How to Open Acorns Mighty Oak Account (Finally)

Mighty Oak is Acorn's new checking and savings account that offers great interest rates. The issue was that existing Acorns users don't have immediate access to the account. It seems really strange to me that Acorns wouldn't prioritize their existing paying customers but that's what they've done so far. Today I show you exactly how I had to delete my old account then wait a few days and re-open it to have access to this new account and its corresponding higher interest rates. We also will talk about what makes for a great investing app if Acorns has begun to slip, allowing their competitors to come in and take over market share.
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⏱Handy Timeline:
0:00 Intro
0:23 Closing the old account
2:04 Starting new account- Might Oak
5:40 Redesigned app
6:08 First 7 Roundups Matched by Acorns
6:40 Features and Setup
7:06 New Emergency Fund Feature
10:10 Paycheck Split
10:46 What I think about the new features
11:40 Comparing the competitor services: M1, Robinhood, Webull
14:52 Next Acorns video
15:15 Secrets
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Disclaimer: Any financial or investing-related topics discussed on this channel are not from a professional investment advisor and are not financial advice for you. This is for entertainment and inspirational purposes only.
🕰Make sure to check the time stamps to navigate to the most interesting parts easily.
🏎💨If I am talking too slowly, just click on the video settings option and look for “Playback Speed”. Changing this to 1.25x or 1.5x can make the video flow a little better if you want to pick up the pace!
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Updated disclosure as of 4/9/24:
Paid ad. Compensation provides an incentive to positively promote Acorns. The
information and opinions presented are for informational purposes only and
represent the views of the promoter as of the date created and are subject to
change. Investment advisory services offered by Acorns Advisers, LLC, an
SEC-registered investment adviser. View important disclosures at www.acorns.com/brendan/ and Acorns.com.

[@vatinomk5]

I knew I wasnt crazy. I’m looking for the mighty oak for a while. Glad I found your video

[@BrendanEvan]

Glad I could help!

[@Doctorbingo]

Thanks for the video I saw this card today and I never heard of this card until I accidently came across it today on the internet. Had too close my old checking account and just signed up for the new card and APY rates, thanks Brendan!

[@NoWeyJose]

Thanks to you now I know what to do. You da man👍💯

[@BrendanEvan]

🙌

[@user-gl9rc8pu9d]

Appreciate you. I thought I was going crazy.

[@BrendanEvan]

You’re not crazy

[@AmezAdvisors]

I don’t know anyone who’s over and runs 5 miles. That’s very impressive.

[@BrendanEvan]

😂 You’re a pro at secrets by now

[@ststern1811]

3:48 you can absolutely add multiple accounts to your direct deposit! (though ease of use will depend on your employer and their software). I've had *over* 8 or 9 accounts connected at one point. Helpful when you need to fulfill multiple direct deposit requirements. nice video! I think your analysis makes sense. Neat account, but not seeing anything that makes me want to switch from my current HYSA.

[@BrendanEvan]

Wow thats good to know! 8 or 9 accounts! You were really automating things. I'll have to ask and see.

[@notxasj]

My employer uses Workday and I have had 4-5 different accounts linked to my direct deposit. It makes it easy to change anytime and choose a specific dollar amount or percentage to deposit to each account.

[@Mr.Mini_Moto]

Thanks for the video man, acorns and Robin Hood is where it's at if you're investing while being poor 😅. I'm trying to get that emergency fund up before I really start hitting these apps with my money.

[@BrendanEvan]

You got this! What kind of bike do you ride?

[@Mr.Mini_Moto]

@@BrendanEvan riding a Harley-Davidson Sportster at the moment, that bike is awesome 😎

[@BrendanEvan]

@@Mr.Mini_Moto nice Motorcycles are such good value for money I found out an early age that I’m really good at crashing them

[@Mr.Mini_Moto]

@@BrendanEvan LOOOL! Crashing hurts... I been there on my last mini bike that I had... Riding does have a medium risk like some stocks on the market.... Fun but can be painful if not paying attention :D

[@PeterLee.]

Sofi checking offers 4.25% and No monthly fees

[@idrinkyourmilkshakeman]

Hi Brendan, what are your hesitations towards setting up direct deposit with acorns for the fee waiver? I am hesitant to make the switch as well, since i'm sensing just one drop in interest rate would make this account much much less worth it to have my direct deposit with acorns.

[@BrendanEvan]

I don’t want to send $250+ every month there. I don’t use their service as a primary means to invest or bank so why send that much?

[@BakedSmore]

But what about the fact that you don't have to pay a fee with 250$ direct deposit per month, wouldn't that still keep acorns the cheapest option for the apy?

[@notxasj]

Maybe a lot of that is muscle that just makes it look like you're over on paper. BMI is not the only factor to consider.

[@BrendanEvan]

You’re too kind 😆 There’s some muscle but also an extra 10-20lbs of fat. The holidays are a fun time to take on this challenge

[@user-ch4pm2ko5h]

Can you also make a video about Invesco and Schwab ?

[@BrendanEvan]

Adding them to the Notion database!

[@anthonygallo7302]

If I’m understanding correctly Yes, you can split your check across multiple debit accounts. I’ve set a small amount per paycheck to savings then the rest of my paycheck to my standard debit card. Just automates savings.

