When it comes to our favorite investment apps, nothing beats free. But as any investment guru would tell you: paying for convenience will often cost you.
Acorns is a pretty sweet brokerage app that allows its users to "round up" on their regular purchases, investing the change. On the surface, it's pretty awesome: 'set-it-and-forget-it' investing. While there's definitely value to be had on the platform, some users don't care for its monthly subscription fee.
If you're looking to take more control over your investing habits, Public might be the right fit for you.
Public offers stock, ETF, and even crypto investing using an inclusive, educational social media style - You can see what moves experienced investors are making, and often learn why! The fact that Public is commission and subscription-free is just the cherry on top.
With so many finance apps out there, it can get confusing navigating new ventures. Today we're going to show you exactly how to transfer from Acorns to Public, step by step!
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Moving your assets between these apps is pretty straightforward.
When transferring between Acorns and Public, you have some options: you can choose to keep your subscription active, or cancel your subscription entirely.
Step 1 will show you how to withdraw funds, and step 2 will show you how to close out your account.
Transferring From Acorns To Public:
Now we'll go through all the finer details, to make sure you're not missing anything!
In order to transfer your investments to Public, you'll need to withdraw your current assets in Acorns first.
With Acorns, if you fully cancel your subscription, they will automatically sell off your funds and transfer them to your bank.
Just in case you want to keep using your Acorns subscription, the instructions for a regular withdrawal are below.
If you intend to cancel Acorns entirely, skip this step and start with Step 2!
Withdrawing From Acorns:
With Acorns, it takes around 3-6 business days for withdrawals to process.
If you want to keep using Acorns for its easy passive investing, you can skip this step entirely.
However, keeping forgotten subscriptions around is a great way to lose money!
Here's how to cancel your Acorns subscription inside the app:
After verifying, you are safe to log out and delete the app from your phone.
Again, it may take 3-6 business days for your funds to reach your bank.
Now that we've moved everything out of Acorns, we can open your Public account.
Use this link when signing up for a free stock slice, on us!
It may take a couple days for your application to get approved.
After your funds from Acorns have settled into your bank, you can start investing in Public.
How to Buy Assets In Public:
Public is pretty interesting among brokerage apps, because it incentivizes the free flow of information between investors. You can learn about some stocks or crypto you might not have heard of before, or even investing principles from the pros!
Always do thorough research on a company, ETF, or crypto before choosing to invest.
Be aware that by selling off your stocks you may have capital gains tax implications if you've made profit on your investment.
Because you're moving money out of a brokerage account, the IRS sees this as 'realized gains', which is taxable.
Is the world of investing still new to you? Check out our guide How To Invest In Stocks For Beginners here!