About Acorns Investment App
Acorns Investment App, found online at Acorns.com, is a new mobile application which says that it gives people the ability to invest their “spare change” with almost no time or effort on their part.
How Does It Work?
The Acorns app allows people to sign up for free and then create connections between their investment account and any credit cards, debit cards, and checking accounts that they choose. Once these connections have been made, Acorns Investment App will round all your transactions up to the next nearest dollar, then take that spare change and invest it into your portfolio.
When you set up your account initially, you will answer questions about your age, investment goals, timeline, and the amount of risk you are comfortable taking, and their “intelligent investing” design will recommend an investment plan for you, though you are always welcome to increase or decrease the level of investment risk based on your personal comfort.
Your portfolio will be composed of six index ETFs and customers who want more information are invited to their Investments page to get information about the individual funds, what they contain, and why they were selected.
It is important to note, however, that any income earned from investments must be reported in your yearly taxes. Acorns Investment App will provide you with a Form-1099 at the beginning of each year, and your Acorns account will walk you through all the information you need to fill it out correctly.
At this time, the Acorns Investment App is available for Apple mobile devices which use iOS 7 or 8, and Android devices which run 4.1 or higher. The website also says that soon there will be an Acorns web app available.
The fees are designed to be as simple as possible. For accounts that are under $5,000, users will be charged $1 per month to maintain their account. Accounts over $5,000 will be charged .25% per year. These fees allow users to withdraw money whenever they choose without penalties, no minimums on your account balance, and more.
There is no Refund Policy, because as long as you are registered the app will be performing its functions on your behalf. If you wish to discontinue use of this app, you must contact their Customer Service team immediately with the subject line “Close My Account.” Simply deleting your app from your device will not stop your transactions or terminate your account.
Customer Service Contact Info
Customers who wish to contact Customer Service with questions, concerns, or complaints can do so by phone at 855-739-2859, or by submitting them directly to their website.
Various publications like USAToday and TechCrunch are excited about this mobile application and their approach to investing. Some articles project that the average user will find about $50 per month in spare change that will then be invested for a return of about 4-9% per year, and with no sign up fees and minimum account management fees, it is generally being recommended as a good option for those that are interested in low-involvement investing options.
Competitors and Alternatives?
There are other companies that are working to give people easy, simple investment strategies that require little time and effort on their part, while still providing them with the ability to make positive returns on their investments, like Betterment.com, Vanguard, Wealthfront, and many others.
If you have experience with the Acorns Investment App, please leave your reviews below.
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