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[Acorns App] Invest Your Spare Change
Posted on 10/9/14 at 9:00 pm
Posted on 10/9/14 at 9:00 pm
quote:
Acorns - Invest Spare Change in Index Fund Stocks via Bank, Credit & Debit Cards; Finance Retirement Investments or Build Wealth Investing in ETFs. Acorns is an app, FREE to download, that invests your spare change from everyday transactions into your very own diversified portfolio. You can easily get started in minutes: anytime, anywhere. iTunes
quote:
Acorns works by letting you connect your credit or debit cards (with a simple sign-up using your online bank credentials), and automatically rounds up the change from every purchase to add to your investment portfolio. You can choose between five different risk options, from aggressive to conservative, and watch how your investments are performing over time. LINK
Has anyone used or heard of this app? Someone mentioned it in my banking class and it seems pretty damn cool.
7
Posted on 10/9/14 at 9:39 pm to GeorgeReymond
So it's an investing version of the old Wachovia savings acct that rounded up each purchase and put money in savings
Posted on 10/9/14 at 9:42 pm to LSUFanHouston
quote:Sounds like it. I'm thinking about giving it a try.
So it's an investing version of the old Wachovia savings acct that rounded up each purchase and put money in savings
Posted on 10/9/14 at 9:54 pm to GeorgeReymond
$1/month and .25-.5% annually for management fee. So if I end up with $1000 over a year, it would be $17/year, assuming .5%?
Posted on 10/9/14 at 10:00 pm to LSUGUMBO
That's what it looks like.
Posted on 10/10/14 at 8:22 am to GeorgeReymond
Be sure to check it out first. There are a lot of less-than-pleasant reviews on it. Great idea though.
Posted on 10/10/14 at 8:26 am to TheBoo
I signed up last night....very simple and I think the hangups have been corrected.
It does work better obviously long period of time....say if you in high school/college doing this. I'd like to know what mine would have been over the last 30 years of putting my spare change from transactions into something that bears interest
It does work better obviously long period of time....say if you in high school/college doing this. I'd like to know what mine would have been over the last 30 years of putting my spare change from transactions into something that bears interest
Posted on 10/10/14 at 8:32 am to GeorgeReymond
This is very appealing. Thanks.
ETA: Though, I'm always hesitant when it comes to these kind of start-ups. I want to make sure I can get my money out when I want to. I'll read into it.
How new is it?
Has anyone else tried it?
ETA: Though, I'm always hesitant when it comes to these kind of start-ups. I want to make sure I can get my money out when I want to. I'll read into it.
How new is it?
Has anyone else tried it?
This post was edited on 10/10/14 at 8:39 am
Posted on 10/10/14 at 8:42 am to bayoubengals88
quote:From what I have read you can withdraw your money at any time with no penalties or fees. This is from the website.
ETA: Though, I'm always hesitant when it comes to these kind of start-ups. I want to make sure I can get my money out when I want to.
quote:
You can withdraw any amount from your Acorns account at any time with no fees or penalties. Most times, we’ll deposit your funds back into your checking account the same day, though it can take up to 5 business days.
Posted on 10/10/14 at 10:26 am to La Place Mike
I'm going to look into it as well. I want to make sure that they have some sort of guarantee that they won't take my money and run. Are they protected by SIPC or something?
It absolutely sounds like a great idea. I used to have a sharebuilder account back when I was in college. Something like this would tie nicely into a sharebuilder strategy.
It absolutely sounds like a great idea. I used to have a sharebuilder account back when I was in college. Something like this would tie nicely into a sharebuilder strategy.
Posted on 10/10/14 at 11:38 am to LSUFanHouston
Can I tie this in with a local bank, or do I have to use one of the listed banks?
Posted on 10/10/14 at 4:56 pm to LSUFanHouston
quote:
Are they protected by SIPC or something?
Yes. From their website.
quote:
Is my account SIPC insured?
Your investment with Acorns is insured through the Securities Investor Protection Corporation (SIPC) for up to $500,000. This means that if Acorns Securities was to fail, your securities would be recoverable for up to $500,000 in value. For more information on SIPC insurance, please visit the www.sipc.org.
Posted on 10/10/14 at 5:38 pm to bayoubengals88
So I just signed up, and made sure I stopped at Taco Bell on the way home to save 93 cents!
Pretty impressed with the app...
You can fund it with as little as $0 or as much as $500 to start, and you can contribute from your checking account in addition to the change you save. I'll likely thrown in an extra $20 here and there.
Lastly, being only 25 I chose the aggressive strategy which was 11 percent bonds, 30 percent real estate, and 59 percent stocks.
I'm probably more excited about this than I should be, but I love the idea!
Pretty impressed with the app...
You can fund it with as little as $0 or as much as $500 to start, and you can contribute from your checking account in addition to the change you save. I'll likely thrown in an extra $20 here and there.
Lastly, being only 25 I chose the aggressive strategy which was 11 percent bonds, 30 percent real estate, and 59 percent stocks.
I'm probably more excited about this than I should be, but I love the idea!
Posted on 10/10/14 at 5:39 pm to bayoubengals88
This is a really neat idea actually
Posted on 10/10/14 at 5:50 pm to GeorgeReymond
quote:
Acorns works by letting you connect your credit or debit cards
I see an opportunity, albeit risky and probably not worth the effort, to manufacture some credit card points
This post was edited on 10/10/14 at 5:51 pm
Posted on 10/10/14 at 5:52 pm to Teddy Ruxpin
oh boy. Did you add this to the Credit Card discussion thread?
Posted on 10/10/14 at 5:55 pm to bayoubengals88
no but anything that let's you use a credit card and then cash out that money for nothing is ripe for abuse. I haven't read the terms and conditions so I was just thinking out loudPosted on 10/10/14 at 5:55 pm to Teddy Ruxpin
How soon until the Acorns IPO?
Posted on 10/10/14 at 8:09 pm to Teddy Ruxpin
quote:
I see an opportunity, albeit risky and probably not worth the effort, to manufacture some credit card points
As I understand it, they don't tack on the charge on the CC.
They monitor your CC, and track the round ups. You can either have it automatically withdraw or manually add the pot, but either way the pot comes from the linked checking account.
What I want to know is if the rebalancing they do between ETFs incurs capital gains taxes. Or are the only taxable events are withdrawals and probably dividends.
If no taxable event on the rebalance, I might start this.....
If so, well I can rearrange vanguard ETFs the same as them.
This post was edited on 10/10/14 at 9:37 pm
Posted on 10/10/14 at 9:10 pm to GeorgeReymond
Nice, just signed up myself.
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