Savanna Hoffman
Acorns is a micro-investing app that helps users invest their spare change. It is a good option for students and newbie investors as it offers a free account for four years for those with a valid .edu email address. After the four-year period, Acorns offers three different pricing models: Lite, Personal, and Family, ranging from $1 to $5 per month. Acorns also has features such as Round-Ups® and Smart Deposit, which help users save and invest their money effortlessly.
| Characteristics | Values |
|---|---|
| Students with a valid .edu email | All fees waived for four years from sign-up |
| Students without a valid .edu email | $1 per month for accounts less than $5,000 in value |
| Students after the four-year period | $1 per month until the account reaches $1 million in value |
| Students with Silver or Gold subscriptions | Earn more with two of the highest APYs available — 2.57% APY on Checking and 4.05% APY on Emergency Fund |
| Students with Acorns Later | $3 per month |
| Students with Family subscription | $5 per month |
| Students with Acorns Google Chrome and iOS Safari browser extension | Earn rewards when shopping online |
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What You'll Learn
- Students with a .
- After the four-year period, students pay $1 per month until their account reaches $1 million
- Students can start investing with as little as $5
- Students can use the Round-Ups feature to save and invest their spare change
- Students can earn bonus investments by shopping at participating merchants
Students with a .edu email address can use Acorn for free for four years
Students with a valid .edu email address can use Acorn for free for four years from the date of sign-up. This is a great opportunity for students to start investing and saving money. After the four-year period, students can continue to use Acorn for a low monthly fee of $1 until their account reaches $1 million in value.
Acorn is an investment app that is perfect for college students and new investors. It offers a range of features that make it easy for students to start investing with a small amount of money. For example, with the Round-Ups® feature, Acorn rounds up transactions made with a linked card to the nearest dollar and invests the difference. Students can also use the Smart Deposit feature to automatically deposit a portion of their paycheck or other regular deposits into their investment or retirement accounts.
Acorn offers three different pricing models after the initial four-year free period: Lite, Personal, and Family. The Lite plan costs $1 per month and gives access to Acorn Invest and Found Money. The Personal plan costs $3 per month and includes access to Acorn Invest, Found Money, Acorn Later, and Acorn Spend. The Family plan costs $5 per month and provides access to all of Acorn's features, including Invest, Found Money, Later, Spend, and Early.
In addition to these pricing models, Acorn also offers the Later Match feature, which boosts retirement savings with a percentage match on contributions to the Later account. Silver members receive a 1% match, while Gold members receive a 3% match.
Acorn is a user-friendly and convenient option for students and new investors looking to start investing and saving for the future. With its automated features and low fees, it provides an accessible way to build a financial portfolio.
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After the four-year period, students pay $1 per month until their account reaches $1 million
Acorns is an investment app that allows users to save and invest their money. It is particularly popular among college students and newbie investors. The app offers a range of features, including the ability to invest spare change, set up recurring investments, and earn bonus investments through shopping at partner brands.
One of the main attractions of Acorns for college students is the fee structure. Students with a valid .edu email address can have their fees waived for four years from the date of sign-up. This means they can invest and grow their money without any monthly charges during this period.
After the four-year period, students can continue using Acorns by paying a monthly fee. The fee structure has been simplified over the years, and currently, there are three pricing models to choose from:
- Lite: For $1 per month, users gain access to Acorns Invest and Found Money.
- Personal: For $3 per month, users gain access to Acorns Invest, Found Money, Acorns Later, and Acorns Spend.
- Family: For $5 per month, users gain access to Acorns Invest, Found Money, Acorns Later, Acorns Spend, and Acorns Early.
The $1 per month fee for accounts below $5,000 in value, as mentioned in some sources, is no longer applicable. Now, the $1 per month fee applies regardless of the account value until it reaches $1 million. This means that students who continue using Acorns after the four-year free period will pay a flat rate of $1 per month until their account reaches a substantial value of $1 million.
It is worth noting that Acorns also offers the Later Match feature, which boosts retirement savings with a percentage match for Silver and Gold subscribers. Additionally, Acorns provides a range of tools, courses, and educational content to help users grow their financial confidence and make informed decisions about their financial future.
