There is absolutely no way I'm letting an app access my bank account. Even if the developers are serious people and want to do no harm, there is no way to guarantee that they won't be hacked and your account is then compromised.
It seems like a good way of saving for a small item but it wuld take some time for enough funds to build up for a significant investment to be made. There's a similar scheme involving Bitcoin too and whilst it could certainly benefit some people, it would take to long to amass a decent amount.
Sorry - just saw this. This isn't a get rich quick strategy. It's a methodical way to create forced savings and dollar-cost-average. Over the last few months he's probably added $40. Just looking at his recent transactions; $7.05, $6.30, $5.33, $5.26 and it looks like he has it set to sweep over to Acorns every two weeks. When the money gets swept the system buys shares of ETFs that he has set up. I assume he's in all equity based ETF's. So when the market goes down he buys more shares, when the market is up he's buying less shares, and over time he'll have a lower overall cost basis. If he sticks with this long-term, he'll do well. Since the S&P 500 is up about .6% YTD, I assume he's up a few bucks.
That's actually a pretty decent piece of equipment. I might try it I think that maybe it could help me in the future. I never knew that there was an bit actually dealt with things like this. Something that is capable of investing for you definitely is an interesting piece of equipment. It's been a long time since I've invested in any software that actually deals with investment.
You should be able to set up automatic withdrawals / transfers between your broker dealer and bank (or two or more different accounts at the same institution) without using some "app" from a third party.
