Acorns Review

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Investment is not meant primarily for people with financial abilities. Investment is for all classes of people. You can grow your investment starting now. Start investing now from cents that will grow with time to a big one. If you have have been to a supermarket for shopping, there is a spare change you are given. The spare change can become a big investment if you begin using Acorns mobile app. Your income may be small but this cannot prevent you from investing.

Acorn is a financial App that advises its users to invest the spare change. The purchase is rounded up to the next dollar and the difference is invested. The spare change is automatically invested in the accounts of Acorns users. Through the Acorns app, the bank accounts of the users are linked.

Most people like to spend and forget to save and invest. I am a good example of those people who like to spend but keen on saving. You can make a small saving and investment, which will later turn out to be a breakthrough to your financial stability. For instance, if you spend $6.50 on the purchase of an item, Acorns app will automatically round up the purchase to the next $7 and the difference, which is $0.5, will be invested to your investment portfolio.

Therefore, it is very important to start now saving small out of money frequently and make investments using Acorns app. The money will grow will potentially grow into a huge investment.

How does Acorns works?

Through the Acorns review app, your spare change is automatically invested in the portfolio of ETFs. Acorns has Real Time Round-ups and Found Money Plus.

Real-Time Round-Ups

When a purchase is made using a credit or debit card, the purchase is rounded up to the next dollar and the change is invested. Round-Ups are transferred from Acorns Core-linked account when the total of change is at least $5 from all the accounts that were linked.

The money transferred is from the checking account that the users link to Acorns. If the users decide to link different credit and debit cards, then all of the user’s Round-Ups will still be from one linked checking account. The same linked checking account will be used when a withdrawal is made. This means that money will be sent from Acorns Core account to the linked checking account.

When the Round-Ups reach at least $5, they are transferred from your personal bank account then invested in real time. Recurring investment is very important as it allows you to invest your money into your Acorns account. You can decide to invest daily, weekly or monthly if the Round-Ups is at least $5.

If the value of your account is low, you can decide to do a one-time investment in order for your account to get a boost. An investment is made using the money in your Acorns account. An investment is made in different Exchange Traded Funds (ETFs). The Exchange Traded Funds (ETFs) include bonds, stocks, and other different securities.

How does the Round-UP feature works?

After you have done with registration and your account has been approved, the initial deposit will be withdrawn by Acorns. After that, your Acorns account will be ready for investment. The Round-Ups transfers always come from the number of purchases that are rounded up. The spare change will be added to the Round-Ups balance.

It is you the customer to decide the type of transaction to include in your Round-Ups. You can decide to make it automatic in which all your transactions will be eligible for Round-Ups. Users can decide to boost their accounts 10 times by depositing the cash rewards bonuses that you currently have in possession.

Found Money

They are the partners of Acorns. If you decide to shop with Found Money Partners, then you stand to benefit by getting a boost into your Acorns account as they automatically invest in it. Your Acorns accounts will be rewarded after 90 days if you shop with the Found Money partners.
Retailers contribute a certain amount of money to your Acorns account if you transact with them. The retailers include the Boxed, Airbnb, Walmart, Stitch Fix, Lyft; Sephora, New Balance, Nike, LifeLock, Liberal Mutual Insurance; Groupon, MeUndies, Warby Parker and Macy’s.

There are currently two types of promotions under Found money. They include Simply Spend, Tap and Get. Under the Simply Spend, you are required to make a purchase using the Round-Ups account while Tap and Get requires you to make a purchase using Found Money link that is available in the Acorns app.

Both two promotions have conditions that must be met. The conditions include subscriptions and making a certain minimum purchase order. Another requirement is for new users who sign up to the Acorns App. Therefore,it is important for you to follow the requirements above to qualify for the Found Money promotions.

I, therefore, tell you that Acorns is very simple as it invests your money in smart portfolios. Acorns enable you to choose the kind of portfolio that you are comfortable with. Acorns portfolios are on the scale that is of conservative to aggressive.

How much does Acorns cost?

From the Acorns app, there are three levels of price. The following are the Acorns price levels:

  • Acorns Core which goes for $1. It rounds up your purchase to the next dollar and the change is invested in your portfolio. Acorns Core is best especially to students in colleges.
  • Acorns Core + Acorns Later that goes for $2. This service gives the user to have additional access to the IRA plan, which is tax-deductible.
  • Acorns Core+ Acorns Later+ Acorns spend which goes for $3. It gives it invests the change in your portfolio, gives additional access to IRA plan and for Spend and Later.

How to Get Started on Acorns?

