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The spare change collected from your linked cards are set aside until you hit a $5 threshold, at which point is then transferred into your Acorns Invest account. Users link their credit or debit card account to their Acorns account, and the app will do a sweep of the accounts when purchases are made to round up the costs to the nearest dollar and then invest the difference. It's a good strategy for newbies who want to dip their toe into the investing pool before diving all in.Īcorns allows users to micro-invest using the Acorns' Round-Ups® feature, which takes users' spare change and puts it into diversified ETFs. Micro-investing simply means you're investing small amounts of money in the market consistently so that over time your contributions add up. It made our list because it's a good choice for novice investors looking to start small through micro-investing. Who's this for? Acorns is a financial app that gives you access to a robo-advisor, IRAs and even a checking account.
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You should seek independent, professional tax advice before making any decision based on this information. Taxation considerations are general and based on present taxation laws and may be subject to change. While potential SMSF investments have been illustrated within this content they do not represent a comprehensive suite of possible investment products and services within the guidelines pursuant to the SIS Act 1993 with ATO oversight. Past performance is not indicative of future performance. You can view the CommSec Share Trading Terms and Conditions (PDF) and our Financial Services Guide (PDF) and should consider them before making any decision about these products and services. Any securities or prices used in the examples given are for illustrative purposes only and should not be considered as a recommendation to buy, sell or hold. You should assess with the help of legal, financial and taxation advice, whether the information is appropriate in light of your own circumstances before acting on it. The information contained may include general advice but does not take into account the investment objectives, financial situation and needs of any particular individual.
