How Do I Withdraw Money From my Acorns Account? | 2022 Tips

How to Withdraw Money From Acorns Account
Image Source: youtube.com

The Acorns app is primarily a micro-savings app. Acorns investing app rounds up your purchases to the next even number and invests the difference automatically. 

As soon as you link your checking account and credit card, Acorns analyzes your card spending habits and rounds all transactions to the nearest whole figure. The difference is then taken from your checking account and invested in an Acorns account you create.

However, through an innovative smartphone app, Acorns hopes to simplify and demystify the investment process. It has features that are simple to use and understand. Acorns have also just released a web-based version for PC and mobile users.

This fantastic app also selects an investment opportunity that is a good fit for your trading style. So, when you want to get your hands dirty with investing, it comes in useful. Acorns are not free; for accounts under $5,000, you will be charged a fixed cost of $1 each month. For accounts over $5,000, there is a 0.25 percent yearly charge.

Acorns have a built-in automatic savings feature. This platform automatically transfers purchases made with associated credit cards to a computer-managed investing account. Hence, this automatic architecture is a helpful tool for bettering your savings. 

Do you intend to sign up on Acorns? Or already have an account with them but don’t know how to withdraw money from your Acorns account? We’ll discuss how to withdraw money from Acorns instantly in this article.

Those who read this article end up reading; 21 Best Passive Income Apps to Make Money in 2022

How Does Acorns Work?

Acorn is an app that rounds up your expenditure to the closest dollar and invests the difference, as previously stated. After linking a credit card and a bank account, Acorns takes care of the rest. It simply invests your spare money and turns it into something fantastic.

The Acorns app is a wonderful place to start for new investors that haven’t invested before or who need a little help to get started, and you can make a lot of money with it.

Acorns have three membership levels:

  • Lite: $1 per month for Lite. And a taxable investment account is included.
  • Personal: $3 per month for personal use. It includes a checking account and a personal retirement account.
  • Family: $5 per month for a family. Everything from the lower tiers is included, as well as Acorns Early, which allows you to build investing accounts just for children.
  • Acorns users who already have an account: You may still be on their former price structure if you joined before May 20, 2020. However, the biggest change is that the $2-per-month category that included only a taxable investment account and an IRA is no longer available. But if you’re already on that tier, you can remain there. You may also upgrade to the $3-per-month tier and establish a bank account. 

Related Artice: How to Get a Spotify Yearly Subscription | How Much is the Spotify Premium?

How Do I Withdraw Money From my Acorns Invest Account?

You can withdraw money from your Acorns Invest account via the iOS and Android applications, as well as the online app. Follow the instructions carefully to withdraw money from your Acorns account:

  1. Use your Android or iOS device to log in to your account.
  2. Choose the appropriate account (Invest or Later)
  3. Select “Withdraw” from the drop-down menu.
  4. Input the amount you want to withdraw (in dollars).
  5. Click “Withdraw” and confirm your decision.

Withdrawal requests submitted before 11 a.m. They usually handle PST on market days the same day. But if they receive your request on after 11 a.m. PST on a market day, Acorns will sell shares on the next business day. 

Withdrawals might take up to 3-6 business days to reach your financing source. Following the sale of shares from your Invest account, Acorns must wait two days for regulatory approval before transferring cash to your bank account. 

Read Also: How Does Netflix Make Money? 2022 In-Depth Guide

Can I Withdraw Money From my Acorns Account Instantly? 

Unfortunately, you cannot withdraw money from your Acorns account instantly because Acorns must obey the mandatory two days of regulatory approval before transferring your cash. 

Again, withdrawals might take up to 3-6 business days before you receive them. 

How Do I Withdraw Money From Acorns Later?

Early withdrawals or transfers from any IRA can cause tax consequences (usually a 10% penalty, and probably income taxes and/or additional penalties). However, the IRS website has further information about the specifics.

Please follow these procedures to withdraw money from your Acorns Later account:

  1. Tap or click “Later starts today” after checking in to your account.
  2. Click the “Withdrawal” option.
  3. After you’ve gone through the withdrawal facts, click “Continue” at the bottom.
  4. Tap or click “Continue” after selecting the reason for your withdrawal.
  5. Fill in the amount you want to withdraw.
  6. Select “Confirm” from the drop-down menu.
  7. Review your withdrawal request and click “Withdraw.” 

Sell orders (withdrawal requests) submitted before 11 a.m. PST on a market day are usually completed the same day. Acorns will sell shares the next market day if your request is received after 11 a.m. PST on a market day. Withdrawals might take up to 3-6 business days to completely appear in your primary checking account. According to SEC requirements, a two-day settlement period is required before the withdrawal may be processed. 

What is Acorns Checking? 

Acorns Checking is the first checking account using a debit card that invests, saves, and earns for you. Acorns Later and Acorns Invest are also included!

Can I Withdraw From My Acorns Checking Account Anytime I Want?

Without incurring any fees, you can withdraw money from your Acorns Checking account to an external main checking account at any time.

Kindly login to your Acorns account and follow the instructions below to withdraw money from your Acorns Checking account to an external account:

  • Click on “Bank Smarter”
  • Tap on the “Transfer” button
  • Put the amount you’d like to transfer in the box provided.
  • Choose from: Acorns Checking Account
  • Choose to: Your primary checking account that’s linked to your Acorns account. Then click on “Transfer”

How Long Does it Take to Withdraw Money From Acorns?

