I think many people think investing is this incredibly complicated master-pursuit that only genius’ can take advantage - nothing could be further from the truth…
This app is pretty perfect for taking advantage of basic investing and learning about it.
Minimum investment: 0$
Fees: $1/month under 5k, 0.25% over %5k; Free for under 24 and in college
Mobile Access: iOS App, Apple Watch, Android App
Website Access: √
Round Ups - round up your money to the nearest dollar after every credit or debt card transation
Found Money - When you buy items from select retailers, they will invest a certain of money into your account.
Scheduled Deposits - Recurring weekly or monthly investments
Learn - Education section has basic investing questions and guides
Grow - Interviews, news an how-tos that are available
Potential - This tool allows users to see impact that an investment makes for them
Creating The Account
Signing up Acorns is relatively easy process. It starts with signing up to the web app…
There is then a three step-process with entering an PIN access code which will be used when you log into the app in the future…
1. Choose A Round-Up Account
Choose an account which makes with your accorns account - your bank account.
2. Connect Your Checking Account
Connect an existing account to sync using your online ID…
3. Create Investment Account
Type in your phone number, first name and last name, birth date and choose your security number as well…
Now you will have to answer three questions:
•Are you or have you been affiliated with a broker-dealer?
• Has the IRS notified you of being subject to backup withholding?
• Are you a 10% shareholder of a publicly traded company?
Investors can choose from the different portfolios on offer:
Conservative - 35% stock, 60% bonds and 5% real estate.
Moderately Conservative - 45% stocks, 45% bonds and 10% real estate
Moderate - 60% stocks, 30% bonds and 10% real estate.
Moderately Aggressive - 75% stock, 15% bonds and 10% real estate.
Aggressive: 90% stocks, 10% real estate.