App of the week: Acorns- invest spare change
ASST. FEATURE EDITOR
Investing your money is now as easy as putting pennies in a piggy bank. Acorns, a mobile investment app, can help you to invest mindlessly.
The user links his or her credit or debit card to Acorns and then can begin saving and investing instantly. The app works by rounding up all of your purchases on the linked cards. So if your lunch costs $10.23, then Acorns rounds that up to $11 and puts $0.77 in a brokerage account.
Investing in small amounts usually means it will take much longer to get a return, but users have the option of taking their money out whenever they please. There are also different investment options to choose from with five different portfolios ranging from conservative to aggressive.
Users get professinal guidance for just $1 a month for investment accounts under $5,000.
This app could be creating a new style of investmenting. Acorns does it all for you, it just takes some spare change.