![]() You could get lower fees and a higher return on your investments by working with more traditional investment firms. The limited portfolio options and lack of access to investment advisors also make Acorns a less desirable option for more advanced investors who want a hand in where their money is going and how it is being invested. That said, the fees associated with Acorns are much higher than you would find if you took a more traditional investment approach, especially because most Acorns users are not going to be investing enough to make the flat fees financially competitive. The automated options make investing a process that requires very little thought or effort on the part of the user, and that can be great for those who might otherwise spend simply because the money is in their account. We like Acorns for new or reluctant investors who have a hard time putting money aside and reminding themselves to save. You can also access family financial advice and learn how to save on your taxes with these investments in mind. Early: Limited to the Family account, Acorns Early helps you to establish investment accounts for your kids, and you can have as many as you want for no additional cost.Spend: Also available through the Personal and Family plans, Acorns Spend is an all-in-one banking hub with chequing, ATM access, mobile deposits, and built-in investment and retirement accounts. ![]() This product walks you through how to set and meet goals to save for retirement, updating you as you go on how you are doing in the achievement of those goals. Later: Available in the Personal and Family plans, Later helps you establish and pay into a retirement plan.You gain access to hundreds of investment articles written by finance experts, and you can even earn bonus investments through a variety of money partners. Invest: Offered through all three tiers, Acorns Invest helps you to set your spare change aside and automatically invest it for the future.Wealthsimple customers can access these tools through a sleek mobile app, available on iOS and Android or through their online interface. ![]() The wealth management platform initially provided a robo-advisor service but has since grown into a full investing and banking service, offering an online brokerage, hybrid bank account, crypto trading, and a tax-filing service. Today, Wealthsimple manages $5 billion in savings and investments for approximately 175,000 customers. If you don’t have to think about it, those investments are far more likely to be made. Though to be fair, the automatic investment option is one of the biggest benefits that Acorns has to offer. You can even set your investments to manual if you prefer, allowing you to go in and turn your change into one-time investments as you deem fit. The rounded-up change from your purchases sits in a virtual account and is invested for you on the timeline you set - daily, weekly, or monthly. Drop $3.75 on a cup of coffee? That leftover quarter is going to find its way into your Acorns account. If you spend $10.50 on lunch, Acorns rounds that amount up and invests the additional $.50 for you. Microinvesting and Spare ChangeĪcorns works by helping you invest with every purchase you make. ![]() ![]() But doing it this way is far less stressful than trying to come up with a big chunk of change.Īnd quite honestly, it’s more feasible for most people, which means even those who think they aren’t in a financial position to begin investing yet (something it’s easy to convince yourself of when you’re otherwise living paycheck to paycheck) can start storing those acorns away. The thought process is simple: small investments made over time add up quicker than you might think. It helps its customers save small amounts at a time (tiny acorns) rather than forcing you to commit to making big investments you may not otherwise have the money for. In fact, the moniker is a metaphor for what the company helps you do - squirreling acorns (in this case, money) away for winter (your future).Īnd that is how the app works. “Acorns” isn’t just a randomly chosen, mostly meaningless business name. ![]()
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