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 a fundamental American problem: overspending and under-saving.
The Mighty Oak Card offers an entirely new way of banking, helping people grow their financial knowledge and invest towards their future – simply by using it.
The Mighty Oak Card gives money a chance to grow by turning saving and investing into an everyday habit. 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 also provides two of the mightiest annual percentage yields (APYs) available today* with 3.00% checking APY, 5.00% 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’ robust 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.
Johnson knows firsthand the impact of saving over time. When he was cut from the Canadian Football League and left jobless in his early 20s, he had only $7 to his name. At that moment, Johnson decided to chart his own course in life. Years later, he launched Seven Bucks Productions, a multiplatform enterprise founded with the mentality that success comes through passion and hard work. Committed to helping others lift themselves out of the toughest of times, Johnson is a champion of financial literacy and hopes to inspire Americans to shape their future by investing in themselves.
“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. I wish I had the Mighty Oak card back in the struggling and fun days when I had only $7 bucks in my pocket, which is why I helped create this card now to empower people to take control of their financial well-being. One step at a time. I’m rooting for all of you - let’s do this.”
“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."
The Mighty Oak Card is available starting November 14, 2023 for Acorns customers. Additionally, Mighty Oak Cardholders are automatically entered for a chance to win one of seven $50,000 Mighty Paychecks. To learn more, visit acorns.com/mightyoakcard or download the Acorns app.
*As compared to the national average checking and savings interest rates as noted by the FDIC. The Mighty Oak Card APY is current as of 11/13/2023. Interest rates are subject to change. No minimum balance required.