Dwayne Johnson and Acorns, a saving and investing app, have announced the launch of the Mighty Oak Debit Card. The heavy metal tungsten debit card, exclusive to Acorns, was constructed to address overspending and under-saving.
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 Mighty Oak Card provides 3% checking APY, 5% APY on the card’s Emergency Fund savings for rainy days and no minimum deposit or balance requirements. The card also offers access to Acorns’ 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.
When he was cut from the Canadian Football League and left jobless in his early 20s, Johnson had only $7 to his name. At that moment, Johnson decided to chart his own course in life.
“I’m personally invested in helping and rooting for people to achieve financial stability and success,” said Johnson. “I’ve worked with Acorns to create a one-of-a-kind card that makes it easy for people to prioritize saving and investing so they can build a solid foundation for their future.
“I’ve been there and know what it’s like to count every dollar and save every cent possible to provide for my family and myself.”
“We’re excited to work with Dwayne on a debit card that will hopefully allow many Americans to do exactly what he did – take a small amount of money and, over time, turn it into a brighter future. Dwayne proved it with $7 and we know from tiny acorns, mighty oaks do grow,” said Noah Kerner, CEO of Acorns. “We’re also excited to offer two of the mightiest APYs available today. Our mission is to look after the financial best interests of everyday people, and the Mighty Oak Card, at these rates, does that and much more.”
Mighty Oak Cardholders are automatically entered for a chance to win one of seven $50,000 Mighty Paychecks.