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Students can start investing with as little as $5
How Students Can Start Investing with as Little as $5
One of the best ways for students to start investing is through an app like Acorns. With a valid .edu email address, students can have their fees waived for four years from signing up, meaning they can start investing and growing their money for free. After the four years, Acorns offers three pricing models, with the most basic costing just $1 per month. With Acorns, you can instantly invest your spare change when you make a purchase with the Acorns debit card.
Another app that can help students start investing is Stash, which allows you to buy individual stocks or a selection of ETFs. The entry-level account costs $3 per month, and you only need $5 to get started.
Robo-advisors are another option for students who want to start investing with a small amount of money. Robo-advisors are low-cost management portfolios that use algorithms to automatically invest your money based on your risk tolerance. Some popular robo-advisors include Betterment and Wealthfront, which typically charge 0.25% of your assets per year.
Students can also open a long-term savings account, such as a Roth IRA, through a broker, bank, or investment company. These accounts are designed to be held until the student turns 59 and a half years old, and early withdrawals are heavily taxed.
To start investing, students should calculate their monthly income and expenses to determine how much they can afford to invest. It's important to prioritize an emergency fund, which should include around six months' worth of living expenses. Once students have a financial cushion in place, they can take some of their savings and start investing it.
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Students can use the Round-Ups feature to save and invest their spare change
Students with a valid .edu email address can use Acorns for free for four years from the date of sign-up. After that, Acorns offers three different pricing models: Lite, Personal, and Family, ranging from $1 to $5 per month.
Acorns is a great way for students to save and invest their money, and the Round-Ups feature is a particularly useful tool for students to get started. The feature allows users to invest their spare change from everyday purchases. For example, if a student buys a coffee for $2.70 with a card linked to the Round-Ups feature, the purchase would be rounded up to $3, with the extra $0.30 going into their Acorns Invest account.
Students can link multiple credit and debit cards to the Round-Ups feature, and there is no limit to how many they can add. This means that they can maximise their spare change investments by linking all their spending cards. The Round-Ups feature also allows users to multiply their investments by 2x, 3x, or 10x.
The Round-Ups feature is a great way for students to start saving and investing without even noticing. It is a simple and effective way to build up savings and investments over time, and the earlier students start, the more time their money has to grow.
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Students can earn bonus investments by shopping at participating merchants
Acorns is a micro-investing app that helps young investors get into the habit of investing. It is a good option for students and newbie investors as it allows them to invest with as little as $5. College students with a valid .edu email address can have all fees waived for four years from the date of sign-up, allowing them to start investing and growing their money for free during this period. After the four years, Acorns offers three different pricing models: Lite, Personal, and Family, ranging from $1 to $5 per month.
Acorns offers a variety of tools and features to help users save and invest their money. One such feature is the Round-Ups® tool, which automatically rounds up purchases made with the linked card to the nearest dollar and invests the difference. This feature helps users save and invest their spare change without even noticing it.
In addition to the Round-Ups® feature, Acorns also offers bonus investments when users shop at participating merchants through the Acorns Earn programme. By using a linked credit or debit card or the Chrome browser app, users can earn cash back and rewards when shopping online or in-store at thousands of top brands, including Apple and Walmart. These rewards are automatically deposited into the user's Acorns account, usually within 60 to 120 days.
The Acorns Earn programme is a great way for students to maximize their investments while shopping at their favourite brands. By taking advantage of the cash-back and reward offers, students can boost their investment portfolios and grow their money faster. This feature not only makes it easier for students to invest but also encourages them to make smarter financial choices by shopping at participating merchants.
Overall, Acorns provides students with a simple and accessible way to start investing and building their financial future. With its user-friendly platform, low minimum investment requirements, and bonus investment opportunities, Acorns empowers students to take control of their financial journey.
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Frequently asked questions
Students with a valid .edu email address can have their fees waived for up to four years from the date of sign-up. After the four years, students will have to pay a monthly subscription fee.
After the four-year period, students will pay $1 per month until their account reaches $1 million in value.
Students will need to link a checking or savings account to their Acorn account to pay the monthly subscription fee.
