Acorns Early

Acorns Early is a family money management app designed to help children learn about saving and managing finances. It allows parents to set up custodial accounts for their kids, which can be funded using debit cards or other payment methods. The app supports recurring allowances and direct deposits, enabling teens to manage their earnings.

Key features include setting tasks and payment amounts for chores and additional responsibilities. Parents can also oversee spending by setting limits and restricting access to debit cards, which can be customized with over 35 different designs. The cards can be added to digital wallets like Apple Pay or Google Pay for convenience.

Acorns Early promotes financial literacy through in-app Money Missions, which include educational videos and quizzes. Children can set individual savings goals and track progress, with options for parents to pay interest on savings or lock funds until specific targets are met. Additionally, family and friends can contribute to a child's account using Giftlinks or Relative accounts, facilitating recurring transfers.

Acorns Early also functions as a custodial account under Uniform Transfer to Minors/Uniform Gift to Minors (UTMA/UGMA) rules, allowing funds to be used for various expenses benefiting the child. This flexibility makes it different from accounts limited to educational expenses. Overall, Acorns Early provides a comprehensive tool for teaching financial skills and supporting long-term savings goals for children.

This description was generated by AI (artificial intelligence). AI can make mistakes. Check important info.

Website: acorns.com

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