Automatically save more via 4 powerful Acorns equivalent apps for the UK
Best Micro Investing Apps
Best micro-investing apps: FAQs
Why do people use MV apps?
Bank branches may disappear by 2025. Digital apps and investing small, nearly unnoticeable amounts of money make things pretty simple and painless. Once you’re ready to go, you can simply lay one in the background. The risks are relatively tiny. You’re only investing money that you probably would have wasted anyway. That makes it a very low-effort way of putting aside spare cash.
You can also begin with a very small amount of capital…as little as £1. Some of these apps will need you to pay a small user fee. But this is usually also tiny. For instance, Acorns is about £1 according to your type of account. And for the more aggressive MV users willing to lose all, they can potentially get bigger ROIs from spare cash.
What are the common MV apps use cases?
The most popular use cases for MV apps are typically set-it-and-forget-it. This includes having to make your savings for a pet. A pet may need veterinary bills for the end of life or injuries. You can set a small weekly investment and save quite a remarkable amount over the period of a decade.
You can also use it to build an emergency fund for a rainy day. Or in order to add some extra savings and investments to your portfolio. The final reason is to get yourself into the habit of building compound savings and interest. There’s an extra piece of mind knowing that you have extra money hidden away for building wealth.
Can I invest as little as £100?
Yes. In fact, you can invest as little as £1. These new MV apps have made it possible for people who are not wealthy to start investing. However, the smaller your initial deposit, the more likely it is that the app is best suited for savings. It’s very difficult to make any significant ROI on a portfolio that is tiny.
Can I get rich from acorns?
Only if you plan on growing them on a big farm. You will not become rich from investing in acorns or Moneybox. In fact, they have pretty high fees for those who have small balances. But it does help those who have a difficult time with investing or saving money.
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