By Godson Umejiego, Bureau Chief, The Americas
An award-winning, cloud-native core purpose-built for embedded finance Helix by Q2 has announced the expansion of its partnership with saving and investing app Acorns with the launch of Acorns’ Mighty Oak Debit Card.
“Our partnership with Acorns started in 2018, and over the years, it’s been a joy to watch them make it possible for anybody to invest”
Helix serves more than 14 million customers and processes over US$20 billion in transactions annually. Helix offers the building blocks of banking – accounts, cards, payments, data and controls, administrative tools and monetization solutions – all in one place, making it easier for innovative companies like Acorns to embed personalized financial experiences in the context of the applications people use in their daily lives.
While other finance apps promote instant gratification and fast results, Acorns is all about slow and responsible growth – slow and steady wins the race. With that philosophy, Acorns has helped everyday people invest over US$19 billion. Acorns’ new Mighty Oak Debit Card gives money a chance to grow by turning saving and investing into an everyday habit. With Real-Time Round-Ups®, customers invest their spare change from each purchase up to the nearest dollar. Using paycheck split, Acorns automatically saves and invests a piece of every paycheck on payday. The card also provides two of the highest annual percentage yields (APYs) available today* with 3.00 per cent checking APY, 5.00 per cent APY currently on the card’s Emergency Fund savings account for ‘rainy days’ and no minimum deposit or balance requirements.
“Our partnership with Acorns started in 2018, and over the years, it’s been a joy to watch them make it possible for anybody to invest,” said general manager of Helix by Q2 Ahon Sarkar. “With tools and education content that dramatically simplify every aspect of money management and with competitive interest rates for both checking and savings, the new Mighty Oak Debit Card is a huge milestone in Acorns’ mission to look after the financial best interests of everyday people.”
Helix provides real differentiation by fully integrating banking into an existing ecosystem, which drives success in embedded banking. Helix provides well-integrated products that create unique experiences and value – that customers love and return to because they can’t find it elsewhere.
“We’ve had a longstanding partnership with Helix and we’re excited to work together to bring new products to the market, like our Mighty Oak Debit Card. While other cards are just built for spending, the Mighty Oak Card helps your money grow with two of the highest APYs available,” said senior vice president of marketing at Acorns Shilpa Reddy. “We’re excited to help Americans automatically save and invest every time they spend and receive their paycheck.”
The Mighty Oak Card, which is available to Acorns investment subscription customers, also offers access to Acorns’ robust financial wellness system including Acorns Later, to plan ahead for retirement, investment rewards to earn bonus investments from 15,000 brands for everyday purchases and access to 55,000 fee-free ATMs within the AllPoint Network.
The Mighty Oak Card is available now for Acorns customers. Additionally, new Mighty Oak Cardholders are automatically entered for a chance to win one of seven US$50,000 Mighty Paychecks. To learn more, visit acorns.com/mightyoakcard or download the Acorns app.
*As compared to the national average checking and savings interest rates as noted by the FDIC. Banking services provided by nbkc bank, Member FDIC. Mighty Oak Card Annual Percentage Yield (APY) as of November 13, 2023, is 3.00 per cent. Emergency Fund APY is 5.00%. APY is variable and subject to change. No minimum opening deposit or minimum balance required.
