Using Acorns for savings?

[Jason Fry]

Acorns seems to be designed to round up your debit transactions and deposit the "roundups" into an investment account.

Anybody use it for this? How do the roundups come out of your regular debit account?

I'm thinking about using Acorns as a rat hole, stashing some rainy day money there that my wife won't know exists. Divert from paypal to Acorns, before it ever hits the bank. She tends to spend what she knows about, lol. Anyone use the Acorns banking? Main downside seems to be a $3 monthly fee.

Thoughts and experience?

[bbqfan5909]

Best thing we ever did was direct deposit a percentage into a savings account. Forced us to save money along with a 529, 401k, etc.

[Jason Fry]

I've got some IRA's with a balance but getting no contribution. I've got a 401K and a pension with regular monthly contributions. What I don't have is a savings account of consequence.

[Dushon]

I looked into it. You have to use a large bank, and I bank small town. So there’s that


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[Man]

Ive been pondering this as well. I'm not worried about the $3 monthly fee as much as the complications of setting it all up.

[Flex]

I set it up off my paypal. Just out of curiosity. Was very easy, I set my portfolio to very aggressive, and I set up to where paypal drops $20 in automatically each month.

Only had it about 6 months. So not much to see. But I figured at $20 a month its worth a shot, maybe it will snowball. If it doesn't I will cash out in a year or two and buy a gun or something that holds value instead.

[steve corn]

I thought this was going to be about collecting acorns to throw out instead of corn or something. LOL

[EliteDriver]

Just collect pea gravel....

[Throwin Darts]

I set it up off my paypal. Just out of curiosity. Was very easy, I set my portfolio to very aggressive, and I set up to where paypal drops $20 in automatically each month.

Only had it about 6 months. So not much to see. But I figured at $20 a month its worth a shot, maybe it will snowball. If it doesn't I will cash out in a year or two and buy a gun or something that holds value instead.

Their fee pencils out to a 15% load on your investment. Ouch.

[Doublelunger]

I use it for for christmas presents at the end of the year..usually ends up at about $700

[Jason Fry]

I set it up off my paypal. Just out of curiosity. Was very easy, I set my portfolio to very aggressive, and I set up to where paypal drops $20 in automatically each month.

Only had it about 6 months. So not much to see. But I figured at $20 a month its worth a shot, maybe it will snowball. If it doesn't I will cash out in a year or two and buy a gun or something that holds value instead.

That's kind of what I was thinking. Set up a 20 draft off of paypal, and also dump chunks in there as it's available. Not as an "investment" per se, due to the out of whack fee relative to ROI, but as a place to stash out of sight.

[Flex]

That's kind of what I was thinking. Set up a 20 draft off of paypal, and also dump chunks in there as it's available. Not as an "investment" per se, due to the out of whack fee relative to ROI, but as a place to stash out of sight.

Bingo. If i had 5 or 6 digit numbers in my account to invest I'd hire a pro. I don't. Figure if i invest 240$ over two years, and there is a chance it ends up being maybe a few more dollars. That is a win.

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