Using the app is easy. It requires you to create an account by entering your personal information. You’ll also need to link up your credit cards by following the app’s step-by-step instructions. Make sure you connect all cards that you use on a daily basis to reap the benefits. Then, spend like normal. The app works by rounding up your purchases to the nearest dollar, adding the spare change to your selected portfolio, and investing in the stocks you pick.
You can invest your money into five different fund types that range from conservative (such as cash and bonds) to aggressive (over 80% allocated to equities). The app allows you to change your preferences, so you can gradually move up if you start with the easiest portfolio. You’ll need at least $5 worth of change before you can start investing, or you can deposit as much money into the app as you want. Unlike traditional apps that store your spare change in a separate account, the Acorns app lets you invest your money and increases the likelihood of saving more of it.