You are able to withdraw from your Acorns Later account at any given time; however, the maximum withdrawal limit per transaction is $50,000.
With any IRA, there are often tax implications for early withdrawals or transfers (generally a 10% penalty and possibly income taxes and/or other penalties). You can learn more about the specifics from the IRS website here.
To withdraw your Acorns Later funds, please follow these steps:
- After logging in to your account, tap or click on 'Later'
- Tap or click on 'Withdrawal'
- After reviewing the facts about withdrawals, tap or click on 'Next' at the bottom
- Select the reason for your withdrawal and tap or click on 'Next'
- Enter the amount for your withdrawal and tap on click on 'Next'
- Select the bank you would like your funds to be transferred to
- Review your requested withdrawal and tap or click on 'Withdraw'
Sell orders (i.e. withdrawal requests) placed before 11am PST on a market day typically will be processed the same day. If your request was made after 11am PST on a market day, Acorns will sell shares the following market day. It can take 3-6 business days for withdrawals to be fully reflected in your primary checking account. The SEC regulations dictate a mandatory 2 day settlement period, after which time the withdrawal has to process.
Article is closed for comments.