Acorns Plans to Launch Direct Stock Investing
Acorns is a popular investing app that let’s you invest your spare-change. It also offers a checking account and spending offers where you can earn cash back for purchases at select merchants. Acorns is now developing a new feature that will let users choose their own investments for the first time.
The new feature is called Customizable Portfolios. It will allow users to invest their money and spare-change in portfolios they create instead of preset exchange-traded fund choices. The new option for direct investing makes Acorns a rival for similar platforms like Robinhood, WeBull, Moomoo and more.
The new function lets users choose what percentage of their investment profiles should be allocated to the Acorns ETFs versus individually picked stocks. The company plans to recommend that users invest 90% of their money in the Acorns offerings and 10% in stocks, according to Noah Kerner, chief executive officer of Acorns, who confirmed the upcoming feature to Bloomberg.
The feature will first launch in beta in the “coming months” on iPhones and Android devices. It will be part of the $5 Acorns Family tier. Acorns is a subscription service and doesn’t charge trading fees. It also offers a $3-per-month plan for single users. You can get a $5 bonus when you sign up.