Acorns is a saving and investing application for Android devices that aims to make investing easy for clients. With this platform, users can create a personal account, deposit spare change through Round-Ups option, and set up recurring refunds. The utility recommends a diversified portfolio of ETFs designed for long-term holding.
Savings and cashback
One of Acorns’ key options is its automated savings tool. It rounds up the excess change from every purchase made. Using a linked account you can transfer that money into an investment portfolio. Thus you can invest small amounts without even thinking about the economy.
In addition, Acorns partnered with various companies, including Apple, Walmart, Nike, and Sephora, to offer cash back when you make purchases using a linked payment method. So, it is possible to earn additional savings while you spend. This platform also offers an online checking account and debit card. This option provides real-time roundups, mobile check deposits, and access to fee-free ATMs worldwide.
Opportunities
Furthermore, the app helps you prepare for unexpected expenses by automatically saving a small portion of every paycheck. This feature offers to build an emergency fund for rainy days. Also, Acorns provides a suite of investing tools to help users reach their financial goals. These include a calculator that estimates how much a deposit could grow over time based on various factors, such as:
- initial amount;
- contribution schedule;
- time horizon;
- interest rate.
There is Acorns Later feature that allows users to invest their spare change into a retirement account. The app offers options for SEP, Traditional, and Roth plans, making it easy to save money.
Features
- helps to automate your savings, similar to Stash;
- it is possible to build an emergency fund for the future;
- you can invest your spare change into a retirement account;
- there is a cashback for purchases;
- the app is free to download and use;
- compatible with current Android versions.
