Do you have some savings in your account but don’t know what to do with them? In this guide we are gonna teach you how you can re-use your savings to invest in micro-investment apps.
Micro-investment is a relatively new term in the world of Finance. It combines the concepts of both Technology and Finance to create a digital product that can facilitate users. We’ll get to that in a bit. The most important thing to know right now is that you can potentially multiply the money in your savings account. How will it happen? That’s where the Micro-investment apps come in.
What is Micro-Investment?
Micro-investment leverages the use of technology to create a platform for users where they can invest their small savings. This is especially a great opportunity for people who have a limited amount of spare cash and want to make profit from it. It doesn’t necessarily mean that you cannot invest big sums through this technology. You can put in as much as you want. The returns will be bigger with bigger investments of course.
Thanks to the advancements in Mobile technology, there are some reputable apps that let you create a micro-investment account and monitor your cash flows from your mobile phone.
We will discuss the functionality of each of the apps we are going to share with you.
How to make Money with Micro-investment Apps
Here is a list of Micro-investment apps that let you make more money with your money:
Robinhood is currently one of the most popular Micro-investing mobile apps. They have a user base of more than a million users who have already invested more than $25 Billion through their platform.
The best thing about Robinhood is you don’t have to pay any Fee to join the platform. Stock trading is absolutely free and you can invest anything from $1 to thousands of dollars.
There are two types of accounts you can create: Standard account and Gold account. Gold account gives you more buying power and more control over stock trading.
Robinhood is available on both Android and iOS platforms.
Download Robinhood for Android
Download Robinhood for iOS
Stash is another popular choice among micro-investors all over the world. With Stash you can deposit any amount starting from $5. After that, it’s a piece of cake to use the app and make investments. Even if you don’t have any Finance background you can still use the app without any worry. The app basically teaches you how to invest and lets you earn profits as a bonus.
There is a monthly fee of $1 associated with Stash. Considering what you’re getting in return literally makes it free. After your account reaches $5000, you will be charged an annual fee of 0.25% per year.
Download Stash for Android
Download Stash for iOS
Clink is another micro-investing app in the horizon that lets you make more money with money. The minimum deposit required is $5. You can deposit anything from $5 to $1000 or even more. Although there is a $10,000 daily limit.
Once you have accumulated more than $5000 in your account you will be charged a monthly fee of $1. But there is no transaction fee at all. You can save by setting a fixed percentage of recreational expenses and depositing them in your Clink account.
Download Clink for Android
Download Clink for iOS
Acorns is also one of the best apps that let you save your spare change automatically. It’s probably the most convenient of all the apps because of its passive functionality.
Acorns App requires you to link your Credit and Debit cards with your Acorns account. Then the magic happens. What it does is it basically rounds off your daily transactions to the next dollar and deposits the spare change automatically to your Acorns account. You literally have to do nothing except linking your credit / debit cards.
There’s a monthly fee of $1 for accounts that have up to $5000. For higher amounts the fee is 0.25% of the amount.
Download Acorns on Android
Download Acorns on iOS
Mylo app is another alternate to the Acorns app. It works the almost the same way as other spare change investment apps. You just need to link your Debit and Credit cards to your Mylo account. Once it’s done the rest of the investing process is done by the App itself.
Mylo turns your spare change into investment fund automatically. It rounds off your daily expenses to the next dollar and saves it in your Mylo account. Users have reported earning good amount of profits from this app.
All the transactions are done for free. They charge a monthly fee of $1 and that’s it. There are no hidden charges at all.
Download Mylo for Android
Download Mylo for iOS
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