Acorns Investment App

https://www.acorns.com/?kochava_session_id=ko_cd6054c450a5315c2

Acorns:

Start Investing Today

Invest spare change automatically from everyday purchases into a diversified portfolio.

I just signed up for an account. I was wondering how many others have an account or participate in a similar program. Curious as to how folks like the concept, as well.

I think it's a really nice idea/innovation. From what I can tell it builds a diverse ETF portfolio for you, even if you don't have enough money to purchase a full share of a fund (I'm not clear on how this works). If you are young or just getting started it seems like a painless way to get into investing. Paying their dollar a month fee is going to be much cheaper than paying $9 a trade to purchase the ETFs yourself in a traditional brokerage account, and you don't need to wait until you have enough cash to buy a worthwhile number of shares and you don't have to pay a fee when you put more money in.

Their fee structure changes to a percentage once you are over $5000, so at some point it probably makes more sense to move the money to a traditional brokerage.

I've found it interesting and worth watching. I'm wondering if there is a drawback somewhere.

Looks like a nice option to jump start your investing. It's not a long term retirement option. I'm not a fan of being forced to choose from only 6 funds. They advertise no fee when withdrawing the money but you will be paying capital gains taxes on any profit you would make.

If you invested $50 a month (Guessing 50 cents on 100 transaction in a month) you would have $600 in the account and paid $12 in fees by the end of the year. You've paid them 2%. This isn't accounting for the fees the EFTs .(These fees range from .05% to .20% according to the website) Not sure that's worth it. You can get less than 1% most places. It's a good starting point.

I just signed up for an account. I was wondering how many others have an account or participate in a similar program. Curious as to how folks like the concept, as well.

I've been using Acorns since November. Surprisingly, I've averaged putting about $100-$125 a month in the account, and it's been completely painless, and I haven't missed the money one bit. And at that rate, what fees there are aren't really that bad. I use my debit card for everything and rarely carry more than a few bucks in cash. I've always made it a point to automatically invest money, but I never imagined I could put even more away. I kind of used to do this years ago, when I would never pay with exact change, and throw the coin change into a jar, but I didn't save nearly as much. With such a small amount, I'm not really earning much as an investment per say, but it's a great way squirrel away some extra money. I've gotten my two oldest children on the app and hope will help them start building a savings.

I'm over $500 now

I'm up to $1,000. I'm thinking about withdrawing that money and paying off some debt with it...then starting over with ACORNS. Have any of you withdrawn money from them yet? What was that process like?

I'm up to $1,000. I'm thinking about withdrawing that money and paying off some debt with it...then starting over with ACORNS. Have any of you withdrawn money from them yet? What was that process like?

Yes. I used my Acorn investment money to pay for my appraisal and home inspection and a washer and dryer when I bought my house. It takes a few days to process through. Make sure you don't need the money tomorrow and you'll be fine.

I'm up to $1,000. I'm thinking about withdrawing that money and paying off some debt with it...then starting over with ACORNS. Have any of you withdrawn money from them yet? What was that process like?

It's pretty easy to do through the app. Like @rockmom said, though, expect it to take 4-5 business days to get the money deposited into your bank account.

It's pretty easy to do through the app. Like @rockmom said, though, expect it to take 4-5 business days to get the money deposited into your bank account.

Are there any penalties for early withdrawal or anything or is it pretty straight to it? For example, I have $1,000 and I think I'll withdraw $900...is it as simple as saying "I want to withdraw $900" then my account will go to $100 and continue working?

Are there any penalties for early withdrawal or anything or is it pretty straight to it? For example, I have $1,000 and I think I'll withdraw $900...is it as simple as saying "I want to withdraw $900" then my account will go to $100 and continue working?

No penalties or fees.

I just started the process. It said it'll take 5-7 business days to process.

I just started the process. It said it'll take 5-7 business days to process.

Based on my experience, you should have the money by Monday of next week, Tuesday at the latest.

Based on my experience, you should have the money by Monday of next week, Tuesday at the latest.

Okay awesome. I can live with that. I didnt' realize it was that easy

One thing to remember. You will get a 1099 from them and there could be a tax impact. Especially if you make a withdrawal.