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Apps to help you invest: do they really work?



In this fast-paced digital world there’s already an app for everything—and investing is no exception.

For people who are living paycheck to paycheck, or those who don’t want to grapple with the tedious task of creating a budget, these investment and money management apps are a godsend. Only one question remains: do they actually work?

For the most part, they offer some great benefits, especially for millennials who have increased their investment engagement through these apps. However, each platform does come with its own pros and cons, so it pays to dig a little deeper before using them.

Check out the following investment apps and see which one best works for you:

Acorns

Perhaps one of the most popular investing platforms in Australia is Acorns, which allows you to literally invest your spare change in a diversified portfolio of exchange-traded funds. Every purchase you make through your linked bank accounts and credit cards is rounded up, so that a $8.70 charge becomes $9.00. The extra 30 cents are then stored in your Acorns portfolio for investment.

While signing up for an account is relatively easy, it may not be for people who value their digital privacy, as the app asks for some personal details to help create the best investment portfolio suitable for your needs.

Perfect for: The Acorns investment model is perfect for millennials and newbie investors, as the spare change system removes traditional entry barriers like high fees and prices. With Acorns, every penny truly counts.

Digit

Available in both Apple App Store and Google Play Store, the Digit app boasts of saving money for you without thinking about it.

Once you connect the app to your bank account, Digit will analyse your income and spending to see how much money it can safely set aside for you. Therefore, you don’t have to think about saving money every day, because Digit does that for you. You also don’t need to worry about overdrafting your account because it has a no-overdraft guarantee.

If you need to access your savings, you can just send a text to Digit and the money will be transferred to your bank account the next day.

Perfect for: Digit is perfect for people with hectic schedules as it takes one aspect of money management off their minds. The app does not store your bank login details, so you can rest easy knowing that your bank account’s security won’t be compromised.

OnMarket Bookbuilds

For seasoned stock investors, the OnMarket Bookbuilds app allows them to bid on an initial public offering (IPO) of a newly-listed company. Traditionally, bidding on IPO stocks was almost exclusively done by stock brokers and institutional bankers, but OnMarket Bookbuilds let’s common stock investors get the first slice of any company that’s coming on the Australian Stock Exchange (ASX).

Every time the ASX lists a new company, the app sends an alert to your email so that you can check out the company right away. OnMarket has a percentage of shares on offer, so you can purchase shares that you think are worth your money.

Perfect for: The OnMarket Bookbuilds app is great for those in the stock market who want to level up their game in the ASX.

Keen for more hands-on advice? Click here for guidance on who to turn to for investment advice >>