What is Smart Deposit?

What is Smart Deposit?

Smart Deposit allows you to automatically distribute a percentage of your paycheck across your Invest and Later accounts. 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. 

What's the difference between the different distribution options?

When we built Smart Deposit we knew that one size doesn’t fit all—especially when it comes to money. Smart Deposit lets you personalize how you invest your money and puts it on auto-pilot. There are 5 different automatic distributions between your Invest and Later accounts designed to help you meet your goals, whatever they may be. Remember, your Invest account is a regular brokerage account designed to help you invest for mid-term goals. Later is a type of Individual Retirement Account with tax benefits designed to help you invest for retirement.

Medium-Term - Designed for people who want to prioritize mid-term investing over investing for retirement, Medium-Term funnels 100% of your Smart Deposit to your Invest account.

Mostly Medium-Term - For those who value investing for mid-term goals but also want to put more aside for retirement, Mostly Medium-Term sends 80% of your Smart Deposit to Invest and 20% to Later.

Balanced - The Smart Deposit default, Balanced evenly splits your Smart Deposit between your Invest and Later accounts, letting you prepare for expenses a few years from now while also building your retirement funds.

Mostly Long-Term - Built for people who want to primarily save for retirement but also want to set some aside for goals that come sooner, Mostly Long-Term puts 80% of your Smart Deposit into Later and 20% into your Invest account.

Long-Term - Long-Term allocates 100% of your Smart Deposit to Later and your longest-term expense: retirement.

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