Here is a simple little app for someone that is looking to invest their money without the hassle of opening an account, minimum balance fees and high commission fees. It’s called Acorns, and it officially launched on the App Store today. It’s a really great way for the younger generation to start saving up their money.
All you do is simply connect your credit or debit card with your account on the app, and it automatically rounds up the change from any purchase. So for instance, if you buy a burger for $1.43, it would round that number to $2.00. Putting .57 cents in your account. You can also select your risk options from conservative to aggressive and take money out when needed.
The app does cost $1.00 a month, and management fees can range from .5 percent to .25 percent depending on the amount your investing with Acorns.