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Acorns is an automated savings tool and investing app that rounds up your purchases on linked credit or debit cards and invests the amount in an automated investment portfolio.
Built as mobile first, Acorns investing app helps you invest your spare change after a purchase using a system called “Round-Ups.” The app monitors your credit and debit card usage and automatically rounds up purchases and invests the change. For example, if you bought a coffee for $3.25, Acorns will round up the purchase to $4.00 and move $0.75 into your Acorns account. Once your “Round-Ups” equal $5.00, it will be invested. You can make one-time investments into your account at any time.
When you create your profile, Acorns will suggest a portfolio based on your answers, but you have the option to change them. Your portfolio determines how much gets invested. Acorns invest your money in six different Exchange Traded Funds (ETFs). These funds include stocks, bonds, and other securities.
Acorns have two fee structures:
Other than those account management fees, there are no other costs associated with your account. You can withdraw money from your account anytime you want, and there are no fees or penalties. There are also no fees for commissions on trades or a rebalancing.
There are no account minimum balance requirements, nor will they charge a fee for an account with a zero balance. In fact, you can start an account with as little as $5!
Acorns Found Money program helps you earn money from purchases you’re making. It’s an additional way of beefing up your portfolio from your purchases with rebates. With some retailers, you just have to link a credit or debit card to your active Acorns account and make a purchase. Found Money will deposit your rewards into your account within 30-60 days.