Mighty Oak Debit Card review

The Mighty Oak Debit Card from Acorns gives subscribers to the investment platform's $5 and $9 tiers access to high APYs with the Acorns Mighty Oak Checking and Mighty Oak Emergency Fund accounts — a 3% APY and 4.05% APY respectively.

If you're already a qualifying subscriber, this card provides a good incentive to stick with Acorns' ecosystem. For those interested in using Acorns, those rates are among the best APYs available for bank accounts.

CNBC Select has the details on the Mighty Oak Debit Card's benefits, fees and alternative options to consider.

Acorns is a subscription-based investment app that provides users with various investment and banking accounts, such as a brokerage account, individual retirement accounts, and checking accounts. There are three separate subscription levels, and at the higher $5/mo or $9/mo subscriptions, you'll have access to the Mighty Oak Debit Card.

A popular Acorns feature is its Round-Ups® benefit — Acorns automatically rounds up purchases from any linked debit and credit cards to the nearest dollar and invests the difference once you accumulate at least $5.

To open a Mighty Oak Debit Card you'll need to have an Acorns account and be enrolled in the $5 or $9 monthly subscription tiers. But with with an active Mighty Oak Debit Card and a monthly direct deposit of at least $250 into your Acorns checking account, the subscription cost is waived.

The biggest benefit of the Mighty Oak Debit Card for Acorn users is how it unlocks high APYs for Acorns Mighty Oak Checking and Mighty Oak Emergency Fund accounts. Without the Mighty Oak card, none of Acorns' bank accounts earn interest. These rates are generous and on par with other top-tier high-yield bank accounts.

Cardholders are also eligible for Real-Time Round-Ups® and Mighty Oak Matching. With the Real-Time Round-Ups benefit, Acorns rounds up purchases to the nearest dollar and invests the difference automatically. So if you make a $2.37 purchase, Acorns will round it to $3 and invest $0.63.

With the Mighty Oak Debit Card, you can receive a match for your first seven Real-Time Round-Ups in the first 12 months. While Acorns gives you the option to multiply the amount of money you invest from your Round-Ups, multipliers don't qualify for the match. That makes the Mighty Oak Matching an underwhelming benefit that could net you at most $6.93.

With the Mighty Oak Debit Card, your Acorns Mighty Oak Checking account earns a 3% APY. Acorns also provides users with an account it calls Mighty Oak Emergency Fund, which earns a generous 4.05% APY.

There are no overdraft fees, no minimum account balance and fee-free access to 55,000+ AllPoint Network ATMs. There is a $5 minimum deposit to get the Mighty Oak Debit Card. You will need to be subscribed at the $5 or $9 level to be eligible for a Mighty Oak Debit Card, but you can waive that fee with qualifying activities.

If you're a current Acorns user with Checking and Emergency Fund accounts (but not the Mighty Oak versions), note that you'll have to close your current accounts and open new ones if you want the Mighty Oak card and its associated high APYs accounts. This can create a nuisance if you already have direct deposits and recurring payments tied to your accounts.

Mighty Oak Debit Card vs. Happen Bank LevelUp Savings

The Happen Bank LevelUp Savings account is CNBC Select's best overall high-yield savings account for a good reason. It offers a generous 4.00% APY when you make monthly deposits of at least $250 or more (without deposits a 3.00% Standard APY applies), which is higher than the Acorns Mighty Oak Checking APY and Mighty Oak Emergency Fund APY. This account also has no monthly service fees and offers a free ATM card.

If you're just after a bank account with a great APY and have no interest in any of the investment accounts and features offered by Acorns, then a no-fee account like this one could be a better option.

Mighty Oak Debit Card vs. UFB Portfolio Savings

The UFB Portfolio Savings offers one of the highest interest rates currently available, you'll earn 3.26% APY on your deposits. This account also offers everything else we like to see in a high-yield savings account including no monthly maintenance fees and FDIC insurance.

The UFB Portfolio Savings account is simpler than what Acorn offers (in the sense that you're just signing up for a savings account instead of diving into Acorns' investing and deposit account ecosystem). You'll also earn a higher APY and won't have to worry about qualifying for a fee waiver.

The Mighty Oak Debit Card makes sense if you're ready to start investing with Acorns. It allows you to waive your monthly subscription fee, which can save you $60-$108 a year. Overall, this is a good option for a debit card and bank account combination, if you plan to qualify for the fee waiver. But if you don't plan to have monthly direct deposits into your account, you could be better off with a high-interest fee-free account.

Round-Ups

With the Round-Ups® benefit, Acorns will automatically round up purchases from linked debit and credit cards to the nearest dollar. Round-Ups accumulate until you hit at least $5, and then that money is moved from your primary checking account into your Acorns investment account.

However, with your Acorns Checking account and an Acorns debit card (either the Mighty Oak or the Acorns Visa card), you'll receive Real-Time Round-Ups, which are automatically transferred to your brokerage account even below the $5 threshold.

Acorns Earn

Acorns Earn is a cash-back rewards feature that allows you to earn bonus investments when you make purchases at select merchants. To take advantage of this perk, you'll need to make an eligible purchase either through the Acorns app (450+ in-app partners) or by utilizing the Acorns Earn browser extension (15,000+ partners). How much cash-back you earn differs from vendor to vendor, but at the higher subscription tiers your cash-back reward gets a percentage-based boost.

Here are the highlights of what you'll receive at each subscription level:

• Acorns Personal ($3/mo tier): Investment account, IRA account, Round-Ups, checking account, Acorns Earn
• Acorns Personal Plus ($5/mo tier): All of the Personal-tier benefits plus access to the Emergency Fund savings account, the Mighty Oak Debit Card (and its high APYs), 25% bonus for Acorns Earn rewards, Real-Time Round-Ups
• Acorns Premium ($9/mo tier): All of the benefits of the previous tiers plus a custodial investment account for kids, 50% bonus for Acorns Earn rewards, life insurance (for eligible customers), free will, GoHenry debit card and app for kids

Note that you don't need the Mighty Oak card to use Acorns Earn.

The Mighty Oak Debit Card is available to Acorns account holders with a $5 or $9 subscription. It offers the ability to earn a fee waiver for your account, which is useful. However, if you're just looking for a high-interest account, there are bank accounts with comparable APYs and no fees.

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Banking services and Mighty Oak Visa™ debit cards issued by nbkc bank, Member FDIC. As of December 19, 2024, Mighty Oak Checking Annual Percentage Yield (APY) is 3.00% and Emergency Fund APY is 4.05%. APY is variable and subject to change. No minimum opening deposit or minimum balance required.