How do I set up deposits into Altruist?
To set up a deposit or retirement contribution from an outside bank to your open Altruist account, see the instructions below.
Getting started
To set up regular or one-time contributions to your retirement accounts or deposits into any account, you first need to link your outside account you would like to transfer in from to the account you are looking to contribute to.
Go to settings > click the "Accounts" tab > Scroll down to "Funding Accounts" section and click "Add Funding Account"
On the mobile app, tap Profile > Funding Accounts > Choose which account you are linking > Add Funding Account > Add New
For a step by step guide, visit How do I link my checking / savings account to my Altruist Account(s)
Make a One-Time Deposit
To make a one-time deposit, log into Altruist.
Click "Transfer Funds" in the top right of the screen.
From the bump out menu, click "Deposit into Altruist"
In the "Transfer to" field, choose the account you would like to make a deposit or retirement contribution in.
In the "Transfer from" field, choose the outside account you would like to transfer in from. If the account you are looking for is not in the options, click "Add funding account"
NOTE: if you would like to transfer from an Altruist HYSA account, you will need to reach out to your planner to set up the transfer for you
For "Frequency" choose "Once" and then choose the date and amount you would like to transfer.
*If you are making a deposit into a retirement account (IRA, Roth IRA, SIMPLE IRA, SEP IRA, 401(k), etc.), "Contribution Reason" will appear.
- Choose "Regular" for normal contributions
- Choose "Rollover - 60 Day" if you are doing a rollover and transferring in an account from an outside firm (be sure to discuss with your planner before doing so)
Click "Next" to review the deposit request, then "Confirm" to confirm.
Make a Recurring Deposit
To make a recurring deposit, log into Altruist.
Click "Transfer Funds" in the top right of the screen.
From the bump out menu, click "Deposit into Altruist"
In the "Transfer to" field, choose the account you would like to make a deposit or retirement contribution in.
In the "Transfer from" field, choose the outside account you would like to transfer in from. If the account you are looking for is not in the options, click "Add funding account"
NOTE: if you would like to transfer from an Altruist HYSA account, you will need to reach out to your planner to set up the transfer for you
For "Frequency" choose the frequency you prefer and/or you discussed with your planner
Then choose the start date (and end if you would like) as well as amount.
*If you are making a deposit into a retirement account (IRA, Roth IRA, SIMPLE IRA, SEP IRA, 401(k), etc.), "Contribution Reason" will appear. Choose "Regular" since these will be normal contributions.
Click "Next" to review the deposit request, then "Confirm" to confirm.
Retirement Contributions
Retirement contributions are set up in the same manner as deposits into your HYSA or brokerage accounts (scroll up for instructions), but if you are making a deposit into a retirement account (IRA, Roth IRA, SIMPLE IRA, SEP IRA, 401(k), etc.), "Contribution Reason" will appear.
- Choose "Regular" for normal contributions
- Choose "Rollover - 60 Day" if you are doing a rollover and transferring in an account from an outside firm (be sure to discuss with your planner before doing so)
*If you are making backdoor Roth IRA contributions, please first discuss with your planner what contributions to make and when before setting up auto-deposits or future contributions. These contributions will go into your IRA first, but your planner needs to be made aware so they can execute the conversion and ensure you will not hit your maximum.