Loose change savings app.

i saw a report on some Tv show the other night about an app that is linked to a savings account. The idea is you pay with your credit card and the rounding up amount to the next dollar is automatically transferred to a savings account. You don't miss the small change which is gone to an account you open at your bank. Thought it was a great idea for an account starter for kids or grandkids. Did anyone see it?
Can anyone help me out with the name of the TV show or the name of the app?

 

This one @Dylan33

Acorns AU - Invest Spare Change from Everyday Purchases into a Diversified Portfolio on the App Store

 

That's the one. Thought it was into a savings account though. I'll still check it out.
Thanks coota9

 

Just found this article on it which explains how it works.

REVIEW: I tried Acorns, the app that turns your spare change into investments

 

Thanks Dylan and Coota! Downloading now. Over the past couple of months I had put money into (and then out of) a share trading account twice... I hadn't had the guts to pull the trigger to actually commit to buy any shares.

 

Go on. A bit of research / knowledge combined with patience and discipline and you'll do fine.

I'm achieving a return of 12.6% across my portfolio of 19 investments ( individual stocks and some ETFs ). I started doing trades @ $2.5k but have more recently been doing $5k and $10k trades. Have not sold anything yet. Might take profits from one stock soon ( not a keeper ).

 

I'm feeling quite the risk taker having just installed the Acorns app and set up my portfolio and recurring amounts ... micro investing here I come! I'd never heard about it until I read this thread so thanks everyone!... seems like just the ticket for a first time share investor

 

Oooh, I love this kind of thing! Great thread Dylan33

 

I pay everything on my CBA credit card. Would this work or does it have to a savings account?

 

I think that's the idea of it... it works with Amex too... but if someone knows better, please feel free to correct me.

 

For topping up spending transactions, I have linked it to my credit card account but they don't take the top up cents from your cc account but from another linked savings account that can't have borrowed funds in it. You are able to link as many spending accts to top up with as you like.

ps - including transaction accts... you are also able to set a recurring deposit of funds eg I set up for now, $5 a week to go into it.

 

Great idea

 

Great idea.

 

signed up. went to set it all up. and now stopped as it has asked me for a particular banks username and password details. Am I getting old all of a sudden? I feel like I should look into this more as I am a bit worried of the security issue of data...

 

Why You Should Avoid Acorns (and other expensive, poorly thought out investing gimmicks)

acorns tax nightmare – "This is why you're broke!"

 

This works for me.

I still pay cash for my coffee and periodically empty the silver into the bucket. Then take it to the bank and transfer the funds to an investment account.

 

We use an M&Ms bucket. All loose change goes into it, and we put it into our daughters savings account (along with $25/fn automatically). Started a year ago and she's got a good $1k now. Not bad for a 1yo. Bankwest offers 4.75% interest for kids.

Will have to explore ways to better invest for her. Certainly not thru Acorn tho.