Acorn app

I looked into it but I think it only rounds them up and then withdraws a lump sum each month. Which sorta sucks. I was hoping it would do it instantly

I also bank with Chase and I use acorn. Im pretty sure it gets a deposit from my bank once my round ups total more than $5. Plus I set I set up Chase to deposit a certain amount into acorn every 2 weeks. It starts adding up and it's money that I kind of forget about, so I'm not tempted to spend it on stupid shite that I normally would if I saw it in my bank account. I'm not most responsible with money, so I personally find this app helpful. I've recommended it to some of my other friends who are also jackasses about putting money aside.

ETA: I just checked, and I've had 8.8% market gains over the past 12 months with acorn.

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ETA: I just checked, and I've had 8.8% market gains over the past 12 months with acorn.

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DOW at 20 and S&P at 17 over the past 12 months fwiw.

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Just go through the statement once a month and round everything up manually and transfer that amount to savings. Don't have to pay any fees, etc.

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I'll pay somebody $1 to not have to go through that aggravation.

I like it. It's just another avenue to save money without thinking. You completely forget about it, then after a few months it's like oh yeah I have an extra few thousand or hundred bucks saved.

If anything it's a good travel or rainy day savings jar.

Here's a post I put in a thread about it in December

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I've had it about a year and a half and I'm up around $140. Here's my thoughts:

- Their $1/month fee is a high ratio if you have very little in there. But if you had like $1,000+ invested, then its extremely cheap as far as investment accounts go. All depends on how much you plan on using it.

- The roundups idea is interesting, but since it's just tracking your credit cards it will just make periodic $5+ withdrawals from your checking when your swipes add up. So its not strictly the same as investing "spare change" as their slogan suggests. But I don't know how else the app would work, and it's still a good way to force yourself to set aside small amounts. It's nice to pull up the app after a couple months and realize "oh I've got $500 I forgot about".

- Don't know much about the makeup of their portfolios, but they have 5 choices from conservative to aggressive. I doubt their team is as good as say, Vanguard, but acorns isn't meant to be your main investment account. It's kind of a get your feet wet investment tool for newcomers. I just set it to aggressive and leave it alone... If it does well, it's a pleasant surprise. If it loses money, then oh well, it was very small amounts.

- The app itself is pretty easy to use and smooth.

- You can also set weekly deposits up on top of the round ups if you want to accelerate savings. I do like $25 a week because I won't miss it and if there's ever something I want to buy I can usually cover it with my "spare change"

- Withdrawals do take a little time. From when I request, it probably takes about 5 business days to show up in my checking.

That's all I can think of right now. I have a referral code if you sign up. Gives us each $5 LINK

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I just checked and I've had annual returns of 6.48% over the course of over 2 years on the aggressive portfolio setting. Not stellar or anything, but considering how easy it is and I basically just treat it like an extra savings account, that's not a bad little piece of earnings

I use it exclusively for a travel fund. Round ups and automatic $50 a week (that I otherwise would have spent on stupid shite) can add up quickly over a few months