[@BrendanEvan]

Thanks for sharing your experience with direct deposit, I’ve never done that but it’s cool that it’s an option

[@zacharyrivera7228]

If you have this as your main bank and have direct deposit you don’t need to worry about the 9 dollar fee

[@BrendanEvan]

Yeah of $250+ per month, true

[@maryreynolds5310]

I so need help with this! I am wanting to get the card though I get disability, this is my only income. Anywho, I don’t know anything about banking and its terms, so questions I have. Can you help me with this please?

[@BrendanEvan]

I’d start with their website and FAQ section www.acorns.com/mighty-oak-card/

[@maryreynolds5310]

@@BrendanEvan I will do so, thank you Brendan!

[@briantanner831]

Hey Brendon so do you know if I can find my later account with my Acorns checking aka mighty oak account? I don’t see the option to…which leaves me to think Robinhood is more widely open to ways of being funded. I’m trying to have everything under one roof. I have both platforms but trying to set up my direct deposit and just stick with one. I like a lot of what Acorns offers but I am worried I can’t directly fund my later account from my acorns checking, do you know or have any input.

[@BrendanEvan]

When I look in my account I don’t see the option to fund within Acorns but you should check their FAQ/website just in case

[@briantanner831]

@@BrendanEvan got it figured out, had to really do some research on my end. Customer Support says it’s a back end problem especially for those of us like you and I that had the old account. However you just have to unlink your external bank account and add Acorns Might Oak Checking information into it manually then it will ask for an account statement, which none of have with it being so new but if you close out of the app and go back in you will see it is now primary and you can fund your IRA with it! Just thought you might like to know in the event anyone else asks!

[@BrendanEvan]

They’ve certainly made it tricky for anyone but a brand new user!

[@hewersonmorais911]

@brendanevan - One thing I didn't catch... what happened to your $100 from the old account while you were in transition? Did you have to move it into your Invest account until the new account was setup?

[@BrendanEvan]

I had to withdraw it IIRC, so that account was totally empty before closing Good catch!

[@1977NOBODY]

What I would like is……Maybe I don’t like to invest with roundups,How about let me use this same roundup feature that uses all my accounts I have listed and roundup into my emergency fund instead of my investment account 🤔I could 3x my roundup into my emergency fund.

[@BrendanEvan]

Ooh custom roundups that’s a good idea

[@JeepTJay6]

I'm an expat living abroad and was looking into this app. Unfortunately you can't sign up for it without providing a US phone number. Do you know if there's a way around this?

[@BrendanEvan]

I’d reach out to their customer service to verify

[@alexvides1573]

Have you talked about the option to individually invest into stocks on the acorns app now. It’s a big button call custom and it’s calling my name

[@BrendanEvan]

Yup! Acorns Added Individual Stock Trading | Massive Update 2023! kzbin.info/www/bejne/j5inqmmvecxsbMU

[@maryreynolds5310]

I guess I should ask, is this more for people with a hefty bank account or can someone like me with a fixed income benefit? TY

[@BrendanEvan]

It’s just a normal bank account so the amount of money you have in it doesn’t really matter. You do have to pay the $5-7 per month to access it so that has to work in the budget

[@maryreynolds5310]

@@BrendanEvan OMG, after rereading, it sounds crazy what I just asked..lol I’m not just looking for an investment, I know it sounds that way. I just want a better bank than who I have. I also want something that will help me gain as long as I’m smart that is. lol after reading what I wrote, I said to myself would everyone like to invest with a guarantee..wow I made no sense I’m sure, but I know what I’m trying to say.

[@dhirst5]

The $9 fee is waived if you direct deposit $250 a month correct?

[@BrendanEvan]

Yes! (But I don’t want to do that personally)

[@user-ch4pm2ko5h]

Can someone help me , I am very new with investing apps and I trying to open acorns, and it takes weeks to review my account! So I reach out support team to get things rolling, so they are asking me to send ID to their email! Is that something what everyone went through? I’m kinda confused I’m not sure 🤔

[@BrendanEvan]

Keep reaching out to Acorns, we can’t connect you with them. Verify that any requests for personal info go to acorns and not any scammers!

[@jboyd0104]

The vibes are off. Kind of makes me want to move my money completely.

[@NeuJynXproductions]

Use a real brokerage firm.

[@jboyd0104]

@@NeuJynXproductions I do

[@alexvides1573]

I work two jobs and both my employers are able to split the direct deposit to different accounts. I gotta close my checking and upgrade the subscription so I can get it waived with more benefits. 😈

[@BrendanEvan]

Good to know! Yeah kind of funny to have to close it just to reopen the new one but that’s the game!

[@franciscav.8330]

How to apply thanks

[@BrendanEvan]

Are you asking how to apply? If so, watch the last 5 minutes of this video: 1 Problem With Acorns Mighty Oak Account (You Can't Get It) kzbin.info/www/bejne/aae0oqt7ftCnbNk

[@culticfrog]

Robinhood gives you 3% on IRA match with Robinhood gold not one like you said.

[@BrendanEvan]

You are correct! 1% requires no extra fees! Pretty attractive feature!!👍

[@armandoosuna9809]

I thought if you got the mighty oak card and got direct deposit you basically got acorns premium for free?

[@BrendanEvan]

Very true as long as you’re ok direct depositing $250/mo!

[@codacollectibles]

That was a lot of steps...ain't nobody got time for that.

[@BrendanEvan]

It should be 1 step! 1 and done