App: Acorns AU
+ Simple and easy to use, great way to save extra money,
– Limited investment fund choice
Acorns AU is an exciting app based on the U.S. version, Acorns, with an idea that is ingenious in its simplicity. Going back over the last century or more people would carry cash on their person in order to exchange currency for their daily purchases. At the end of the day, those who were thrifty would put their change in a piggy bank or drawer until they saved enough change to take back to the bank. This worked as a great way of saving extra money throughout the years, however as technology caught up and we began living in a cashless society, this spare change is no longer as readily available as it once was.
This is where Acorns AU comes in. Using this theory of saving, Acorns AU attaches to your everyday bank account and monitors each transaction you make. The app then rounds each transaction up to the nearest dollar, collecting the difference, and at the end of the day transfers this amount into a fund for you to invest in (once the amount hits five dollars or more). Whilst you are unable to choose the exact investment fund you would like your savings transferred into, Acorns AU does provide a good range of 5 different funds ranging from conservative through to aggressive in their strategies. You can also add extra funds if you wish by the way of a single transaction or ongoing transaction to help build your investment.
The app is simple and easy to use once set up with a clear user interface that makes checking balances, adding funds and changing your portfolio a breeze. The initial set up will take a couple of minutes, though this is to be expected considering the details and security required to set you up. Acorns AU is a great app for people looking to save extra funds for a house deposit, for a holiday or for an investment product that you can add funds into for the long term benefit such as retirement. The only complaint is that you can’t choose your own investment fund outside of the five provided.
Overall a great app that will be recommended to all of my finance clients as a way to boost their savings and future investments.