Youre familiar with PayPal.
Heck, theres a good chance youve used it if youve ever bought anything online.
you could buy a blender on eBay, a DVD on Amazon or homemade soap on Etsy.
Now PayPal is adding a new service.
It wants to help you invest.
Its teaming up withAcorns, the popular smartphone app that invests your spare change for you.
Youll be able to set up an Acorns account directly from PayPal.
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PayPal Invests in Robo-Investing
Why is PayPal doing this?
Also, it doesnt hurt that PayPalhas invested tens of millions of dollarsinto Acorns and partly owns it now.
In fact, CNBCcallsAcorns the new millennial investing strategy.
For an account with a balance below $5,000, Acorns monthly fee is $1 plus 0.5%.
Where does Acorns invest your money?
Youll answer a few questions on the app to create a financial profile.
Mike Brassfield ([email protected]) is a senior writer at The Penny Hoarder.
He needs to store up more acorns for winter.
(Can you sense my millennial sarcasm there?)
You know which ones were talking about: rent, utilities, cell phone bill, insurance, groceries…
