REST members get 6 months free Acorns
Automatically invest portfolio savings into your super.
Micro-investing app Acorns has established a partnership with one of Australia's largest superannuation funds, offering eligible customers the opportunity to make voluntary contributions to their retirement savings.
The Acorns app is linked to a customers bank account, automatically investing spare change, accumulated by rounding up everyday purchases, into a portfolio of exchange traded funds (ETFs).
Acorns has partnered with REST Industry Super to allow members the ability to directly contribute savings generated through the Acorns app into their super fund.
REST members who register their fund will also receive six months fee-free access to Acorns' services.
Eligible Acorns users can also take advantage of the government's co-contribution scheme when adding funds to their super savings.
Acorns aims to encourage investing from a young age. Users can take advantage of three different investment strategies - round-ups, recurring and lump sum.
Round-ups invest the change from small purchases; recurring investments can be daily, weekly or monthly; while lump sums are one-off, individual deposits.
Users select from five diversified portfolios constructed by industry experts under the guidance of Nobel-prize winning economist, Dr. Harry Markowitz. These consist of a mix of ETFs quoted on the Australian Securities Exchange (ASX), designed to reach targets that speak to a range of financial goals.
Acorns charges flat fees, according to customers monthly balances. For accounts with a total less than $5,000 there's no account fees but a maintenance charge of $1.25. On balances exceeding $5,000 the maintenance fee is waived, replaced by an account fee of 0.275% per month.
Earlier this month, Acorns was recognised for Best Tech Innovation at the 2016 finder Innovation Awards for its creative approach to investment applications.
The micro-investing app is also seeking to raise at least $1,000,000 through its upcoming initial public offering (IPO). Acorns plan to issue a minimum of 1,000,000 and up to 6,000,000 shares at $1.00 per new share. Applications are open and you can download a copy of the prospectus for more information.
The advancement of technology has begun to disrupt Australia's growing financial industry, however, competition between traditional and non-traditional firms could turn this revolution into an evolution.