Acorns Review 2018
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Acorns is modernizing the old-school practice of saving loose change, merging the robo-advisor model with an automated savings tool. The app rounds up your purchases on linked credit or debit cards, then sweeps the change into a computer-managed investment portfolio.
That approach is certainly a useful tool to save more — especially with the launch of retirement accounts, called Acorns Later, this year. Acorns is free for four years for college students with a valid .edu email address. Other investors pay $1 a month for a taxable investment account and $2 a month for an individual retirement account.
Acorns is best for:
College students
Hands-off investors
People who struggle to save
$0 to open account; $5 required to start investing ($5.00 will be given to you when you open your new account using this link.)
Free for college students with a valid .edu email address for up to four years from sign-up date.
Where Acorns shines
Free management for college students:
Acorns goes after its target market — young, would-be investors who have little money to invest — by waiving management fees for up to four years for college students who register with an .edu email address.
College students are ripe for this kind of service and could wind up with a nice little pot of money after four years of rounding up.
Automated approach: We’re behind any tool that encourages mindless, automatic saving. If you don’t have to think about saving, you’re more likely to do it. This is why 401(k)s, which take contributions directly out of your paycheck, work well, and why auto-enrollment in those plans has more people saving for retirement.
Though Acorns doesn’t manage 401(k)s, it piggybacks on this concept by sweeping excess change from every purchase using a linked account into an investment portfolio. You can connect as many cards as you want, though all roundups are taken from the same linked checking account. With each purchase, Acorns rounds up to the nearest $1 and gives you the option to transfer that change into an investment portfolio. You can do that either automatically, so every purchase is rounded up and the change transferred, or manually, by going through recent purchases on the app and selecting which roundups to transfer.
Although these roundups are the bread and butter of Acorns’ platform, you can also invest lump sums manually or set up recurring deposits on a daily, weekly or monthly basis. Lump-sum transfers may be as small as $5.
Minimum investment: There’s no minimum to open an account, but the service requires a $5 balance to start investing in one of Acorn’s five pre-built portfolios.
Found Money: The only thing better than building an investment portfolio out of a bunch of spare change is building an investment portfolio out of someone else’s money. Acorns’ Found Money program essentially lets you do that: It’s cash back for your investment account.
Acorns has partnered with more than 100 companies — including Apple, Nike, Blue Apron and Airbnb — to give you cash back when you use a linked payment method at one of the partners. In most cases, you get the cash back automatically, without an additional step. You simply use a card linked to an active Acorns account to make the purchase, and the Found Money rewards will land in your account in 60 to 120 days.
Educational content: We found the website well-suited to new investors, as it defines key terms and uses clear language. Acorns also publishes Grow Magazine, an online personal finance site geared toward millennials with advice about side gigs, credit card debt, student loans and other financial topics. Grow content is also integrated in the Acorns app. Acorns also offers a five-step financial literacy course for free to Acorns customers, on Udemy.com, an online learning marketplace.
The automatic roundups at Acorns make saving and investing easy, and most investors will be surprised by how quickly those pennies accumulate.
Open a Acorns account today and the first $5.00 invested is on Acorns. You can also earn an additional $5.00 for everyone you refer using your own personal referral link.
Once you refer 12 people during the current promotion Acorns will invest an additional $1000.00 into your personal account. Who couldn't use an extra $1000.00 this month?
Open an Acorns account at this link and receive your first $5.00 FREE!
Acorns is modernizing the old-school practice of saving loose change, merging the robo-advisor model with an automated savings tool. The app rounds up your purchases on linked credit or debit cards, then sweeps the change into a computer-managed investment portfolio.
That approach is certainly a useful tool to save more — especially with the launch of retirement accounts, called Acorns Later, this year. Acorns is free for four years for college students with a valid .edu email address. Other investors pay $1 a month for a taxable investment account and $2 a month for an individual retirement account.
Acorns is best for:
College students
Hands-off investors
People who struggle to save
$0 to open account; $5 required to start investing ($5.00 will be given to you when you open your new account using this link.)
Free for college students with a valid .edu email address for up to four years from sign-up date.
Where Acorns shines
Free management for college students:
Acorns goes after its target market — young, would-be investors who have little money to invest — by waiving management fees for up to four years for college students who register with an .edu email address.
College students are ripe for this kind of service and could wind up with a nice little pot of money after four years of rounding up.
Automated approach: We’re behind any tool that encourages mindless, automatic saving. If you don’t have to think about saving, you’re more likely to do it. This is why 401(k)s, which take contributions directly out of your paycheck, work well, and why auto-enrollment in those plans has more people saving for retirement.
Though Acorns doesn’t manage 401(k)s, it piggybacks on this concept by sweeping excess change from every purchase using a linked account into an investment portfolio. You can connect as many cards as you want, though all roundups are taken from the same linked checking account. With each purchase, Acorns rounds up to the nearest $1 and gives you the option to transfer that change into an investment portfolio. You can do that either automatically, so every purchase is rounded up and the change transferred, or manually, by going through recent purchases on the app and selecting which roundups to transfer.
Although these roundups are the bread and butter of Acorns’ platform, you can also invest lump sums manually or set up recurring deposits on a daily, weekly or monthly basis. Lump-sum transfers may be as small as $5.
Minimum investment: There’s no minimum to open an account, but the service requires a $5 balance to start investing in one of Acorn’s five pre-built portfolios.
Found Money: The only thing better than building an investment portfolio out of a bunch of spare change is building an investment portfolio out of someone else’s money. Acorns’ Found Money program essentially lets you do that: It’s cash back for your investment account.
Acorns has partnered with more than 100 companies — including Apple, Nike, Blue Apron and Airbnb — to give you cash back when you use a linked payment method at one of the partners. In most cases, you get the cash back automatically, without an additional step. You simply use a card linked to an active Acorns account to make the purchase, and the Found Money rewards will land in your account in 60 to 120 days.
Educational content: We found the website well-suited to new investors, as it defines key terms and uses clear language. Acorns also publishes Grow Magazine, an online personal finance site geared toward millennials with advice about side gigs, credit card debt, student loans and other financial topics. Grow content is also integrated in the Acorns app. Acorns also offers a five-step financial literacy course for free to Acorns customers, on Udemy.com, an online learning marketplace.
The automatic roundups at Acorns make saving and investing easy, and most investors will be surprised by how quickly those pennies accumulate.
Open a Acorns account today and the first $5.00 invested is on Acorns. You can also earn an additional $5.00 for everyone you refer using your own personal referral link.
Once you refer 12 people during the current promotion Acorns will invest an additional $1000.00 into your personal account. Who couldn't use an extra $1000.00 this month?
Open an Acorns account at this link and receive your first $5.00 FREE!
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