Have you heard about Acorns, yet? It’s an app that automatically invests spare change from your purchases.
So what exactly does that mean? Basically you link your checking, savings, and credit card accounts to your Acorns account, and each transaction you make is automatically rounded up to the next dollar. The difference is invested via Acorns in your choice of portfolios: conservative, moderately conservative, moderate, moderately aggressive or aggressive.
In my opinion, it’s an easy and painless way to consistently save money! I’ve been using it since March, and I have over $1,000 in my account from round-ups — and I haven’t felt a pinch at all. Plus, unlike traditional investment accounts or 401K plans, you can make deposits and withdrawals whenever you want to without having to pay any fees.
But don’t take my word for it — set up your Acorns account now! There’s no minimum deposit, and if you set it up before December 1st, you’ll receive a $5 bonus!!!
Features:
- No Minimum Deposit — Start with a $5 signup bonus today.
- Annual Fees — $1/month for accounts under $5,000, and 0.25% per year for accounts over $5,000.
- Mobile App and Website Access — iPhone, Android support and the recently introduced website access.
- Students Invest for Free — Individuals under 24 years of age and/or attending college pay no fees.
- Round-Ups — For each debit or credit card transaction, the round up to the nearest dollar is invested into Acorns.
- Scheduled Deposits — Set recurring daily, weekly or monthly investments.
- SIPC insured — insured through the Securities Investor Protection Corporation (SIPC) for up to $500,000.
Disclosure: The $5 bonus works both ways, so you can earn a bonus as well when you share with your family and friends after registering! However, I would have shared this app with you all anyhow, because I’ve seen my personal results over the last year and believe it’s a great way to save for retirement, vacation, next Christmas — whatever your personal goals are.
Michelle
Bank of America does this for you for free. Many other banks are starting to do this also for free. I’d check my local bank first before paying $12/year which is more than what you would earn in interest–counter-intuitive to inflation.
Tara Kuczykowski
Excellent point, Michelle! Unfortunately, my bank does not offer this service, and I’ve earned significantly more than the $12/year fee to date, so I still think it’s a good option to investigate.
kidton
Good suggestion Michelle. I am too in the same boots.