The last time I posted we were going over different tips on how to budget. In that post I began talking about Acorn Banking, and the benefits of using them over a more traditional style banking. I did not go over everything I liked about Acorns in that post because I felt it would take up so much of the post. If you would like to check that one out, here is the link.
Today I would like to continue on with that though, and talk about why I recommend Acorns to every person, even if you are not in college. I feel like it is a bank that can be invest in your future! So let’s take a look at Acorns today and find out if it is right for someone like yourself!
Acorns Banking Overview
Bank Owner- Lincoln Savings Bank
Overall Review- 9.8 out of 10
Pros- Easy to use, savings account based on stock market, later account for retirement funds, spending account for everyday purchases, can lock your card at the push of a button so it is unusable, sturdy debit card, easy to use app that allows you to invest into your account directly, never have to worry about change if you opt in to have change moved to your savings, different stock profiles to choose from, can opt in and out of spare change with the push of a button, responsive costumer service, ATM reimbursements, free five dollar investment when you sign up!
Cons- can take a few weeks to receive debit card, no physical locations so it’s all online and on the app, have to use ATM to get money which comes with fee (those fees are credited back into your account every month though!), there are monthly fees though those are low when compared to some bank plans
Cost- 5 dollar investment, 1-6 dollars a month depending on the accounts you want to add, (core stock 1 a month, spend account 3 a month, and later account 2 a month)
Recommend- Highly Recommend!
Acorns Banking- Stock Market
So Acorns big thing is the fact that they allow you to invest in stock in small amounts. If you just sign up for the savings account, which goes into the stock market, you can transfer money over to that savings account. I have mine set to automatic, fifty dollars, every two weeks.
This makes it easy to begin investing in stock, which usually leads to good returns later on in life! You can invest in as much or as little as you want!
When you first sign up you will be asked what type of investor you are, and you can choose aggressive, moderate, or conservative. Aggressive has a chance of a higher payout, but it also has the potential of being the profile that is hit the hardest when the market goes south. I prefer this market because the rush involved with it!
What really sets these guys apart though, is that you can also opt in a program that allows your spare change from a transaction to be transferred to your stock market! You can either do this through an external bank, or you can actually do it through you Acorns Spend Account, if you want to bank with them!
You also have the option of doubling, tripling, and even taking the change amount and multiplying it by ten, to have that transferred to your account after a transaction. I usually do the double, which means if there is .15 cents left after the transaction, they double it to .30 cents. It is a really cool and innovative way to get people interested in the stock market!
Easy to Use App
Another great thing about Acorns Banking is the fact that the app is so easy to use! The app is where you can do almost everything you need done. You can deposit checks through the app, set up direct deposit, check your balance on all your accounts, check the stock market value of your accounts, and even lock and unlock your card!
This kind of banking is perfect for the college student because you can do everything with a touch of a button. That is typically all it takes to get things done with Acorns!
One thing I absolutely love about the app is the fact that I can log in and lock and unlock my card just by pushing a button! I ALWAYS keep my card locked until I need to pay for something, then all I do is push the button and unlock it, and then lock it after I finish the transaction.
Another reason that is so good, especially for the college student, is for free trials. Do you want a free trial with Netflix but you are worried you may forget to cancel it before they charge you? Just keep your card locked and they cannot charge you! It is so simple and it works like a charm!
If you get paper checks (although it is the modern era there may be some of you who still have to deal with those), you can sign the back of it, follow the prompt on the app, and it will deposit the check for you! It’s as simple as that!
Strong, Modern Debit Card
This is an odd one, I will admit, but it is one that I had to add in here! When you are signing up for the Spend account you will be asked to digitally sign your name. You will receive your card in the mail, and on the back will be your signature engraved into the card! It is actually pretty cool.
The card itself, you will find, is quite heavy as well, at least compared to other debit cards. This is because it is made tungsten, which is a rare heavy metal. This is done with a symbolic meaning, reminding us how important it is to save our money and to budget.
I get comments all the time from people saying the card is heavy and cool looking. That is something I value a lot, but that is because I like leaving impressions on people who I may be able to network with!
The card is also a very pretty green color. Just thought I’d throw that in there!
Reimbursements of Withdraws
Another great thing about this bank is that you get your fees from the ATM reimbursed every month! So if you do have to take money out at the ATM, and they charge you a fee, you get that money back! No forms, no hassle, none of that! It comes back on automatically every month!
This is just a small courtesy they do that I thought was nice and wanted to add into the review!
Sign up now for free Investment!
Now is the time to sign up! If you do so you actually get a five dollar investment put into your account! That is free money for you! I am confident that you will enjoy this banking app a lot!
This banking is perfect for all those that are really for a new era in banking! It is for those ready to invest in their future! Acorns is for you my friend!
If you interested in more than just banking, and want to know a way to make money online while you are doing your studies, check out my top choice here! Don’t miss out on that opportunity either! It’s free too!
If you have any questions or comments be sure to leave them below and I will get back with you as soon as possible! Don’t forget to subscribe so you don’t miss any post, and share with your friends so they can take advantage of this as well!