WHAT IS ACORNS? Acorns is a “mico-investing” service that allows you to invest your spare change into the US stock market. The app connects to your checking and credit card accounts and your purchases get rounded up to the nearest dollar. Those “round-ups” are then placed into an investment account for you. You’re free to withdraw your money whenever you’d like, as often as you’d like with no fees or penalties.
WHAT’S GOOD ABOUT ACORNS? Easy to set up and get started, with no minimum balances required. This is a great way to begin investing in the stock market. The automation aspect means you don’t have to think about it.
WHAT’S NOT SO GOOD ABOUT ACORNS? The web interface isn’t as good as the mobile app. Fees can get high. Tax time can be a hassle when you’re waiting on IRS documents for a relatively small balance.
COST TO USE ACORNS: $1 – $3 per month, depending on your plan; free for students.