If you find this review helpful, sign up using Barbaro’s Link.
Acorns is an investment app that rounds up your everyday purchases and invests it for you. On the app, link your bank accounts and credit cards, and they automatically round up your purchases to the nearest dollar. For example, if you spend $4.25 at McDonald’s, Acorns rounds it up to $5, and 75 cents are automatically invested for you. Once your round ups reach $5, Acorns pulls it from your account and invests it for you.
When you set up your account, Acorns will ask you about your risk tolerance. All future investments will go toward a portfolio that aligns with your risk tolerance selection.
Acorns Referral Program
The base bonus is $5 for the new member and $5 for the person referring. The $5 is paid out after the new account is set up, and the first investment is made.
Acorns, as most new platforms, runs a massive referral program. Acorns is currently offering a $1000 bonus for referring 12 friends. Go to the refer a friend tab, and you’ll find your invite friend link.
Acorns also allows you to set up recurring investments. You can set automatic transfers from your bank account weekly, biweekly, or monthly. You can add or withdraw money at any time.
Acorns Found Money
also has a section called Found Money. In this section, you’ll find standard offers, similar to what you find on shopping portals. You will receive a certain percentage in cashback from the transaction. This section also has fixed offers, for example, sign up for a plan and receive $30 at At&T.
This is the section where you can open a retirement account. You can make contributions to a 401k.
This is a new feature that gives you a checking account. You’ll receive up to 10% bonus investment from 350+ local businesses. No minimum balance fee, no atm fees, and no overdraft fees.
-$1 monthly fee for Acorns Core account (free with a student email .edu email)
-$2 monthly fee fors Acorns Core + Acorns Later.
-$3 for Acorns Core + Acorns Later + Acorns Spend
These are the only fees I am aware of, but please do your own due diligence. This is not financial advice.
If you are only doing this for the round ups, the $1 monthly fee will eat most of your gains. However, if you use it in conjunction with the other features, it is worth it. The automatic investment, plus the Money Found, and the zero atm fees will more than cover the $1 fee. Finally, if you’re able to sign up 12 people for the month of March 2020, you’ll be able to receive a $1000 bonus. If you want to give it a try, use my link at the top of the page to sign up.