New app lets you invest spare change

Tell your clients about an investing app that could appeal to their college-age kids.

Phone app Acorns takes spare change and invests it into a diversified portfolio, Mashable reports. It works like a bank-the-rest program, which rounds up debit purchases to the nearest dollar and puts the difference into a savings account.

Read: Write like Hemingway with this new app

Creator Jeff Cuttenden says he believes strongly in starting to invest when in college, but most young people are deterred by high minimum accounts or the high fees charged by brokerages.

His app, which is still in beta testing, has no minimum balance the has a $1 monthly fee.

Read more here.

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Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.