before your external method is charged.
💡 Example
Your AutoInvest is set to £100 monthly, you have selected a card as your external method, and Use my cash first is turned on.
- Month 1: You have £120 in free cash. AutoInvest uses £100 from free cash, and your card is not charged.
- Month 2: You have £40 in free cash. AutoInvest charges your card for the full £100. No partial amount is taken from your free cash.
- If the card payment is declined, the Month 2 deposit is missed.