17 Nov Acorns
If you haven’t heard of it. Google it.
I signed up about 6 months ago and I’ll admit that I’m a fan.
The app is designed to automatically invest your spare change. Acorns will track your expenses and round up to the nearest dollar, then later withdraw and invest those funds into a managed account. You can also arrange an extra weekly deposit (minimum $5) to top up your investment. So, if you buy a $3.80 coffee on your card it will round it up to $4.00 and accrue the rounds ups in your nominated account. As the tag line suggests – you are investing your spare change.
It’s a simple set up, straight from the app store. You just need your tax file number and bank account details and about 5 minutes. You then need to set up your preferred investment option, whether high or low risk its completely up to you, you can also elect to make additional weekly contributions.
Why I like it – it’s easy to use and I hadn’t noticed it until I checked my account and realised I’d collected an easy $350 just in round ups!
Who’s it best for- anyone that wants to do something with shares but doesn’t have much time. For first time investors and anyone who thinks they don’t have enough ‘money’ to invest.. Acorns is perfect.
App features – you can track your spending, review your portfolio, adjust the risk of your investments, change reoccurring payments and withdraw funds if/when you need to.
How you get it – download it from the itunes app or playstore. Cost is $1.25 per month.
We are not paid in anyway to endorse Acorns. We are only sharing because we like it and think you will too!
Get the app here
We also suggest you read the product disclosure statement here to check the product is right for you