Here’s a new way to fund your Acorns account

|
Here’s a new way to fund your Acorns account
Image Credit: Acorns
Team Clark is adamant that we will never write content influenced by or paid for by an advertiser. To support our work, we do make money from some links to companies and deals on our site. Learn more about our guarantee here.
Advertisement

If you’re familiar with Acorns, you probably know it’s an app that lets you invest spare change and hopefully turn it into big bucks over time.

Acorns accomplishes this by tracking every purchase you make, rounding it up to the nearest whole dollar and investing the difference in low-cost exchange-traded funds (ETFs).

Now the service has partnered with PayPal for a new way to help you fund your account.

RELATED: Squirrel away money for the future with Acorns — one purchase at a time

PayPal teams up with Acorns

Acorns currently serves more than 2.3 million people who want to build their financial future one step at a time.

Expanding on that mission, PayPal can now be used to fund your Acorns investment account.

The process is simple: Just link your PayPal account to Acorns and choose to set-up a recurring or one-time investment. That’s it!

Acorns investing app screenshots

When your accounts are linked up, you can monitor your Acorns account inside the PayPal app anytime you want.

The integration of the two apps began on November 20 for select customers and will available to all customers by early 2018.

“Together, Acorns and PayPal are helping democratize financial services and offering innovative solutions to the people typically underserved by the current system,” says Joanna Lambert, VP of PayPal’s Consumer Financial Services division.

While this is great news for fledgling investors, there are some associated fees with Acorns that you should be aware of because they’ll limit your gains during your early years of investing.

Acorns charges a fee of $1 a month for account balances less than $5,000. But once you cross that $5,000 mark, the fee structure changes to a very reasonable 0.25% of your balance.

RELATED: 6 positive attitudes that self-made millionaires share

This teen saves big and invests wisely

Advertisement
Theo Thimou About the author:
Theo is director of content for clark.com. He has co-written 2 books with Clark Howard, including the #1 New York Times bestseller Clark Howard's Living Large in Lean Times.
View More Articles
  • Show Comments Hide Comments