Because there is a mandated 2-day settlement time, withdrawing money from your Acorns account may take 3-6 business days to transfer to your bank account.

When buying or selling shares in Exchange Traded Funds (ETFs), the Securities and Exchange Commission (SEC) requires this period. It is called Regular Way Settlement. Acorns conduct a draft into your bank account after this time expires.

Again, Acorns may hold back your money for 5 days when you withdraw funds just after an investment. This is to preserve your account from fraudulent activities. 

How Do I Deposit Money into my Acorns Invest Account? 

You can fund your Acorns account in a variety of ways:

One-Time Deposit: 

You can always deposit money to your account by going to the Invest page and typing in the required amount. As the name implies, it is a one-time investment. Hence, it will not be made again in the near future.

For mobile devices:

  • Click ‘Invest for your future after signing in to your account.
  • Select ‘One-Time’ from the drop-down menu.
  • Fill in the amount you’d like to invest.
  • If you wish to change the bank that your money is coming from, click the bank name under the amount.
  • To confirm your choices, click ‘Review’ and follow the steps.

For web:

  • Tap ‘Invest for your future’ after signing in to your account.
  • In the top right corner, click the ‘One-Time’ button.
  • Fill in the amount you’d like to invest.
  • If you wish to change the bank that your money is coming from, click the bank name under the amount.
  • To confirm your choices, click ‘Review’ and follow the steps.

For Acorns Invest, your investment should be in your Acorns account within 2-3 business days.

Recurring Investments: 

You can set up recurring investments on a daily, weekly, or monthly basis. Choose the amount of money you want to invest on a regular basis, then the duration you want to invest for.

To set up a recurring investment, kindly follow the steps below: 

For mobile devices:

  • Tap ‘Invest for your future’ after signing in to your account.
  • Select ‘Recurring’ from the drop-down menu.
  • Fill in the appropriate amount, frequency, and date settings for your investment.
  • Select ‘Save’.

For web:

  • Click ‘Invest for your future’ after checking in to your account.
  • Select ‘Recurring Investment’ from the drop-down menu.
  • Fill in the appropriate amount, frequency, and date parameters for your investment.
  • Select ‘Update’ 

The recurring investment will begin on the day it is established, as well as on the same weekday (for weekly investments) or the same day of the month (for monthly investments).

Round-Ups: 

You can link your spending accounts (credit, debit, PayPal, etc.) and have the virtual change from each transaction rounded up. These Round-Ups can then be sent from your funding source to your Acorns account, either manually or automatically. 

On the app’s Round-Ups tab, you can see all of your transactions. Under the Linked Accounts area of the Settings, you may switch on and off automatic round-ups. Automatic Round-Ups will automatically invest for you if you activate them.

To link a Round-up account, kindly follow the procedures below:

For mobile devices:

  • Tap the menu (avatar) in the top left corner of the screen after checking in to your account.
  • Click ‘Settings’ 
  • Select ‘Linked Accounts’ 
  • Select ‘Link another account’ and enter your bank’s name.

Input your bank’s online banking documents.

For web:

  • After login into your account, go to the upper right corner of the screen and select the menu (avatar).
  • Select ‘Profile & Settings’
  • Select ‘Linked Accounts’
  • Go to ‘Link another account’ and type in your bank’s name.
  • Click ‘Submit’ after entering your bank’s online banking credentials.

These transactions will display as ‘Acorns Investing’ on your bank statement. 

FAQs

Is there any risk with acorns?

Acorns Advisers, LLC, an SEC Registered Investment Advisor, manages the Acorns website. However, investing comes with its own risk, including the potential loss of money. Diversification and asset diversification do not ensure a profit or remove the risk of principal loss.

What is unique about Acorns' savings?

The automatic savings function is one of Acorns’ most well-known features. Excess change from each purchase made with a linked account is swept into an investment portfolio by Acorns. Also, you may attach as many credit cards as you like, but they deduct all roundups from the same connected checking account.

What is better than Acorns?

Betterment lets you create various investment objectives and provides tax-advantaged investing, whilst Acorns has a brilliant automated investing feature that makes putting together a portfolio very easy. Betterment is a superior option for people searching for tax-advantaged investment and the freedom to use accounts for different purposes.

Do you get taxed on Acorns?

In the 1099-MISC section of your 1099 form, you’ll see a note of any bonuses and Acorns Earn offers you got that are worth more than $600. When filing your taxes, you may need to record values contained on the 1099-DIV and 1099-MISC as earned income. If any of your Acorns accounts were rebalanced, you could owe taxes.

Are Acorns FDIC insured?

The FDIC insures all Acorns Checking Accounts up to $250,000 per depositor, per ownership type.

Conclusion 

Acorns help you choose an investment opportunity that is right for your trading style. So, if you’re looking for a good investment platform, Acorns might be the right fit for you. Acorns charges $1 every month for accounts under $5,000 and a 0.25 percent yearly charge for accounts over $5,000.

Withdrawing money from your Acorns account can be done using your mobile device and on the web. However, if you submit your withdrawal request before 11 a.m PST on market days, it will be handled the same day. But if you submit after 11 a.m PST on a market day, Acorns will sell shares the next business day.

References 

Recommendations

0 Shares:
Leave a Reply

Your email address will not be published.

You May Also Like