Within just less than a month, acorn account has gained such hype in the investment market of Australia. If you haven’t heard about acorn account, then let’s inform you that it is an account which anyone can open who is not a minor. The applicant must be a permanent resident to have an acorn account.
The purpose of the acorn account is to encourage the investment of spare change. It has been launched in Australia three weeks ago and gained around 50,000 sign ups.
Yes, that’s a Boom!
The account works by downloading acorn account app and linking it with your bank account. On regular basis, when the amount in the bank account has been spent, acorn account automatically invests the spare change in the bank account in different diversified portfolios of ETFs.
It gives the university students and young investors an opportunity and exposure to the stock exchange market through minor investments based on spare change.
However, some of the concerns that every applicant, including you, might be thinking are the credibility, worthiness and effectiveness of acorn accounts. Yes, same do we think. To get an answer to such concerns, we have accumulated the reviews on the use of Acorn account from several perspectives.
1. Online Account Access
Having an online account access is considered a relief by many since they don’t have to go through long procedures to make a single investment. Yet, it is also reviewed as a sign of vulnerability by others. Having online access to the accounts may cause harm to the financial status of banks since service charges and cost of investment are deducted from integrated bank accounts
2. Mobile Account Access
Mobile account access has made life so much easier. People can see the account summary anytime from their smart phones. It is not reviewed badly at all since account holders will have their trading history plus the investment portfolio details on hand.
3. Telephone Account Access
For those who think having mobile account access or online account access can be vulnerable, they can always use telephonic account access. The same features are applicable however the account-holder would have to make a call and then ask for the details of account. It is reviewed positively but seldom used since public prefer mobile account access due to increased convenience.
4. Card Usage Fees
Card usage fees are deducted from the account by default which is notified to the accountholders through a text message or an email. The confidential information of the account is kept coded in case of both, a text message or an email. The public is fine with it as long as the cost is fair.
5. Account Switching
Another interesting facility is the option to switch between accounts. This is for the clients having more than one acorn accounts. The account-holder is given the option to switch the amount between the two accounts without any service charges.
6. How It Works
It works by taking to a professional accounts manager of acorn account who guides the amount needed to open an acorn account. The next phase is when account is opened and linked with the bank account to transfer the income to acorn account. This comprises of the amount left after spending the schedules payments. Final step is to make payment in the bank. The positivity in the account is that they are for those too who do not have a good credit history.
It is believed in acorn account opening strategy that, no one should be judged on their past credit history for their personal investments
7. FAQs
Frequently asked questions section has answers to many questions yet it does not address all the public concerns of acorn account that are common. For instance, the account switching strategy or the amount/ratio of services charges deduction should be given in FAQs as well.
8. What It Costs
“What it costs” is my favorite section as it gives clear declaration of all the charges that are supposed to be deducted from account based on their nature. From online banking charges to the MasterCard usage charges, every minor fee deducted by acorn accounts is explained in this section.
9. How to Apply?
Even though there may be several service charged applied to the acorn account, yet the initial application for opening an account is free of cost. This area gives details of opening an acorn account which is quite simple and involves necessary documentation.
Overall, the acorn accounts have taken the market by storm; what is your say on this?
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