When considering investment options, Acorns is a prominent name that often emerges. This platform is renowned for its ability to assist individuals in embarking on their investment journey with minimal amounts of money, sometimes even just spare change. It’s crucial to understand the geographical reach of Acorns and the implications for potential investors globally. Let’s delve into the countries where Acorns is accessible and how this impacts individuals seeking to invest.
What is Acorns?
Before we dive into Acorns available countries, let’s briefly talk about what it does. Acorns is a finance app designed to make investing easy. It rounds up your daily purchases to the nearest dollar and invests that spare change into a diversified portfolio. Think of it like a digital piggy bank that not only saves your coins but also helps them grow.
The Ways Acorns Works
Acorns provides users with five different saving and investment products, including Invest, Later Debit Earns, and Early.
- Acorns Investment is an tax-deductible investment account which invests your money in exchange-traded fund (ETFs) that are selected for you according to your financial objectives and risk tolerance. The account can be funded by roundups, on-demand or recurring deposits. Setting up recurring contributions–Acorns lets users contribute as little as $5 at a time–is your best bet, taking advantage of dollar-cost averaging to build your portfolio.
- Acorns Invest An individual retirement account that is tax-advantaged ( IRA). Your portfolio, like Acorns Invest’s, is composed of ETFs. The Invest/Later nouns are confusing to us, as Acorns Invest is not intended for immediate or day trading. Whatever the end goal, investing should be done for the long term.
- The Acorns debit card. An account with a debit card that does not charge fees for minimum balances. The account reimburses ATM fees. Smart Deposit is another feature that allows you to automatically transfer money from your Acorns Debit Card account, which receives direct deposits, into other accounts like Invest.
- Acorns earn. Online marketplace offering a small per cent back for purchases at major retailers, including Walmart. Earn will deposit the cashback you receive from your shopping in Earn into your Acorns Invest Account.
- Acorns early. This account is available to Acorns customers who pay the highest tier. It’s a UTMA/UGMA, which allows parents to create accounts for their kids without having to deal with red tape.
Acorns Available Countries
Currently, Acorns is primarily available in the United States. Since its launch, Acorns has catered to U.S. residents, offering them a range of services from basic investing to retirement accounts and even banking services. If you’re in the U.S., you can easily set up an Acorns account as long as you have a Social Security Number and a U.S. address.
What About Other Countries?
At this time, Acorns has not significantly expanded beyond the United States, leading many to wonder when the app will become available in other countries such as Canada, the United Kingdom, Australia, and elsewhere around the world. Unfortunately, there is currently no specific timeline for Acorns’ expansion into these regions. The complex and varied financial regulations across different countries play a significant role in dictating where financial services like Acorns can establish operations. These regulatory differences present challenges that must be carefully navigated before Acorns can consider expanding into new international markets.
What Can You Do If Acorns Isn’t Available in Your Country?
For those eager to begin investing while residing outside the United States, there are several alternatives to Acorns that cater to different countries. In Canada, there’s Wealthsimple, in the UK there’s Moneybox, and in Australia, there’s Raiz. These apps provide services akin to Acorns, enabling users to invest small sums of money on a regular basis, thereby making investing an accessible and straightforward endeavor.
Looking Ahead
As of now, Acorns has not announced any specific plans for international expansion, but the company has expressed interest in doing so. In order to stay updated about any future developments regarding Acorns’ potential expansions, it is recommended to frequently check for news from Acorns. In the meantime, it might be beneficial to explore alternative investment options while waiting for Acorns to become available in your home country.
Acorns are a good choice for anyone.
Acorns’ roboadvisor feature is most appealing to those who are attracted to its “round up” saving claim. Purchases in linked accounts will be rounded to the nearest dollar, and any remaining balance saved into an investment account.
You can add $0.50 to your account if you spend $4.50 for a coffee on your linked card. You may want to continue saving for retirement if you have enjoyed this savings gimmick.
Still, other robo-advisors offer more comprehensive services for a cheaper price. Acorns is only open to users who believe they will be motivated to save more money with Acorns.
Also Read: AIS SIM2Fly Available Countries – A Complete Guide!
Conclusion
In summary, Acorns is currently available only in the United States. If you happen to be a resident of the United States, it’s worth considering Acorns as it provides a relatively straightforward and accessible method to enter the world of investments. For individuals residing outside the U.S., exploring local alternatives can offer similar advantages and assist in navigating the path towards investment. It’s always beneficial to stay vigilant for new prospects, as you never know – Acorns might expand to your country sooner than anticipated.