1 Problem With Acorns Mighty Oak Account (You Can't Get It)
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- Опубліковано 29 чер 2024
- Mighty Oak is a new service by Acorns giving 3% interest on checking account balances and 5% interest on savings account (Aka Emergency Fund) account balances. But it has a MASSIVE issue that I uncover in this video. You can't get the account as an existing Acorns user! The only way I found out how we can get this card or this new account was by contacting support!
🐿Start investing with Acorns! Best app for beginners! (Unless you want the new card and are an existing user! HA!) Now get $20 when you use my invite link: www.acorns.com/brendan/
⏱Handy Timeline:
0:00 Intro
0:44 Features
1:47 New card is cooler than before
2:10 Acorns vs Banks
4:24 The Rock quote
4:48 Digital banking
5:04 FAQ and Problems
9:00 Trying to get access to this new account
10:20 Asking Support for Help!
11:07 Response from Acorns directly!
12:47 Summary
13:03 3 Upcoming Videos
14:07 Secrets
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Disclaimer: Any financial or investing-related topics discussed on this channel are not from a professional investment advisor and are not financial advice for you. This is for entertainment and inspirational purposes only.
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Updated disclosure as of 4/9/24:
Paid ad. Compensation provides an incentive to positively promote Acorns. The
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Here’s the follow up video to this one where I actually get to open the account!
ua-cam.com/video/anY34vJVeaA/v-deo.html
Nice video. I didn't know about the changes to Acorns either. I've been with Acorns since 2015. Since Acorns is mainly hands-off, I don't look at it as much as I do with my other accounts. I closed the checking account and signed up for the Mighty Oak Account. Big Thanks!!!
You do have to close your original checking account to re sign up to get the new debit cards with the benefits…….I know because I emailed them and they told me what to do. I did it and my new accounts are now open and the new debit card is on the way. It’s definitely a little dumb to do it this way,But I’ll let it go because I still like Acorns
I’ll probably do the same thing today…
That's because it's a completely different bank. You're leaving Lincoln bank and changing to a different bank (I forget the name). Acorns isn't a bank at all, they're an investment company. They contract out the banking aspect.
I had to call Acorns Support as well and cancel My old acorns spend and open a mighty oaks account. It’s tedious worth it
Thank you so much for this video! I’ve been with Acorns for almost two years and didn’t know they started this new checking account with emergency fund. I followed the instructions closing my current acorns checking and opening the new mighty oak account. I saw with the might oak account if you direct deposit $250 a month they waive the monthly acorns subscription fee. They will also match each of the first seven round ups. Thanks again and I’m a huge fan of your videos!
Thanks for your kind words!! I just did the same thing this afternoon, it’s too good of a feature to pass up
Super helpful video. Thank you.
Feels like a swing and a miss on Acorn's part in executing the rollout of this new option. Looking forward to the new content, keep up the good work.
Definitely should have been smoother.
Thanks!!
You are trustworthy, brave, and true. Thank you for your videos!!!
Thanks Amy!
@@BrendanEvan
Without your work the masses would be rolling the dice on important financial decisions. You do what most people can’t: ferret out the fine details on how something REALLY works. I’m grateful!
You have to close your checking account and then go to the ad and reopen it as mighty oak
3 and 5% interest ROCKS 🤘! At the very least, they should offer you the option to have a second checking account. You're paying for it either way and it doesn't really cost them anything to manage more accounts. Dang, that's disappointing.
if he got it when he had $7 in his pocket he would be out $5 the first month
😂too true
I cant even reopen a checking account they closed for no reason😢
I don’t understand why people take digs at someone for being like us at one point and then making it big.
Yeah I don’t see anything talking about this mighty oak card looks like maybe a lot of digging will being involved had app for about 5 months
I’m working on getting mine setup so I’ll make a brew video showing what it took to make it happen!
I had this account for many yrs Had the debit card and They just cancelled it out of the blue, Now the Roc is involved it has changed.
He ain’t involved man. He’s a face. That’s it. They pay him like a model. Don’t be duped
What happens to your invested money if you close the checking
Nothing, they are separate accounts
At least that’s what should happen, I’ll let you know!
You misunderstood what customer service said you don't have to close your acorns account you only have to close the checking account only the checking account not your acorns account you can close the checking in less then a minute an get the mighty oak card immediately afterwards it's not that complicated 😉
No that’s what I understood. Closing the checking just to reopen it. Still very silly and not communicated at all. Thanks for watching!!
