Acorns is a finance company that allows individuals to round up purchases and automatically invest the change. The proprietary financial engine allows customers to round up spare change from everyday purchases and invest these sub-dollar amounts into a professionally managed portfolio of index funds. One needs to connect any credit or debit card and a checking account, then spend money as usually to watch its portfolio grow with the market.
Acorns is an American financial technology company based in Irvine, California. Acorns was the pioneer in micro-investing, being the first company to launch an app that does so. The way the app works is that the user first creates an account and selects one of many pre-built portfolios to invest in. The user then connects a debit or credit card to their account. Every purchase gets rounded up with to the nearest dollar, the cents used in the round up then get invested in the selected portfolios.
When Acorns first launched, it only charged a $1 fee for its service but since then the company has expanded to offer more products and created different pricing structures. Its current services come in three different price levels with the basic round up investing only costing $1 a month, the $2 plan offering the investing and an IRA, and the $3 plan offering both plus a checking account with zero fees. Users can also choose to manually transfer funds to invest if they wish to.
Acorns mission is to look after the financial best interests of the up-and-coming, beginning with the empowering step of micro-investing.
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