Acorns is a fintech company helping people to save money through their AI-based services on their digital applications. The concept of saving by accumulating ‘changes’ is old but served on a contemporary platform. This is the exact idea that Acorn has adopted. It is ideal for people who have difficulty in saving money. The app uses its AI to save extra ‘changes’ whenever a user buys anything through their linked credit or debit card. Moreover, Acorns lets users save money directly and invest it also. It is an extremely user-friendly app that has a fixed amount of fee for account management which ranges from $1, $3, and $5. It is affordable and is targeted to help millennials save their money. The app not only helps save changes but also offers cashback at select retailers. The best part of the Acorn app is the valuable AI-based advice that it provides for choosing investment portfolios. It also has educational content which helps in understanding ways of savings and money management.
Features of Acorn App
1.AI Based Savings Management: The app has a robot advisor system with AI to manage the saving operations. Credit and debit cards can be linked to this app which sweeps out the ‘changes’ left from a transaction and puts it in an investment portfolio. It actually helps to ’round-up’ each transaction and invest the ‘change’ or the difference.
2.Affordable charges: There is no fee to open an account. But $5 is required to start investing. Then again different types of accounts can be opened at $1 which is a taxable investment account $3 for checking, investment, and IRA account, and $5 for accounts dealing with taxable investment as well as checking, IRA account, and an option for opening an investment account for kids. Closure of accounts is also easy and only $50 is required for every ETF to be transferred to other brokers. Also, Acorn does not charge anything for selling investments and for money transfers.
3.Types of supported accounts: It supports several kinds of accounts for smooth and easy management of money and investments. The type of account ranges from checking accounts, non –retirement accounts for individuals, IRA accounts to accounts for kids. One can choose according to their requirement and also the advice provided by the application.
4.Investment Account & Portfolio: There are a number of investment portfolios provided by the Acorns app, after taking into consideration, mainly the cash flow. The AI after getting the investor details comes up with recommendations of investment advice and portfolios. It offers five different portfolios for investment and they are conservative, moderately conservative, moderate, moderately aggressive, and aggressive.
5.Customer Service: There is a very well equipped, accessible customer service team working for Acorn. Any query regarding the app or investment can be sorted out by the customer service. Moreover, any advice or suggestions, as well as minor changes that need to be made, can be also done by using their customer service plans. They have a phone call service, a chat service, and also email. The solutions are prompt and problems can be solved fast and easily.
If you have nothing to save or need a nudge to start saving without sacrificing your lifestyle then Acorns is a good start. So, if you want to make the most of your spare change and get the occasional kickback from the retailer, there’s really no better place to do that, especially because IRA accounts are supported by Acorns. The bottom line is that the Acorns is reasonably expensive. The percentage is a big bite of your money if you’re spending low amounts. However, if you need the boost and auto-saving portions then check it out.