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 metallic fee card is issued by Lincoln Financial savings Financial institution or nbkc financial institution and provides cardholders a number of 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 cut up, which mechanically saves and invests a portion of each paycheck on payday.
The cardboard, which doesn’t have any minimal deposit or stability 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 just isn’t solely a star sponsor, however he’s additionally an investor in Acorns Develop Included and is a director of its affiliate Acorns Labs, LLC.
“I’m personally invested in serving to and rooting for folks to attain monetary stability and success,” stated Johnson. “I’ve labored with Acorns to create a considered one of a sort card that makes it simple for folks 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 wish to depend each greenback and save each cent potential to offer for my household and myself. I want I had the Mighty Oak card again within the struggling and enjoyable days after I had solely $7 bucks in my pocket, which is why I helped create this card now to empower folks to take management of their monetary well-being.”
The Mighty Oak Debit Card is out there beginning as we speak 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
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