This Checking Account Will Give You a Free $75 Just for Setting up Direct Deposit
Wouldn’t it be awesome if a checking account handed you a $75 bonus just for setting up direct deposits?
What if that account also made it super easy to invest your money and grow your wealth?
That’s the idea behind Acorns Spend. It’s a checking account that’s linked to an investment account that automatically invests your digital “spare change.”
Acorns’ robo-investment app has grown hugely popular since it launched in 2014, so now it’s expanding into other services — like checking accounts and debit cards. Whenever you swipe your Acorns Spend debit card, it rounds up your purchases to the nearest dollar. Then it funnels that money into stocks and bonds for you.
Because the money comes out in increments of less than $1, you’re less likely to feel an impact in your bank account. (Although you can always turn off the digital “round-ups” for a while, if you’re in a pinch.)
Oh, and let’s not forget that $75. With Acorns, you start out with a free $5 bonus. With Acorns Spend, you’ll get a $75 bonus after you enable direct deposit and receive your first two deposits in your Spend account.
One of the Easiest Ways to Start Investing
If you’re not already investing, this is one of the easiest ways to get started. With Acorns, you don’t have to choose exactly where to invest your money. Instead, you’ll answer a few questions about your goals, and Acorns will build your investment portfolio options — which range from conservative to aggressive. If you really want to know the details, the app breaks down which types of funds make up your portfolio. If you don’t want to dive into it, you don’t have to.
Acorns invests your money in popular ETFs, or exchange-traded funds, which are collections of hundreds or thousands of stocks and bonds. The app has a handful of different portfolios, depending on how much risk you’re willing to take on. You can even have Acorns invest a percentage of your direct deposits as soon as they land in your Spend account.
It costs just $3 per month, and there are no overdraft fees or minimum balances required, plus, you can use your Acorns Spend debit card fee-free at any ATM that accepts Visa cards.
Getting started takes just minutes. Click here to enter your email address and set up your account, then set up direct deposit and be on your way to a free $75.
Mike Brassfield ([email protected]) is a senior writer at The Penny Hoarder.