Creating an Acorns Account

If you are new to Acorns, I am going to explain to you the steps you are going to follow for registration. You need to download the Acorns app from your phone. You can also sign up using the Acorns web. You are required to have a valid mail address, which Acorns will use to give information about your account.

The email will be used as a channel through Acorns will be passing information to you.It should be noted that for you to qualify for registration you must be a resident of U.S.A and be above 18 years. The residents of Australia can also apply for Acorns. Non-residents of the U.S cannot apply for Acorns.

After providing your email address and it is verified, the next step is to provide your online banking login information that will help to link your account Round-Ups. You need to use at least one of the following bank:

  • USAA
  • US Navy Federal Credit Union
  • Bank of America
  • Wells Fargo
  • Chase Bank
  • PNC Bank, and Citi Bank

If you do not bank with any of above bank then you need to have a checking account.

Acorns do not accept postal address and business addresses. You need to provide your physical address that is permanent. You are also required to provide your Social Security Number. Your financial goals are very important during registration. You are required to explain the goals you have to your finances.

Then provide full information about your occupation and the amount of money you earn. The information is very as Acorns will use it to give a better recommendation on the right portfolio you fit. Each is meant to be on the right portfolio.

After you have done signing up to Acorns, you are required to upload the photo of your ID that is issued by the government. You can also use other documentation that can help Acorns to verify your identity. After you have provided your documents for verification, you wait for one business day for your account to get approval.

Investing in Acorns

Acorns app always allow you to login to your portfolio easily. You can easily check how the market is and monitor the performance of your index funds. The Acorns app usually gives you the number of options for the basic index funds. They are offered by iShares and Vanguard.

The following are seven options for basic index funds: Large Company Stocks, Small Company Stocks, Developed Markets; Emerging Markets, Real Estate, and Corporate Bonds. When you invest, it is important to be aware that there is no guarantee that you are going to get returns. There is a possibility that you can also lose the principal. This is due to the fact that Acorns also invest in bonds and stock markets.

Available Investments Portfolios

After you have done with the signing up process and you have created an investment account, the will automatically for the portfolio where you fit. The portfolio chosen for you will depend on different variables. The variables include your cash flow, your net worth, your investment reason, your age, and finally your level of income.

You can change the recommended portfolio with time. You need to click the different types of available portfolios and select the best portfolio that you think best fits you. If you want to know of any change to the projected value over a certain period, then you should drag right, left the graph, or drag it up and down.

Under the Acorns app, five portfolios are available. They include Conservative portfolio, Moderately Conservative portfolio, Moderate portfolio, Moderately Aggressive portfolio, and Aggressive portfolio.

How is the Acorns App?

Most of the works are done using the Acorns app. The app requires you to share your personal information when setting up your account. You can easily access your account using any device because the information is stored in the cloud.

The Acorn app is rated to be friendly. It has a good feature that enables users to monitor their portfolios. From the current investment, users can easily know their projected value of accounts. The Acorns app can give you knowledge on how to do investments.

Risks involved in Acorns Investment

The money that Acorns receives through your investment is also invested in the market through bonds and stocks. An investment in terms of bonds and stocks tends to be risky. This is because the market keeps fluctuating from time to time.

Short-term investment tends to be risky compared to long-term investment. Therefore, users are advised to invest in long-term investments. Through the different investment portfolios offered by Acorns, one can decide on the amount of risk to take.

The investment portfolios offer different levels of risk tolerance. You can make a decision on how much risk to take on your investment. Generally, three factors affect the risk you are likely to take. They include the amount of money you have, the amount of time you have and your feelings towards it.

From the Acorns review, the portfolios serve different functions. For instance, if the Acorns decide to choose for the user the Conservative portfolio, then this means the user did not invest much money. It may also translate to age. The old people who are above fifty years and above do not tend to take higher risks compared to the younger age.

People between the age of 20 and 50 are likely to take high risks when they invest because they have steady whereas people above 50 years are likely to take a lower risk because they are nearing the retirement.

Why investing in Acorns does not mean buying stocks?

When you invest stocks, it means that you have small ownership of a company. This is totally different when it comes to Acorns. From Acorns app review, the money invested is in exchange-traded funds. The Exchange-traded funds are the securities that are marketable and track the index. The Exchange-traded funds usually attract lower fees with lower liquidity. They trade in the stock exchange.

Individual investors usually like ETFs because they have low risks and fast cash. From the Acorns app review, each of the portfolios must have the ETFs. The ETFs represent the six areas of investment. It is important to note that the portfolios perform all the work that involves the ETFs.

The Time to Check the Investment

The best way to deal with your investment is to let your money to do for itself usually over a long period. Checking your investment daily does not help at all. In Acorns, you usually invest cents; therefore, it will take a long time for them to accrue.

