Acorns is an easy-to-use platform for investing that makes saving money simple. The Acorns platform will round up every purchase you make with your debit card to the nearest dollar and invest the difference. So, you can start by putting away small amounts over time. Acorns is for people who want to start investing but may have trouble saving money or putting money into investments.
Acorns is an automated micro-investing platform that helps you save and invest small amounts of money. More than 9 million people are saving and investing their spare change on the Acorns platform right now.
On Acorns, you don’t have to make a deposit or keep an account minimum. There are also no commission fees or penalties to pay, and the basic service costs just $3 per month.
Automatic round-ups may be the most interesting thing about Acorns. To use this, just link a credit or debit card to your account. Then you can buy groceries, dinner on Friday, gas, Nikes, or anything else you want. The amount you’ve spent will be rounded up to the nearest dollar by Acorns. It will put that money, no matter how small, into your portfolio of investments.
Let’s say the price of your coffee is $2.67. After this transaction, $0.33 will be set aside in your Acorns account as an investment.
Once your round-ups add up to $5, the money is taken out of your linked checking account and put into your carefully chosen portfolio, where it will continue to grow.
This spare change comes from any purchases made with a linked debit card, credit card, or even your PayPal wallet. This makes it very easy to invest your spare change.
Acorns uses those extra coins to make investments in more than 7,000 stocks and bonds, which are automatically rebalanced when the market changes.
You can make one-time investments from anywhere to add to your wealth. Got $25 more because you cut coupons and made coffee at home? Put that money right into your Acorns account.
Everything can be set up automatically with Acorns. Just turn it on and forget about it. Not only will your spare change help you save for the future, but you won’t have to keep those coins in a plastic jug for years.
Putting money into Acorns regularly
You can help your investments grow faster by setting up daily, weekly, or even monthly deposits of a set amount.
This might be a good idea, especially since the automatic round-ups will be smaller. For example, putting aside $100 from your paycheck every week will help your investment account grow a lot faster.
You could also set up one-time investments to put money into your account when you get a lot of money, like when you get a bonus at work or a tax refund.
You can also use the round-up multiplier to add two, three, or ten times more money to your portfolio for each total purchase. You can try this out and turn off the multiplier if it doesn’t work well for you or if money is tight.
The people who started Acorns took their mission of planting seeds for future growth to heart.
As a company, they care about the environment and plant thousands of trees every year. Here are just a few of the reasons why the company has taken on this challenge:
- create jobs that involve planting and taking care of trees
- stabilize the climate and keep the amount of CO2 down
- Rebuild habitats that are in danger because of building.
So far, more than 700,000 trees have been planted, and more than 550 acres of forest have been brought back to life.
Levels Of Acorns Membership
To join Acorns, you must do the following three things:
- Be at least 18 years old
- Live in the United States
- have a working checking account
If you want to use the round-ups program, you will also need to link your credit and debit cards to Acorns. If not, you can still put money into your account regularly by setting up scheduled deposits.
You can join Acorns at one of two different packages:
$3 per month for personal use an $5 for personal plus package
This is the basic level and comes with a checking account and an Individual Retirement Account (IRA).
Are you a risk taker? Or do you like things to move slowly?
Acorns will make a portfolio for you that fits your personality. Just answer a few short, simple questions about your lifestyle and financial goals, and a mix of Exchange Traded Funds (ETFs) will be suggested as your portfolio.
When you decide what you want to do with your money, you might want to think about your financial future. This will help because you’ll have to choose one of five answers:
- Investing for the long term
- Investing for the short term
- Buy something big
A Limited Trading Authority account is what your Acorns account is. You will be put into one of five Acorns investment portfolios, or you can choose for yourself. The ETFs in the portfolios have already been chosen.
Keep in mind that your investments could earn dividends that you can tell Acorns to re-invest in more shares. This will also help your portfolio grow.
Acorns Earn is a part of the platform that lets you get money back when you buy things from certain stores. You can get an extra 5–10% of your purchase back in cash to your Acorns brokerage account from a long list of retail partners.
Some of these retail partners are:
- Warby Parker
Acorns Checking is a debit card for a checking account that has Acorns built in. The account has no minimum balance requirement, no overdraft fees, and you can use it at any ATM in the United States for free or get your fee back.
If you link your direct deposit from work to your Acorns checking account, you can get your paycheck up to two days early. Then, it’s easy to put this money into your Acorns accounts.
Up to $250,000 per account, the FDIC will protect your cash.
How Do Acorns Grow?
Acorns gives you access to an online library of videos, articles, tutorials, and other educational content that can help you learn more about writing a budget, saving for college, and more.
Why should you get an Acorns Early account?
Think about this: if you put $5 a day into a child from the time they are born, and the average return is 8% per year, they could be a millionaire by the time they are 50. You can now do more than just save for a child’s future as a parent or other family member. You can put money into it.
The UTMA/UGMA account is called Acorns Early. This means that, unlike a 529, you can use the money for anything that helps the child.
Your Early UTMA/UGMA account can be easily given to your child at a certain age, when they become an adult.
The Acorns Family account that comes with Acorns Early costs just $5 per month.
Acorns Later Plan
These are both traditional and Roth Individual Retirement Accounts (IRAs).
Based on your goals, job, and income, Acorns experts will suggest an IRA for you and keep you up to date on how it’s doing. With an IRA, you can save money without being taxed as much as you would be with other investments.
Already, more than 250,000 people have signed up to invest in Acorns Later. And if you already have an IRA or 401k, Acorns will help you roll it over into Acorns Later.
This feature is free with an Acorns Personal account, but you can also use it if you pay for an Acorns Family account.
Download Acorns Investment Mobile App from Google Playstore.
acorns investing customer service
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Is Acorns Worth It: Final Conclusion
Acorns is a place to invest small amounts of money, so your portfolio won’t grow by leaps and bounds overnight. But some people might feel better knowing that you won’t be picking the stocks and ETFs that make up your portfolio. This could be good news for a lot of people who haven’t invested because they don’t know what to invest in.
At the very least, Acorns will help you notice what you’re spending money on that you don’t need to, even if it’s just a few pennies or nickels. If you put your spare change into a savings account, you’ll have something to show for it at the end of the day.
One important thing to think about is how much the monthly fee is based on how much money is in the account. If you have a family membership, you pay $5 per month, or $60 per year. If you only have $100 to $200 in your investment account, you could be paying a very high fee for your investments.
The benefit is that when your account balance is very high, this fee goes down by a lot as a percentage of your balance.