Good for you! You want to invest. Unfortunately, the only working knowledge of the stock market is the picture inside your head of the room with the big screens. A room where people in power clothes stare at a list of revolving numbers whilst shouting at each other. So, in essence you know there’s a lot of activity and it’s stressful. Luckily, we have an app for everything and investment is no exception.
The two most popular investment apps are Stash and Acorns. Both are quite similar. Both of them cost exactly the same at $1/month for funds under $5000 and 0.25% for funds over $5000. They both round up your electronic bill, takes the change and invests it. You can also do a scheduled or a once off deposit on both platforms. They both strive to educate their users. They both have tons of information available on a wide range of investment and finance topics using video, blogs, and question and answer sections. They both have excellent security specs and cool names.
Stash is a slightly more hands-on experience. The app guides you through a list of choices that suit your investment needs. There are more than 30 options based on different industries/causes. This allows you to choose where to invest your money. On the flip side, you also carry a bigger responsibility to choose wisely. Acorns gives you 5 options based on risk profiles. You don’t know if you’re investing in the army or a corner bakery, but you do know how high your risk is. If you don’t care where your money is invested, go for Acorns. If you have a hankering to make a difference, go for Stash.
Acorns has more features. It allows you to invest for your retirement, something Stash does not currently offer. You can also benefit from Acorns’s “found money” feature. This is an extra investment opportunity. When you shop at any of their partners a percentage or once of bonus get added to your investment. Acorns also has a desktop friendly webpage. Although both Stash and Acorns was originally aimed at Millennials who practically live on their smartphones, there are people who prefer to see their portfolio spread out on a desktop.
Both are good apps and both of them inspire a good thought – investment is important and not so complicated. It is simply up to personal preference which app suits you better.