Yes, you can withdraw part or all of the money from your taxable investment accounts at any time (as long as the money has been in your account for 5 business days). You may pick which goal you want to withdraw from, and we do not have a minimum required withdrawal amount.
The custodian for your account, Folio, processes client withdrawal requests generally within 7 business days.
Want more information about how this works? Here you go:
When you confirm the amount that you would like to withdraw, we sync up with Folio so that they can initiate the transfer to your bank account – this typically takes 1-2 business days. Folio then places an order to raise those funds by selling ETFs in your portfolio. It takes 3 business days for the trades to settle (Trade Day + 2 business days) which is the settlement period mandated by the Securities and Exchange Commission. Once the trades are complete, the funds will be transferred to your outside checking or savings account, which generally takes 1-2 business days.
This same timing is also applied to the funds in your Emergency Goal.
If you want to withdraw money from an Ellevest Traditional or Roth IRA, you will need to contact our Client Experience Team. The IRS imposes certain penalties for withdrawing money before age 59 ½. The rules for withdrawals are described on the IRS website(https://www.irs.gov/Retirement-Plans/Retirement-Plans-FAQs-regarding-IRAs-Distributions-Withdrawals), and we encourage you to speak with your tax advisor regarding your special case. If you decide that you want to make a withdrawal, please send us an email at firstname.lastname@example.org and we will work with you to fill out the necessary paperwork.