Acorns Launches Early Smart Deposit™ To Invest Into A Child's Future With Every Paycheck

Over $100M invested in America's Children Through Acorns Early To-Date

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Aug 31, 2021, 09:00 ET

IRVINE, Calif., Aug. 31, 2021 /PRNewswire/ -- Acorns, the saving and investing app that has over 4 million subscribers and has helped its customers invest more than $9.6 billion since inception, now sees $100 million invested in Acorns Early accounts. Acorns Early is the company's investment account that lets adults start investing in a child's future in minutes. This milestone comes alongside the launch of Acorns Early Smart Deposit™, which enables Acorns Checking customers to automatically invest a piece of their paycheck into Early accounts.

A UTMA/UGMA investment account, Acorns Early was launched in June 2020 at the height of the Covid-19 pandemic. The company's mission is to look after the financial best interests of the up-and-coming, so launching an investment account to invest in a child from birth, and striving to help close the wealth gap for the next generation, was a natural extension of Acorns' financial wellness system.

Now, Acorns Checking customers can invest a piece of their paychecks into their Early accounts through Smart Deposit™. Using a simple slider, customers can select the percentage of their paycheck they want to invest automatically from each direct deposit, starting at just 1%. Acorns aims to ease the burden and barrier of financial planning with this latest tool, as nearly 40% of America's children are born into low-income families, per the 2019 American Community Survey.

"Parents shouldn't have to choose between living expenses and investing in their kids," said Kennedy Reynolds, mother of three, author of the children's book, "Grow Your Oak," and Acorns Chief Content and Education Officer. "At the heart of Acorns Early is ease, access, and education, so those looking after children don't have to make that choice." Reynolds was recently appointed to a new role as Chief Content and Education Officer, after over five years with the company, most recently serving as Chief Brand Officer. Her appointment coincides with larger plans to build and evolve the Acorns Education product.

Over 30% of Acorns' customers that were surveyed reported a household income under $50,000, and 40% were not saving for their kids before the launch of Acorns Early.

"The financial divide is growing," said Kerner. "But, if we give every parent the ability to easily invest in their kids at birth, we can make strides towards leveling the playing field."

Acorns Early is available by visiting the Acorns website or downloading the Acorns app. Acorns customers can set up Smart Deposit™ with an Acorns Checking account.

About Acorns
Acorns is how everyday consumers can save & invest for the long term. By putting tools of wealth-making in everyone's hands, Acorns has become the largest subscription service in U.S. consumer finance, serving more than 4 million everyday Americans. Customers get automated investing in diversified portfolios, built with help from experts like Nobel Laureate economist, Dr. Harry Markowitz. Acorns easy retirement account allows customers to invest for a better life later in minutes, no expertise required. To help everyone spend smarter, Acorns introduced banking that invests with every swipe, and cash-forward rewards. And, everyday Americans may invest in their kids and get money news they can use, all from the same app. To date, customers have invested more than $9.6 billion with Acorns, much of it in spare change. From acorns, mighty oaks do grow!

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SOURCE Acorns