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Acorns--Invest $10 in Your Future for Only $5

$5.00
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**NEW CUSTOMERS ONLY**

This deal is for an electronically-delivered gift card and is only redeemable by new Acorns customers who have not yet created an Acorns account, or begun the account registration process. After purchasing, please follow the instructions on your voucher to create your Acorns account. When your account is approved, you'll receive an email with steps to redeem your electronic gift card. You must be a new Acorns investor to redeem.

$10 to invest in your new Acorns investment portfolio, composed of more than 7,000 stocks and bonds.
All the benefits that come with Acorns, including Round-Ups so you can automatically invest spare change, and Found Money, where 200+ brands invest in you when you shop.
Access to Acorns Later, the easiest way to save for retirement.

https://www.groupon.com/deals/acorns
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Created 06-11-2018 at 10:25 AM by DrewR5734
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51 Comments

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#2
Can someone please explain in simple term like what is this and how this spare change works ?? Plus the gift card side??
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#3
I have read that unless you put a lot of money in acorns right away that the monthly fee's basically just cause you to lose money. Don't come out ahead until enough in the account, apparently other options are better investments. Though for someone just wanting to start some way shape or form into investing this may not be a bad deal.
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#4
Quote from awdawg
:
I have read that unless you put a lot of money in acorns right away that the monthly fee's basically just cause you to lose money. Don't come out ahead until enough in the account, apparently other options are better investments. Though for someone just wanting to start some way shape or form into investing this may not be a bad deal.
There is monthly fee?
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#5
Can someone else please explain the tax implications of using a service like this? It seems like an actively managed account service, so they could potentially make hundreds of trades over the course of a year?

Typically, basic data (cost basis, purchase date, close date, gain/loss) are reported at tax time for every transaction throughout the tax year. Is it just me, or does this seem like a giant headache? If I have to enter 500 individual trades when I file my taxes, I won't enjoy it.

Just looking for some input from someone with experience...
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#6
One word...Robinhood
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#7
Quote from kc4vdx
:
One word...Robinhood
Seconded
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#8
Quote from xxxHolic
:
There is monthly fee?
"You won't see many Acorns reviews telling you that there's a danger to investing too little. Acorns fees are$1 per month for all accounts with a balance under$5,000 and .25% of the balance per year on accounts over $5,000. Compared to traditional management, mutual funds, and DIY ETFs, this fee is incredibly low."
https://www.policygenius.com/blog...vestments/
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#9
Quote from xxxHolic
:
There is monthly fee?
I think $1
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#10
Quote from xxxHolic
:
There is monthly fee?
$1 per month
Acorns fees are $1 per month for all accounts with a balance under $5,000 and .25% of the balance per year on accounts over $5,000.

Not saving <<< Acorns << RobinHood.

Only plus to Acorns is that it lets you purchase fractional shares, and has various "conveniences" that help you save in different ways.

The more responsible, similar choice is investing in low cost index funds (with $0 platform fees, i.e. Robinhood) based on your risk tolerance.
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#11
As someone mentioned previously it only makes sense if you put in a good chunk right off the bat. I've had an account for ~1 year. I put in $500 right away. Made about $25 or so. After the $12 in fees ($1 per month) I've made around $13. Not a huge money maker, but better than nothing
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#12
Okay, having used acorns for a year, not growing the money positively, I canceled the account. So I can tell you how it works, the risks and potential rewards of this thing. It essentially rounds up the amount you spend. Say, you spend $52.30 on grocery, and you allow automatic round-up (it's a setting in the app), it will round up the amount of 70 cents and withdraw it from your account every $5. You can also do auto investments/recurring /onetime. The money is invested in the market based on your profile selection. You can define your affinity for risk vs stability.

The app is well made overall.

However, until and unless you have decent money in the account, you will most likely be in the red with the account due to the account fees.

As someone pointed out, if you don't want fees, goto Robinhood. This is for people who are too lazy to save money on their own.
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#13
I started 28th of January this year. ~2700 invested, total gain ~71
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#14
Quote from awdawg
:
I have read that unless you put a lot of money in acorns right away that the monthly fee's basically just cause you to lose money. Don't come out ahead until enough in the account, apparently other options are better investments. Though for someone just wanting to start some way shape or form into investing this may not be a bad deal.
Yeah, i tried this but ended up just doing robinhood with the funds, just etf at robinhood to get a start on saving
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#15
Acorns fees are low compared to other wealth management services, but the fees are considerably higher compared to no-fee brokers such as Robinhood. So if you comfortable directing your own investments, you can save more with Robinhood.

https://www.nerdwallet.com/blog/i...ns-review/

"For context, Acorns competitors like Wealthfront and Betterment charge 0.25%, and generally offer a higher level of service, with tax assistance, better user interfaces and more diversified portfolios. Stash charges $1 a month for balances up to $5,000 and 0.25% for balances over $5,000. We would argue that Acorns provides more value than Stash by way of roundups and portfolio management."
Account balance Acorns Acorns Later
$100 12% 24%
$500 2.4% 4.8%
$5,000 0.24% 0.48%
$10,000 0.12% 0.24%
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