It’s because when they opened the original Acorns Checking Accounts they were only partnered with Lincoln Savings. NBKC bank didn’t come into as a partner until the last 2 years. That’s why they have the stupid rule that you have to close the old account. I’m currently having to do that and wait for my pending transfers to settle before I can close my checking account to reopen with the Mighty Oak account.
For a 21year old that has been with acorns for 2 years now but never had a checking account with them and lows nothing about this kind of stuff. Is getting this card a smart idea?
Do you want a debit card?
I’m going to assume you don’t have lots of cash to benefit from the higher APY.
I bet it’s not a huge deal for you unless it helps curb your spending
@@BrendanEvanI have a debit card from my bank but I do waste money horribly and on dumb stuff. Would this card help save more money so that I also start learning to not spend as much?
@coreygrellner6337 no that’s on you to learn brother! I don’t think the method you choose matters, it’s just got to work for you.
The thing that ultimately motivated me to care was having a goal of how I wanted to use my money. I wanted to invest as much as possible, working up to the goal of maxing out my Roth IRA every year then after a number of years maxing out my 401k too.
If using cash helps you, do that.
If using a spreadsheet helps do that.
(Here’s mine: ua-cam.com/video/zV8XZbM_GRY/v-deo.htmlsi=RoPRuhW-Bt6ffCWY )
Budgeting apps sometimes help.
Heck even a big piece of paper or whiteboard.
Until you care enough to put in lots of effort you’ll keep spending frivolously. We all do it so don’t feel bad. Just keep experimenting til something sticks!
Close your checking account and reopen it give it 24hrs and it should work
That’s what I did here!
ua-cam.com/video/anY34vJVeaA/v-deo.html
Question: I watched your video and signed up for the Mighty Oak account; also had direct deposit set up to waive the subscription fee. Acorns still charged a subscription fee after the first month. I called customer service to discuss this. Customer service stated the direct deposit must be a single deposit per month greater than $250 to have the subscription fee waived rather than 2 separate deposits. Do you know if this is true? My hope was to split up the deposit to make the required total deposit to waive the subscription fee. They were clearly confused when I called and could not answer the questions I had about this. If you know, let know!! Thanks again for your help!
It must be true if they told you that, otherwise you can double check the Terms and Conditions to make sure. Seems like semantics though, if it was my business I'd just be glad the money got into the account.
@@BrendanEvan yes. I read the terms and conditions and read them to them. Apparently it’s open for interpretation. Thought you might know. Thanks for your videos!! Awesome job!
So they give you 3% on your checking and 5% on your savings but also charge your $5 per month? Hmmmm 🤨
Yup!
I think you’re digging too deep in the $9 feet when it’s waved from DD of $250 if ur using this account as ur main it makes sense
7:55 acknowledged it as an option, just don’t like being forced to change my main checking account
If you get mighty oaks card and deposit 250 dollars every month into checking they will waive the subscription fee if you have the 5 or 9$ subscription
7:53 Yup!
Isn’t one account better than two? Why not give 5% APY on the core account? Wealthfront and others are doing that.
Apparently the host banks are different so they force you to close and reopen amounts. Seems like something a simple button in the app should enable IMO.
Same boat. Can't do shit. You must have No Checking account to be able to do this. So we are out of luck.
I just cancelled my existing checking account and will report back/make a new video if and when the new accounts are available to me
Like you can’t have no other accounts anywhere or you can only have 1 with them?
They can’t control what accounts you have elsewhere. He’s just saying you have to cancel your old Acorns checking account to be able to get the new one.
Check this video out that I made as a follow up:
ua-cam.com/video/anY34vJVeaA/v-deo.htmlsi=yWVSA_RwYVjwnU-W
The emergency fund is just a 401 K.
That can’t be true because a 401k is sponsored (ie tied to and put on by) your job
The problem with acorns is the…….FEES big deal breaker
Your going be paying for a fee either way because of Expense ratios even with investing in robinhood or other free brokers.... only difference is.... you don't see it because they already Calculated the take out payment if you earn $$$ from your stocks/EFTs.
Has problems with acorns fee……But most likely you waste money on Netflix or other services for 15-20 bucks a month😂
@@1977NOBODY lmao! 3 bucks ain't nothing.... Acorns/Robinhood EFT investing is the way to go as long as you know what your doing. Netflix can wait! :D
I don’t like the fees either
Let’s see how much do we have to store in the emergency fund to cover the $9/month fee….$2,161 will just barely make it happen. Welp that’s gonna be how much I transfer then 😅
Let us know if you win the 50k!!
Oh I will! You let ME know if YOU win!!
It's evil,get rid of it.
Try in your profile...info