Acorns is increasing past automated financial savings and investing this week. The California-based firm introduced the launch of the Mighty Oak Debit Card in partnership with actor Dwayne Johnson.
The brand new steel fee card is issued by Lincoln Financial savings Financial institution or nbkc financial institution and provides cardholders just a few distinctive options. Not surprisingly, the Mighty Oak Debit Card permits customers to spherical up their purchases to the closest greenback and make investments the spare change with the Actual-Time Spherical-Ups characteristic. The cardboard additionally provides paycheck break up, which routinely saves and invests a portion of each paycheck on payday.
The cardboard, which doesn’t have any minimal deposit or steadiness necessities, pays customers 3.00% APY on their checking accounts and 5.00% APY on their financial savings. Customers may even have entry to Acorns Later, the fintech’s IRA retirement financial savings software, in addition to funding rewards earned on on a regular basis purchases and entry to 55,000 fee-free ATMs.
Dwayne Johnson isn’t solely a star sponsor, however he’s additionally an investor in Acorns Develop Integrated and is a director of its affiliate Acorns Labs, LLC.
“I’m personally invested in serving to and rooting for individuals to attain monetary stability and success,” mentioned Johnson. “I’ve labored with Acorns to create a considered one of a sort card that makes it straightforward for individuals to prioritize saving and investing to allow them to construct a stable basis for his or her future. I’ve been there, and know what it’s prefer to rely each greenback and save each cent attainable to supply for my household and myself. I want I had the Mighty Oak card again within the struggling and enjoyable days once I had solely $7 bucks in my pocket, which is why I helped create this card now to empower individuals to take management of their monetary well-being.”
The Mighty Oak Debit Card is offered beginning immediately for customers within the $5 monthly and $9 monthly subscription tiers. Acorns is selling the cardboard by freely giving $50,000 to seven cardholders.
Photograph by Yulia Ilina