Acorn investing great for people who want to invest but know very little about it. They invest your money after answering a few questions for them and they make the money for you.
You can start as little as $1- or $5- a month by setting up the automatic monthly deduction from your bank account and even though there is a $1- monthly charge for investing, it still a low fee to pay to have your money work for you. There are other plans, but I would recommend at first, the basic plan.
The company purchases fractional shares and you can easily buy a $1- stock on a company that you would not have the money to buy that share easily.
Now the only downfalls are that you cannot but your own shares, they do this for you once you choose your investment profile. And all dividends from the company go back to your cash account for use or reinvestments. So dividends are always paid in cash which is still not that bad.
Now they do have a charge card that you can use and I would look into it but there are some monthly fees to consider. But you cannot beat the no minimum balance or overdraft fees, unlimited fees or reimbursed ATM fees. And money reinvested for you for using their card. So it could be worth it.
Besides all that the company is protected by SIPC ($500,000) which is like the FDIC that insures your bank. Partnered with Lincoln Savings Bank.
Some other things to consider if your money is beyond $5,000- in this case, you might want to look into a premium brokerage account but the fees are still reasonable at $.25 % fee annually.
Google search info:
As of 2019, Acorns had over 4.5 million users and over $1.2 billion in assets under management.
As for now if all stays that same, this company is still worth looking into and investing, until their fees or plans change.
If you are interested click on the $5- Startup link to get free money to invest and give them a try.
Info
$5- Startup Link
