Have any of you used the Acorns app before? It's an app that takes the extra change from your purchases and then invest that money for you. A friend mentioned it to me, just wondering if any of you could offer some tips on it.
@BJLEE I have been using the Acorns app for well over a year now and I will just say that it is my least favorite of all the investment apps out there.
I have changed my investment strategy from "aggressive" to "conservative" and still since day one I have always been in the negative.
It has been doing better since I switched it to "conservative" but it still has not made back the money I lost.
Since it is a "robo-investor" you don't have much control over it and it really does not do a very good job at investing in my opinion.
On top of that, the fact that they charge a monthly fee of $1 means that I have already paid over $15 for the service and have gotten no returns.
I have considered simply quitting using it many times but I am hoping I will go in the green at some point.
The only reason I would recommend it to people is to get the free $5 they give you for opening an account, but if you don't see results after a couple months, it probably won't be worth it.
I use another "robo-investor" that has gotten me much better returns (around 20%).
@Moore Income thanks for the insight. What is the other robo-investor that you use?
Yes, I have used Acrons app for investing my spare change. If you're a complete newbie I would suggest using a simpler app like Robinhood or Stash. Usability of Acorns can be a bit tough for new users.
I have used the acorns app for over a year now. I have my account set to 'moderately aggressive' and currently I have 6% gain. I have been using Robinhood for a few months now and i'm happier with the performance of Acorns.
I signed up for Acorns and Stash at about the same time. I stayed with Acorns for a little over a year, but I decided to quit using them for a few reasons: 1) I did not like the returns, they were always negative. 2) I had very little control over what the app chose to do. 3) This was the deciding factor - customer service is terrible. They take forever to get back to you.
I'm still with Stash and very happy with them. I would happily recommend that app.
@TheSugarFreeLife it was the exact same thing for me. I love Stash.
I personally think Robinhood is more complicated because you have to choose the stocks yourself and you have to purchase a whole stock whereas Stash allows you to only purchase partial stocks.
@BJLEE my favorite, that I have used for years and has gotten me around 20% returns is WiseBanyan. This is my top recommended robo-adviser
Thanks for all info. Something I have been wondering about for a while.