Yes, with Ellevest, 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 don't have a minimum required withdrawal amount.
To withdraw funds from your investment goals, you can navigate to the Transfer Money dropdown in your Ellevest dashboard and select One-time transfer.
The custodian for your account, Goldman Sachs Custody Solutions, processes client withdrawal requests generally within 7 business days.
Want more information about how this works?
When you confirm the amount that you would like to withdraw, we sync up with Goldman Sachs Custody Solutions so that they can initiate the transfer to your bank account – this typically takes 1-2 business days. Goldman Sachs Custody Solutions then places an order to raise those funds by selling securities 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 Fund goal.
If you want to withdraw money from an Ellevest Traditional, Roth IRA, or SEP IRA, you will need to contact our Client Support team. The IRS imposes certain penalties for withdrawing money before age 59 ½. The rules for withdrawals are described on the IRS website, and we encourage you to speak with your tax advisor regarding your special case.
Neither Ellevest nor Goldman Sachs Custody Solutions charges any fees to withdraw funds from your investment goals. However, you may incur tax consequences as a result of withdrawing your funds from an Investment or IRA account.