Acorn App

[disny_luvr]

Does anybody have any experience with this app? If I’m understanding this correctly, I can link my accounts to this app and then it will round up all my purchases to the nearest dollar and invest the change into stocks and bonds. I can also deposit a set amount of money into the account weekly, monthly, etc. If you use this app, am I understanding things correctly and do you like it?

Thanks!

 

[goofy kc]

i have used it for a few years now. Rounding up transactions nets me +/- $500 a year. Just cashed out some funds to pay for a park ticket for my niece who we are treating to a graduation trip. Last time we withdrew it was for to renew an annual pass. I highly recommend it - you won't earn much but it is a nice way to painlessly build some savings. We only use it for travel/Disney.
I adjust my weekly deposit depending on the time of year but it is usually $6. That plus the round ups adds up nicely.

 

[disny_luvr]

Thanks for your response. I can’t seem to find any negatives so I think I’m going to sign up for an account. Thanks again!

 

[nerak]

The only negative (and it isn't really a negative to me but seems to have caused quite an outrage with some people on Twitter) is that you have to wait a while to get your tax form (you are supposed to report any dividends earned over $10.). I just got my 1099-MISC on Friday. It's not a problem for me to wait because I just throw my tax returns into my savings account and try not to spend it but if you are a person who likes to do them right away, it might be a slight inconvenience.

 

[stace1214]

We love acorns! We seem to average a little more than $500 a year. An easy way to save for trips!

 

[NinaBella]

I sign up and canx 24 hours later. It has you provide all you banking account log in info. If you have multiple joint account such as with your four kids, it allows the round up from all accounts so you have to be careful. I was working on roundups and found money and discovered I had selected
To round up from my kids. Removed those accounts from being linked from the round ups. Then got an email saying they couldn’t transfer the roundups because my bank said in possibly did not have sufficient funds. Looked closer at the app and it was trying to take the roundups from my 14 year old daughter youth banking account. I just got annoyed. I can increase my contribution to my other investment acoounta instead.

It’s an investment account not a savings account so withdrawals have to be reported on your taxes. Definitely wouldn’t suggest it as a vacation fund.