WiseBanyan, a free investment system like Acorns

There was a recent thread on the investment app Acorns and it seemed to be pretty popular with the beermoney crowd. The issue was that the Acorns system was not free unless you were a student or younger than 24.

WiseBanyan is another investment system I use with no restrictions. It provides its basic services completely free. The way WiseBayan makes a profit is via additional services that you can add on such as maximizing tax incentives/deductions. However, those services are not necessary and you will never have to pay for any services that you do not intentionally sign up for. More information about their fee structure is found here.

With WiseBanyan, you can start a retirement account (Roth, IRA, etc) or personal investment accounts. Again, the basic service is completely free and there is not age restriction.

To sign up, you must provide your social security number, a bank account to fund the portfolio/account, and a valid cell phone number for 2 step verification. The minimum amount to start is $10. All funds that you deposit will be automatically be invested according to their portfolio assets. Here is their exact breakdown of asset allocations thread

In full disclosure, WiseBanyan has a referral program where I get $15 and you get $15 provided that you maintain the account for at least 6 month, with a minimum of $10 auto-deposit on an at-least-monthly schedule. There is no minimum account balance maintenance requirement.

For returns, I started WiseBanyan about 3 months ago and I have a 6.1% return so far. This return may vary for you depending on the financial environment. I am not a financial advisor so please do not expect this level of return when signing up. All investments have some risk but if you let the investments mature over years, you will often come out ahead.

If you would like to check out WiseBanyan, here are the links: FAQ

referral

non-referral