Does anyone use the app Acorns?

Discussion in 'Stock Market Education' started by queenbellevue, Mar 21, 2015.

  1. queenbellevue

    queenbellevue Well-Known Member

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    It's basically an app that you hook up to your bank account, and anytime you make a transaction, it'll round up the change to the nearest dollar and invest that money. The fee is $1/month.

    Just wondering if anyone here's had any experience with the user experience and whether or not you've made profits from using it?
     
  2. JR Ewing

    JR Ewing Super Moderator Staff Member

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    Haven't used it. I'd be very careful with anything or anyone getting access to your bank account. I'd really make sure I knew who I was dealing with, and read the fine print.
     
  3. SteakTartare

    SteakTartare Senior Investor

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    I haven't used it and likely will not. Business Insider has a good overview of it here. It appears the big upshot is gets people who would not be normally disciplined enough to invest to automatically get a portfolio rolling. Interesting idea and it likely will work for some, but I doubt I'd bother with it at this point in my life.
     
  4. Peakwealth

    Peakwealth Guest

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    My college aged son uses it. It's a long term saving and investing tool - not sure I'd be looking for immediate "profits". It invests in a set of ETF's (believe they use a set of ETF's from Vanguard and i-Shares). Not a bad concept for someone who spends too much without paying themselves first.
     
  5. SteakTartare

    SteakTartare Senior Investor

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    That is a great age to get started. I began in my early 20s and am glad I did. I made some mistakes, of course, but also made some good calls. Though I'd love to take a time machine back to see my early-20s self and give him some advice (financial and otherwise), the net benefit of starting early is still great.

    Anyway, if this little app starts him getting to sock away funds in investments, that is great. :)
     
  6. queenbellevue

    queenbellevue Well-Known Member

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    It's uncanny you say that, because I'm also in college and I'm thinking that this might be a great tool to get me started. Do you know how much he makes using the app? And has he LOST money? The website makes it look like you'll never make a loss.
     
  7. Gelsemium

    Gelsemium Senior Investor

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    I haven't use it and I do share the concerns stated here, I will not connect my bank account to just any app, I prefer to access it myself from a safe location...
     
  8. AtlantaSports

    AtlantaSports Senior Investor

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    I agree with this sentiment. I would not just lend all of my bank account information to some random app. I would definitely need to see some reviews and research in depth about this.
     
  9. AtlantaSports

    AtlantaSports Senior Investor

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    Has he had success with the app? Has he lost money?
     
  10. queenbellevue

    queenbellevue Well-Known Member

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    Here's the link to it https://www.google.com/url?sa=t&rct...=KzwJ3s7HMlPXamKHP8JbHQ&bvm=bv.89217033,d.dGc

    The app itself has 4 star ratings on both the google play store and itunes. It's got decent reviews from financial newspapers as well. Seems quite legit.
     

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