What is Smart Deposit?

What is Smart Deposit?

Smart Deposit is a feature of Acorns Spend that automatically allocates a portion of your direct deposit into Invest, Later, Early, or a combination of all three, to help you invest your money as soon as you get it. Like most of what we do, Smart Deposit is meant to make it easy and automatic to save!

Smart Deposit only works for direct deposits received in Acorns Spend. You can get started by moving your direct deposit over to Acorns Spend. You can do that by using this link. We’ll keep an eye out for your paycheck and let you know when it arrives.

Once your direct deposit arrives, you’ll be prompted to choose how much of each paycheck to distribute to each of your accounts. You can change your settings at any time.

That’s it! Once you’re set-up, anytime a paycheck from that employer arrives, Acorns will automatically save a percentage and distribute it across your Acorns accounts. 

How do I change my Smart Deposit?

You can change your Smart Deposit at any time. After logging in to your account, tap "Spend smarter." Once you're in your Spend account, tap "Direct deposit" to edit your Smart Deposit settings. Once you've saved those settings, Smart Deposit will automatcially use them the next time you are paid.

Why should I use Smart Deposit over recurring deposits?

Smart Deposit simplifies and saves time. Instead of managing multiple transfers across your accounts, set your savings rate on your paycheck in Spend and let Acorns take care of the rest.

Can I use both Smart Deposit and recurring deposits?

Sure! Using Smart Deposit will have no impact on your recurring deposits. If you have a weekly recurring deposit from your primary checking, that will continue as normal. But why? Just move more of your paycheck to Spend and manage it all in one place. 

Can I use Smart Deposit on my recurring deposits?

Smart Deposit was designed to work with Direct Deposit only. This was based on a lot of existing research to encourage people to think about saving a percentage of their paycheck. By focusing the feature on Direct Deposit, our goal was to help people begin to think of saving as a percentage of their income. 

How do I configure the distribution options?

Smart Deposit is percentage-based. There is no way to set a FIXED dollar amount as part of Smart Deposit. If you would like a fixed investment, please set up a recurring deposit for the day after your expected Smart Deposit.

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