Acorns AU

[stew42]

Fascinating little app which is all about micro-investing.

Basically it rounds up your card transactions to the nearest dollar and invests it in a portfolio. There are five of these, with different levels of risk. There''s a $15 per year annual fee with figures up to $5000, with 0.275% on amounts over $5k.

With that flat charge it obviously wouldn't be very useful for anything under a few hundred dollars, but it's an interesting bit of innovation!

http://www.theaustralian.com.au/bus...a/news-story/40c23b814ce5b969891b6ae1b3db6e06

http://www.afr.com/technology/acorn...-change-into-share-portfolios-20150520-gh5tn9

 

[Lyyynnnchy]

It's a fantastic idea and I'll probably open an account in the next few months

 

[Pykie]

Great idea, I joined up, deposited $1k and rounded up my last 6 months purchases, which was another $400, now set to auto round up.

It's essentially another coin jar. Of which, it probably gives me something to put my real shrapnel into, usually saved it for holidays etc, will just deposit it into this.

Will be interesting to see it's performance after 12 months. I set the portfolio to aggressive and the AU market, was tempted by the US investment setting.

 

[Old M8]

Has anyone used this? I really like the idea, but I'm sceptical

 

[Off The Couch]

I'm using it - it's not doing much atm but it's slowly building - I just set it and then forget it. The one downside for me in using the product is that because I use a strict budget, my withdrawals after pay day are minimal so it probably isn't being used as effectively as it could be.

 

[kangars]

Just got onto this app. I'm going to deposit $50 a month plus all the round ups. Hopefully start building a decent portfolio on aggressive. How's everyone else going?

 

[Upgrayedd]

Hah, just saw this

So around october i was really interested into getting into buying shares ect. However it's pretty scary thinking about it

great app and interface was excellent, Still have an account and dropping minimal money into it, But it helped me move on and actually do something with my money

 

[Off The Couch]

Hah, just saw this

So around october i was really interested into getting into buying shares ect. However it's pretty scary thinking about it

great app and interface was excellent, Still have an account and dropping minimal money into it, But it helped me move on and actually do something with my money

So you didn't buy any shares

 

[Upgrayedd]

So you didn't buy any shares

I have now through just Commsec, However Acorns is pretty basic, I wish there was something like this around when i was 18

 

[The Royal Sampler]

I've just gotten started with Acorns as a way of saving money for the kids' education. It's lost me money so far, but that's the nature of the securities market. My main complaint would be that they don't seem to allow fortnightly recurring investments, which is pretty stupid given so many people get paid fortnightly.

 

[Off The Couch]

I've gotten out of acorns - while convenient and easy, it Just wasn't working for me

 

[Ry009]

I've just gotten onto it because I seriously have NFI about investing, but reading all the other robo-investing options, Commsec etc, you need a big intial deposit and then a decent brokers fee? Where with this as long as you're happy chucking 10 bucks or something a month, the $1.25 p/m fee seems ok?

 

[iluvparis]

I've just gotten onto it because I seriously have NFI about investing, but reading all the other robo-investing options, Commsec etc, you need a big intial deposit and then a decent brokers fee? Where with this as long as you're happy chucking 10 bucks or something a month, the $1.25 p/m fee seems ok?

Its obviously extremely high initially as a share of your total investment but as you save more and more its less offensive.

 

[wadistance]

I'm up to just over $1000 now with a $10 p/w investment and accruing the gains via the round ups/dividends. So far I'm up by 6.55% in 9 months, which is better than any savings account you'll find. I was shocked to see $1k in there to be honest - I had forgotten all about it for a few months and then had a look the other day.

If any of you are thinking of getting into it, they are doing a special offer this month and you'll get $5 as start up with using the code below - so thats 1/3 of your annual fee anyway. Can't hurt to give it a crack

app.acornsau.com.au/invite/QMPXGH

 

[Tassieboy]

I'm up to just over $1000 now with a $10 p/w investment and accruing the gains via the round ups/dividends. So far I'm up by 6.55% in 9 months, which is better than any savings account you'll find. I was shocked to see $1k in there to be honest - I had forgotten all about it for a few months and then had a look the other day.

