Banking

Acorns 101

Acorns is a simple app that rounds up everyday purchases to the nearest dollar and automatically invests the excess into a pre-determined portfolio. While the individual contributions may seem small, they add up.

Most importantly, Acorns is painless and effortless and is thus helping to change and shape investor behavior. Globally, there are a number of apps similar to Acorns, such as Mylo.ai in Canada. This is a revolution for investors who are hesitant to take action or are simply ignored by traditional financial advice models.

If you aren’t familiar with Acorns, I suggest you watch the introductory video below (originally aired in 2016). Since its founding, Acorns has created over 3 million accounts. Leveraging its success to expand its reach into traditional banking and wealth management, Acorns recently launched an FDIC-insured checking account so Acorns investors no longer need to link to 3rd party bank accounts.

Keep watching Acorns for further developments.

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Categories: Banking, Fintech, Wealth Management

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