Investment apps for your smart devices are becoming more and more popular. Acorn apps, available for iPhone, Android, tablets and any other smart device you can think of (even the watches), may be another great way to invest money without really thinking about it.
Uses Spare Change
Acorn uses spare change from your everyday spending. For example, if you spend $5.25 at Starbucks, Acorn will take 75 cents and put it towards your investments. As you can imagine, the money, even though it is technically just spare change, adds up quickly.
If the ‚Äúspare change‚ÄĚ idea does not appeal to you, Acorn also provides more traditional ways of investing your money. You can set up a recurring daily, weekly or monthly amount to be drafted from your bank account. You are also able to invest a lump sum into your Acorn account and simply let its technology grow it for you.
Five Portfolios for Investing
The Acorn app uses five diversified portfolios that you can choose from. The website also offers help to decide which would be best for your investing needs. The five include, Conservative, Moderately Conservative, Moderate, Moderately Aggressive and Aggressive.
By choosing a portfolio, a length of time investing and a recurring monthly contribution, you can see how much money you will gain through Acorn‚Äôs services. For example, if you contributed $50 a month for 18 years in an Aggressive portfolio, you would have $26,663 (earnings of over $15,000).
Is it Secure?
According to Acorn‚Äôs website, ‚ÄúEvery Acorns account is insured up to $500,000 by the Security Investor Protection Corporation.‚ÄĚ The company uses bank-level security and data encryption to store information and ensure that each customers information is safe.
Many investment accounts have fees so that financial advisors can provide their services and manage your accounts. For accounts under $5,000, Acorn only charges $1 per month for its services. For accounts over $5,000, the company charges .25 percent.
The company will never charge an account with a $0 balance. If you are a student, Acorn‚Äôs services are free! To cash in on the free services, be sure to use your .edu email address when signing up.
Withdrawing and depositing money into your investment account is painless, just like investing with Acorn. You are able to make withdrawls and deposits any time of the day with no charges made by Acorn. After all, it is your money you are investing, so why not be able to take and give as you please?
Where is it Available?
Acorn is currently available in most countries and the company will be going global very soon. You can sign up on the company‚Äôs website to be notified when it arrives in your country if it has not already. The Acorn app is readily available for purchase in the Apple Store and Google Play. The app is completely free. You can also sign up on a desktop or laptop and monitor your investments through the website. https://www.acorns.com
Like Saving Advice? Subscribe!
Subscribe to get the latest Saving Advice content via email.