If you’re thinking about closing your Acorns account, there are a few things to keep in mind. First, make sure you have enough money saved up to cover the balance on your account—you can’t just withdraw any amount you want and leave the rest of your money on the account. Second, consider whether you actually use Acorns. If not, closing your account may not be worth it. Finally, if you decide to close your Acorns account, be sure to do it in a way that’s consistent with the company’s policies and guidelines. ..
What you MUST know about Acorns Investing
Acorns Investing is a new way to invest that’s perfect for people who don’t have time or money. Acorns round up your everyday purchases and invest the spare change in low-cost index funds, without any fees whatsoever. Every day it takes the little bits of cash you’ve earned from buying coffee, clothes, gas, etc., and puts them into stocks like Apple, Facebook, and ExxonMobil. We do this because research shows that over time these small investments can really add up: on average $250 invested will become about $3700 in just five years!
*To get started with Acorns Investing download their app on your phone (it’s free) You’ll connect all of your bank accounts to Acorns Investing and they’ll round up your purchases to the next dollar. For example, if you spent $15.25 at Starbucks, Acorns will take that last 75 cents of change and invest it for you. Once connected with Acorns Investing’s app all you do is set a target date when retirement starts (e.g., 2030) and an account goal (e.g., 100k). So after five years on average someone who invested just $250 every day would have saved over $3700!
*If investing isn’t for you, this service also offers personal loans which can be used as emergency funds or investments themselves depending on what suits your needs best!
Every day people are making millions off their spare change. Acorns is a company that invests your spare change so you don’t waste it!
What They Offer:
– Round up purchases to the next dollar and invest over time for retirement or emergency funds*
– Personal loans, which can be used as investment or emergency fund themselves depending on what suits your needs best! (See different options below):
o I have an excellent credit score of 700+ and make more than $100k annually ($280 per day after taxes) o I have my own business with less than two years in operation but am still able to meet obligations when needed – You will need at least $2500 available in savings before applying for this loan option o I want to buy a house within the next two years, but I don’t have enough saved up
o I need to pay off a debt that has been collecting interest for too long*
– Investments: Acorns will invest your money in ETFs (exchange-traded funds) which are diversified investments made on the stock market! This is great because you can get more investment options than if you were investing yourself. Investments also come with a low fee of 0.25% per year!
– Stocks: If they offer stocks, this would be another way to put your money into something other than an exchange-traded fund and gain some control over what ends up happening to them! You could choose stocks from companies like Apple, Microsoft, or Exxon Mobil. The drawback is you have to wait for them to increase in value and then sell them before they lose money.
– Bonds: If your company offers bonds, this would be a way of investing that doesn’t require as much risk or time commitment.
Acorns won’t charge withdrawal fees or a minimum balance fee, which allows you to put as little as $1 into your account and still be able access it at any time. Finally, Acorns also doesn’t charge commission when trades are made.
Log into your account on either an Android or iOS smart deviceSelect the appropriate account (Invest or Later) and click “Withdraw”Enter a dollar amount then click the option that says “Withdraw” to proceedType in your password at the next prompt, confirming when finished.
Acorns is a great way for frugal and nervous investors to start saving. Round-ups are an easy way to make small investments, and you can even increase your contributions over time if you’re feeling more confident.
