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.
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!
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.