How Can I Withdraw My Assets and Money From the Acorns Investment App?
There will be times when you simply need to get hold of any cash you have held up in whatever assets you’ve invested in.
The great thing is that the Acorns app does make it quite easy for you to withdraw your funds.
That’s one of the many reasons I love the Acorns app and consistently recommend it to those wanting to make carefree investments without any of the bureaucracy associated with traditional investing.
Withdrawing from the app goes a little something like this…
How Long Does it Take To Withdraw Funds From My Acorns Account?
There can be some short delays simply because regulatory legislation provides there must be a two day “settlement period” following the sale of your shares.
However, provided you action your request before 11am the initial request should be processed that day.
11am may seem quite early but Acorns needs time to sell your shares and if you place your request after this time it will usually be dealt with the next day the markets are open.
Most transactions occur within 3-6 business days so you should receive your funds into whichever account you’ve provided within that timeframe.
Is There A Penalty For Withdrawing My Funds Early From The Acorns App?
There are no penalties for withdrawing your funds from the “invest” part of the app.
But it’s important to remember that you must pay any capital gains tax on any gains you have made since you joined.
With the “later” part of the app which is like a retirement account, IRS rules are different.
Any “early withdrawals” from your “later” account before age 59 1/2, will mean you will have to pay normal income tax on your withdrawal from that account and a 10% early withdrawal penalty in addition.
Withdrawing from the Acorns app is fairly straight forward and shouldn’t cause you too much agro!
It’s important to remember the tax implications especially if you’re withdrawing from a “later” account.
For professional advice on any investments, always speak to a qualified financial adviser, tax attorney or CPA.
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