Sumday is an online investing account created by BNY Mellon that lets you start saving with as little as a dollar.
You can get started by opening a Sumday account with just $1, and then you can add money over time whenever you have some extra savings to contribute.
Once you connect your bank account to your Sumday account, you can start adding money whenever you want, and you can even make transfers with a hashtag on Facebook, Instagram, and Twitter.
Your money is invested in the Dreyfus Basic S&P 500 Stock Index Fund, and you can withdraw your money in any amount whenever you want.
Check out Sumday for more details about this new service.
You will pay a 0.2% fee per year to have a Sumday account, and this fee is withdrawn from your Sumday account each quarter, based on the average daily balance of your account for that period.
In addition, the mutual fund that your money goes into also charges fees.
You can add money anytime you want from only $1 to up to $2,500 per month, or you can set up monthly transfers for between $1 and $500, plus you can even perform hashtag transfers from $1 to $25 per transfer by using #Sumday for up to a total of $1,000 per month.
There are no fees to withdraw your money, and there are no restrictions on what you can do with your money, so you can withdraw however much you want whenever you like.
Of course, you could lose your money, as these accounts are not FDIC Insured and are subject to investment risk.
However, if you want to invest your money in a mutual fund, but you don’t have the patience or knowledge to perform all of the research for yourself, then this is an easy way to get started with your investments for as little as a dollar.
You may also be interested in the Betterment Investment Service for another easy way to invest your money in stocks and bonds.
Please feel free to post about your experiences with Sumday in the below comments.