Looking to Start Investing?
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Have you heard about Acorns? It is a Micro Investing site that connects with debit or credit cards and rounds up your transactions, investing the change.
I was looking for a way to save money in an account that I would have a hard time accessing. Digit was recommended to me but they did not support my bank. I have an Ally savings account, a few actually, but I use them as regular savings accounts and access them regularly. I was really looking for something I could “set and forget.” Finally I found Acorns, and it is perfect!
How it works:
When you sign up they will take you through a series of questions to determine how aggressive you want to be in your investing. You will add a bank account and credit card for them to monitor. As you use your account and card Acorns will round up each transaction and invest those small amount for you. These are called Round Ups. You can also log in to do a Quick Invest where you deposit a lump sum, up to $10,000 a day.
One of the new things they are doing now is partnering with companies that will give you a reward for buying with them. This is still in Beta but is called Found Money. I recently sent flowers through 1-800-Flowers and received $15 in my account just for using the credit card attached to my Acorns account! It is a great way to get some money back for things you would already be buying.
What it Costs:
Acorns will take $1 a month from your account. That’s it, no other fees or charges. You will start earning dividends right away on your balance.
Is it Secure?
Every Acorns account is insured up to $500,000 by the Securities Investor Protection Corporation (SIPC). Also, the website is secure, and does not store bank login information. To be safe though, as with every financial service, log out of the website and app after every use.
Can You Access Your Money?
Yes, you can make a withdrawal at any time. It takes 5-7 business days for money to be put into your bank account after verification. I haven’t made a withdrawal yet – I am using it as a savings account for a down payment on a house, so it will be a while until I try.
This has been a great app for us. I don’t even notice the money being taken from our account. They take it out when it reaches about $5, sometimes as much as $8 is removed but it is still so small I don’t miss it. We are closing in on the $500 mark after about six months of us. It is fun to log in a few times a month and see how much it has grown. I like that this is so easy to use, and yet I’m not tempted to use the money since it is not my regular bank.
Have you tried Acorns yet?