Checking your investment regularly usually discourages, as the figure is always stagnant. This can lead to a conviction that the kind of portfolio you chose might have been wrong. Acorns encourages investing which produces better results after a long period.

Acorns for College Students

No college students who are willing to open Acorns account are required to pay any fee. The only requirement to open an Acorns account is to have a valid. edu address. Under the employment status, students are required to write “students” which will last for four years from the date of registration.

Advantages and Disadvantages

The Pros of Acorns

  • The Acorns fee is relatively smaller. The monthly Acorns fee is very smaller for those who invest below 1 million. The fee structure for Acorns Core account, Acorns Core +Acorns Later and Acorns Core + Acorns Core Later + Acorns Spend is $1, $2 and $3 respectively per month. The fee structure is good until the investors reach above $1 million in assets.
  • No minimum deposit is required. From the Acorns App review, you can start with as a little as $5. This removes the barrier to join Acorns. Even people who have low incomes can join Acorns anytime they wish.
  • The Acorns app is simple and easy to use. The Acorns app has a better design. It is easy to monitor the progress of your investment. The feature of the app also guides you on the type of investment option to take.
  • Acorns encourage the investments of small amounts. Since Acorns round up the purchases into the next dollar, it has become very easy to invest small dollars. You don’t need a lot of money for you to start investing.
  • Acorns is free to use for college students. Students are only encouraged to download the Acorns app then start investing immediately without paying any fee. Therefore, Acorns attracts young people to start investing early. The students are allowed to use Acorns for only four years without paying any money.
  • Acorns gives you an option to decide on the type of transactions to be included in the Round-Ups. From the review of the Acorns app, you have an option of deciding the specific transactions you want to be included in your Round-Up.
  • Acorns has five portfolios. Acorns gives you an option of choosing one option from the five options that fits more. You choose the best portfolios to invest your money.
  • Acorns gives you a chance to boost your Round-Ups. Acorns has a multiplier which you can use to multiply your Round-Ups. Your investment will be larger after boosting your Round-Ups.
  • Acorns has Found Money which you can use to invest. Acorns has a partnership with big companies that directly contribute to your Acorns account when you shop with them.

Cons of Acorns

  • It is very risky. When you make an investment in Acorns, you must have in mind the market keeps on fluctuating from time to time. This means that sometimes you may end up losing the principal.
  • Acorns mainly help in boosting your saving. Sometimes it cannot help in larger goals.
  • The monthly fee sometimes can be very expensive if you keep a small balance. For instance, if you decide to maintain the minimum balance of $5, then you are supposed to pay $1 per month. This can be translated to 20% in terms of cost.
  • Acorns does not have tax benefits. Acorns does not give tax assistance to its customers. It only gives 1099 which you receive via mail.

Criticism of Acorns

One user decided to close his Acorns account due to the following reasons:

  • The Acorns was redesigned which ended up complicating matters for him. The Acorns app was changed in that you need to click multiples place. After clicking, you wait for some time to see your returns. According to him, this is time wasting.
  • “Found Money” does not benefit all people. This is specifically for those people who do not like shopping using Acorns partners. It is non-beneficial to others.
  • The monthly fee was expensive for him. The $1 fee is necessary to have access your account should be reduced. The following is a link to this information

Frequently Asked Questions about Acorns

  • Who is legible to sign up for an account? Only the residents of the United States are legible for signing up for Acorns Account. They should be above 18 years and have a valid social security number. The residents of Australia are also allowed to sign up for the Acorns account.
  • What do I need to reopen an account? You need to have the following in order for you to reopen your account: your first and last name, the exact date of birth, the valid email address you used to open your Acorns account and your permanent address.
  • Is it possible for me to link my business account? No. you cannot link your business checking account with the Acorns account. Acorns always complies with the regulations of FINRA’s Anti-Money Laundering.
  • Why does it take long for Acorns account to get approval? Acorns takes your security very seriously. Therefore, it must verify that the information you give is true before approving your account.
  • What is the minimum amount required to open an account? You are not required to have a minimum balance to open an account. Only the Round-Ups are required to be at least $5 for you to start investing.


I, therefore, recommend people to invest using Acorns. It does not matter if you have little money. Just start small and give it time to grow. Acorns is the best especially when it comes to micro savings.

Philip Horton

Philip Horton

Hey! My name is Philip and I am passive or low maintenance income enthusiast. I learned a lot and made many mistakes during my journey to financial freedom and while there is so much false information about methods on how to make money online, I decided to start this website. The main goal of this website is to provide readers the best working methods and brutally honest reviews of different ways to make money online and how to invest your money thereafter.

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