The Rock and Acorns have released a new debit card
- Acorns and Dwayne The Rock Johnson have teamed up to create the Mighty Oak debit card.
- The debit card's marketing campaign is pulling out all the stops and is using The Rock's celebrity, the holiday season, and talk show appearances to stand out.
When The Rock and Acorns meet, you get... a Mighty Oak debit card. Created in collaboration with Dwayne Johnson, the metal card is the fintech’s latest product offering encouraging customers to invest and save.
The card comes with 3.00% APY on checking balances and 5.00% APY on Emergency Fund savings, with no minimum deposit or balance requirements. Customers can also split their paychecks and automatically save and invest a portion of their pay, along with being able to invest spare change from their purchases through Real-Time Round-Ups.
The paycheck split feature and Real-Time Round-Ups are not auto-enabled and customers can choose to switch these features off at their convenience. Similarly, customers also have control over how much of their paycheck is split.
“Customers have control over how much of their paycheck they'd like to allocate into investing versus emergency fund versus their checking account by setting a percentage of the paycheck they'd like to split into each open Acorns account,” said Seth Wunder, CFO at Acorns.
The Rock’s rocky ride to success
Before his success in the wrestling ring propelled Dwayne Johnson to new heights and financial success, he had his share of rainy days. Cut from the Canadian Football League and jobless, the man only had $7 in his pocket.
“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,” said Johnson in the press release.
The actor and retired professional wrestler also showed up on the Tonight Show Starring Jimmy Fallon to promote the Mighty Oak Debit Card.
Johnson is an investor in Acorns. The new debit card offering seems to have sprouted from this relationship and is utilizing Johnson’s celebrity and story to market the card. Not every debit card gets announced on the longest running talk show on TV.
The marketing strategy behind the debit card product is loud. Everything from the card’s name, “Mighty Oak”, to the instrumentalization of The Rock’s story is cogent and attention grabbing. The cherry on top is the sweepstakes-like chance to win one of seven $50,000 worth Mighty Paychecks for which cardholders will be automatically enrolled. The seven here harkens to the $7 Johnson had in his pocket when he was strapped for money.
In Johnson, Acorns has a brand ambassador and investor wrapped into one, and the company is putting it to use. Using his story as a vehicle and allowing its details to tie back to the sweepstakes is powerful and eye-catching. Even the credit card’s Mighty Oak name is reminiscent of the Acorns brand and, well, of Johnson.
Johnson’s stardom and personal experiences add a recognizable face and a memorable story to what might have been otherwise forgettable: Acorns has offered paycheck split for years. Its Emergency Fund launched earlier this year and high APYs on savings accounts are becoming part of every new announcement.
The website features a weightlifting squirrel – how does one forget that? It also has a small section with the names of everyone who has gotten their card and their home state whizzing by the screen. This section keeps the website design dynamic while also using names where others use numbers.
The campaign has not stopped – Johnson also visited the FAO Schwarz toy store with Jimmy Fallon in New York City and paid for everyone’s holiday gifts on his Acorns debit card.
The whole visit was captured by the talk show’s team and aired as part of the show’s programming and interview with Johnson.
With the FAO Schwarz visit, Acorns is also tapping into the holiday spirit and has put Johnson into the field, so that he can be widely and actively seen using the Mighty Oak card.
The campaign shows that while financial wellness is serious business, it doesn't mean that marketing financial products has to be a boring and somber affair. With new savings accounts launching left, right, and center, Acorns had to find a way to stand head and shoulders above everyone else. Who better to do that with than The Rock?