5 Reasons the Mighty Oak Debit Card is a game-changer
- March 19, 2024
- Banking
Mighty Oak Debit Card can help boost savings
The Mighty Oak Debit Card isn’t just any metal debit card that comes with a 3.00% APY checking account, it’s endorsed by Dwayne the Rock Johnson’s partnership with the brokerage firm Acorns1.
Acorns is a fintech company best known for its micro-investing platform. It simplifies investing by automatically rounding up your debit or credit card purchases to the nearest dollar and investing the spare change in stocks, ETFs, model portfolios, and retirement accounts for you.
5 Reasons the Mighty Oak Debit Card is a Game Changer
The Mighty Oak debit card has no minimum balance, no hidden fees, up to 2-day early paycheck with direct deposit and customers have access to 55,000 fee-free ATM’s.
1. High-Yield Checking and Savings Account
The Acorns checking account earns 3.00% APY with no minimum required balance. Plus it's combined with an Emergency Fund (similar to a HYSA) that earns 5.00% APY.
2. Stunning Black Metal Debit Card
The tungsten heavy metal debit card is finished in a matte black and laser engraved with your personalized signature.
If you like the look and feel of a metal credit card but don't want to take on debt to get one, this metal debit card is an excellent option.
3. Ability to invest spare change
Acorns helps you save without thinking about it with Real-Time RoundUps®.
When using the metal debit card, your spare change can be rounded up and invested, helping you save for retirement and Acorns will match your first 7 roundups to grow your money faster.
In fact, you can even invest a piece of your paycheck automatically with direct deposit.
4. Easy to use and automated investing
Acorns takes care of building your portfolio based on your risk tolerance and financial goals. They also automatically rebalance, ensuring your investments stay aligned with your needs over time. This takes a big burden off of inexperienced investors because helps maintain your desired mix of assets (like stocks, bonds, etc.), for example:
Let's say your ideal portfolio is:
- 60% stocks
- 40% bonds
But after a good stock market year, you find your portfolio is now:
- 75% stocks
- 25% bonds
Rebalancing would involve selling some stocks and buying more bonds to bring those percentages back to your target 60/40 split. Customers also have the option of choosing to split their paycheck to automatically invest a portion.
5. Monthly fee waiver with direct deposit
Customers who set up a direct deposit of at least $250 per calendar month within 45 days of signing up for the Might Oak Card will receive a subscription fee waiver for as long as they have their direct deposit set up.
Acorns Subscriptions Fees:
The Mighty Oak Card is available at the $5 and $9 subscription tiers. The subscription is a monthly cost for a suite of Acorns products that can help you save and invest for your future.
Is Acorns FDIC-insured
Yes. Acorns2 checking accounts are FDIC insured up to $250,000 per depositor per account. Plus, Acorns is a member of the SIPC, which protects investments of up to $500,000.
More Banking Resources
- Check out how to how to get a bank account while in ChexSystems.
- Take a look at online checking accounts that save you money.
- Discover high-yield savings accounts (HYSA) that pay 5.00% APY.
- Find the best checking account bonus offers across the United States.
- Open a high-yieldno-penalty CDand get the best rates for one year or less.
Acorns Disclosures
1 Paid advertisement. Dwayne Johnson is an investor in Acorns Grow Incorporated, is a director of its affiliate Acorns Labs, is an Acorns customer, and together with his creative agency receives substantial compensation from Acorns and its affiliates to promote Acorns and therefore has a conflict of interest that can be expected to bias his views. Statements are not necessarily representative of the experience or views of other customers and are not guarantees of performance or success. Nothing here should be viewed as an endorsement or testimonial regarding Acorns Advisers LLC's investment advisory services. Acorns is not a bank. Acorns Visa™ debit cards and banking services are issued and provided by Lincoln Savings Bank or nbkc bank, Members FDIC, to Acorns Checking account holders that are U.S. residents over the age of eighteen (18).
2 Acorns is not a bank. Acorns Visa™ debit cards and banking services are issued by Lincoln Savings Bank or nbkc bank, members FDIC. Acorns Checking clients are not charged overdraft fees, maintenance fees, or ATM fees for cash withdrawals from in-network ATMs. Please see your Acorns Subscription Center or Account Statements for a description of the fees you pay to Acorns for its services. Any balances you hold with Lincoln Savings Bank or nbkc bank, including but not limited to those balances held in Acorns Checking accounts are added together and are insured up to $250,000 per depositor through Lincoln Savings Bank or nbkc bank, Members FDIC. If you have funds jointly owned, these funds would be separately insured for up to $250,000 for each joint account owner. Lincoln Savings Bank or nbkc bank utilizes a deposit network service, which means that at any given time, all, none, or a portion of the funds in your Acorns Checking accounts may be placed into and held beneficially in your name at other depository institutions which are insured by the Federal Deposit Insurance Corporation (FDIC). For a complete list of other depository institutions where funds may be placed, please visit https://www.cambr.com/bank-list. Balances moved to network banks are eligible for FDIC insurance once the funds arrive at a network bank. To learn more about pass-through deposit insurance applicable to your account, please see the Account Documentation. Additional information on FDIC insurance can be found at https://www.fdic.gov/resources/deposit-insurance/.
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