accounts to external bank accounts and debit cards. When you swiped your debit card, Acorns rounded the purchase up to the nearest dollar. Through this process, Acorns invested your round-ups once they totaled $5. , you can still invest round-ups, and the process is simpler and more beneficial to you. Instead of waiting for your round-ups to hit the $5 mark before investing, Acorns invests your spare change automatically when you use the Spend debit card.
"The Spend card allows us to do it in real time because the bank account and the investment account are both with us," Noah Kerner, CEO of Acorns, tells Business Insider."Let's say you make five transactions a day," Kerner says. "Because it's happening per transaction and happening in real time rather than every couple of days, you benefit from the increased frequency with compounding."is linked to an Invest and Later account.
"When we talk about a financial wellness system, the concept of these products working together this way, that's really what the vision of of Acorns is," Kerner says.Acorns does not have an ATM network, but it doesn't charge you a fee for using an ATM.debit card at any ATM that accepts Visa cards. If the provider that owns the ATM charges a fee, Acorns will reimburse you. You'll receive your ATM refunds at the end of the month.
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