If any of you are thinking of getting into it, they are doing a special offer this month and you'll get $5 as start up with using the code below - so thats 1/3 of your annual fee anyway. Can't hurt to give it a crack

app.acornsau.com.au/invite/QMPXGH

I wouldn't compare returns with a savings account over a nine year period. 10+ years would be more indicative.

 

[Zubat]

There's a few apps like this, I swear there was another but its name escapes me. Just tried to find the name and found this article that mentions both Acorns + another called Digit which sounds interesting "Digit will analyse your income and spending to see how much money it can safely set aside for you." and another which sounds cool but more effort OnMarket Bookbuilds which lets you bid on an IPO of a newly-listed company, where it sends you emails whenever a new one pops up.

https://blog.realestateview.com.au/2017/02/apps-help-invest-really-work/

 

[wadistance]

Currently sitting at 9% total returns in just over a year - so that’s over $100 of increase through dividends and appreciation. $1500 doesn’t seem like much money, but i haven’t noticed it leaving my account one but

 

[Weiterbot23]

I'm on board with this. Up to $700 with 10p/w, surprised at how quick it comes out.

Has anyone read the fine print? There's no hidden charges besides the $15 per year?

 

[iluvparis]

I'm on board with this. Up to $700 with 10p/w, surprised at how quick it comes out.

Has anyone read the fine print? There's no hidden charges besides the $15 per year?

Assume you pay a bid-ask spread on the underlying ETF asset purchases?

 

[BLERN]

Got this app based on this thread about 6 and a half months ago. With my spendings+$20 a week aswell as an initial $100 i am sitting at just under $840 currently.

My portfolio is set as aggressive, and as it stands i have earnt 7.88% on my investments during this time.

Really cant complain about that. Im rather impressed with this app.

 

[Upgrayedd]

Got this app based on this thread about 6 and a half months ago. With my spendings+$20 a week aswell as an initial $100 i am sitting at just under $840 currently.

My portfolio is set as aggressive, and as it stands i have earnt 7.88% on my investments during this time.

Really cant complain about that. Im rather impressed with this app.

i think mines between aggressive and moderate and as well, I have a return of close to 6/7%. For the first half of the year it would of been 1-2%, but it's pretty good.

Ild recommend

 

[BLERN]

i think mines between aggressive and moderate and as well, I have a return of close to 6/7%. For the first half of the year it would of been 1-2%, but it's pretty good.

Ild recommend

Yeah same happened to me due to a rather volatile market combined with a weak economy. I chose aggressive so i could watch how it went under those circumstances.

Last few months have been pretty decent and have increased that overall % drastically.

I can see the gains in dumping a few grand into this account for a shortish term period (and keeping it under that 6k mark) but i would rather put that money into other things at the moment and just let this continue based on my weekly spendings +$20 weekly and use it as an example for friends/family as to how simple some start-up investments can be in the right circumstances

 

[wadistance]

update -
i'm now on 12.3% - and almost up to $3k. obviously need to have money to make money as they all say.

Going to withdraw that at $5k, invest somewhere, and start the account

 

[sabre_ac]

I'm a little torn when it comes to this app.

If it means that more people will take an interest in investing and fewer people will consider pumping all their money into their home as a ticket to a happy retirement I am all for this app.

My issue is that on average people are paying 6.2% in annual fees, which is insane (http://www.watoday.com.au/money/inv...ing-ripped-off-by-acorns-20170907-gyckfb.html)

So ultimately I've concluded that everyone should at some stage move from this platform to a more conventional investment tool where the fees are much lower, by all means, make this your first step into investing for a secure future but please move on from the app after a short period of time.

 

[wadistance]

I'm a little torn when it comes to this app.

If it means that more people will take an interest in investing and fewer people will consider pumping all their money into their home as a ticket to a happy retirement I am all for this app.

My issue is that on average people are paying 6.2% in annual fees, which is insane (http://www.watoday.com.au/money/inv...ing-ripped-off-by-acorns-20170907-gyckfb.html)

So ultimately I've concluded that everyone should at some stage move from this platform to a more conventional investment tool where the fees are much lower, by all means, make this your first step into investing for a secure future but please move on from the app after a short period of time.

thats what you get for taking an article out of context

this is for people with small amounts, where the returns dont justify the fees. I've seen an appreciation of $320 in one year, so that sure covers the $15 I paid for not having to do anything