Setting up your retirement/investing account
Please note: retirement and investing can only be set up from the Oportun app and not the website at this time.
First, head to the Save & Invest tab on the Oportun app. Under your savings balance info, choose which account type you'd like and tap on Get Started.
We'll ask for some details to verify your identity and get an idea of your current income and employment status. Then, we'll ask a few questions specific to the type of account you're signing up for.
Retirement
Oportun will match you with a Traditional or ROTH IRA account that works for you according to your income.
Based on your age that you give us and Oportun's estimates of how long it will be before you retire, Oportun will choose a retirement portfolio that is in line with your expected time horizon. More information on Traditional and ROTH IRA accounts can be found here: What is the difference between Traditional and Roth IRA accounts ?
How your retirement account works
When it's safe, Oportun will save money into your fund from your linked bank account and invest those funds into your tax-advantaged Oportun Retirement IRA monthly.
Your first investment will happen 30-days after you set up your retirement account, then on the same date every month after that.
Withdrawing from retirement
Money saved to your retirement fund that hasn’t been invested yet can be withdrawn back to your checking account without a tax penalty. More info can be found here: Can I withdraw money from my retirement or investing account?
Investing
For investing, we will ask about your investing risk tolerance and recommend an account with a portfolio based on your answer to that question.
How your investing account works
Your investing portfolio is made up of ETFs based on the risk tolerance you chose when getting set up. To see details of your ETF, tap the question mark next to your portfolio description on your investing account home screen.
When it's safe, Oportun will save money into your fund from your linked bank account and invest anything saved in your portfolio several times a week.
Withdrawing from investing
Money saved into your investment fund that hasn't been invested in your portfolio yet can be withdrawn back to checking without any penalties or fees. However, invested funds may be subject to market fluctuations. More info can be found here: Can I withdraw money from my retirement or investing account?