Acorns Review

Acorns: An Honest Review of the Investing Tool

Every time you make a purchase using your credit or debit card, there is usually spare change left. Most of the time, you tend to overlook this change even though it has a hidden power of its own.

Imagine the sum of money that you’d get if you keep saving all this loose change for, let’s say, a few months. Pretty impressive, right?

Now, what if, not only can you save it, but also invest it to make more money? This is how Acorns works.

In our honest Acorns review, we’ll discuss the noteworthy qualities of this service. Not just that, we’ll also address what makes it shine brighter than other services.

Disclosure: This post may contain affiliate links. If you make a purchase through the links, I may receive a commission at no cost to you. Please read my disclaimer for further details.

What Is Acorns?

Acorns is an online spare-change savings tool that allows you to invest this change in many ways according to your preference.

Also, it provides other services that can be beneficial to you no matter how large your balance is. For instance, it has a cash-back rewards program that can make investing cash-back money a simple process.

Now that you have some perspective of what we’re discussing, let’s dive into the numerous features of Acorns.

5136 495078 Acorns: An Honest Review of the Investing Tool

Acorns General Features

These features help shape the great experience that users have when they use Acorns.

Easy Spare-Change Investments

The first tab that you’ll notice when you visit the Acorns website is Invest. Here, you’ll find out how Acorns’ investments work and the different ways you can achieve this.

When you use Acorns for investment, your credit card, or cards, will be linked to your portfolio. Thus, every time you make a purchase, your spare change will be automatically rounded up to the nearest $1 and added to your investment account.

Wondering what a portfolio is? It’s a combination of investments that are mainly stocks or bonds that you own.

When you set up your portfolio, you get to decide this combination based on a few questions that the Acorns team will ask you. These questions revolve around your financial status, your goals, and your preferences.

Once you answer them, Acorns will suggest the best combination of investment stocks or bonds to suit you. These are called ETFs, which will later make up your portfolio.

Various Asset Classes

Acorns has a variety of asset classes where you can invest your money. Of course, having different investment places can save you so much trouble.

You might know for a fact that the market tends to change now and then. For this reason, you should diversify in various asset classes so that you can better absorb market fluctuations.

Let’s give you an example of these categories of stocks or bonds. You can invest in:

  • Real estate companies
  • Government bonds
  • Large or small companies
  • Emerging markets
  • Corporate bonds

Different Portfolio Types

There are five portfolio types that you can invest your spare-change in with Acorns. Each type comes with different asset class percentages to suit your financial status and goals.

For example, some portfolios have a broader focus on big companies than other asset classes, while others invest more money in short-term government bonds.

These portfolio types include:

  • Conservative
  • Moderately Conservative
  • Moderate
  • Moderately Aggressive
  • Aggressive

Acorns Later

Acorns Later

Here’s another feature that can help you a great deal if you want to save for retirement. Acorns Later is a saving account that’s specially designed for this reason.

Again, the Acorns team will gather information about your preferences and goals. After that, they’ll recommend several Individual Retirement Accounts (IRAs) to choose from.

The best thing about these accounts is that they’ll help you make money in a tax-advantaged way. Not just that, it’s pretty affordable to set up, and you can start investing with only $5.

Acorns Spend

Acorns Spend

Now, this is a great way to make more cash while also spending it. The third tab in the Acorns website is Spend, and we couldn’t help but admire its appeal.

Acorns presents you with its debit card, which can up your game even further. The website claims that the more you spend with this card, the more you’ll invest and grow.

The debit card allows you free bank-to-bank transfers and no minimum or maximum balance fees. Also, you’ll get unlimited free or fee-reimbursed ATMs anywhere you go.

Another thing we liked is the protection available with this service. Your checking account will be FDIC-insured. Also, the card lock is all-digital.

Additionally, your other investment accounts besides Acorns and Acorns later are SIPC-protected.

Acorns Found Money

Acorns Earn

Under the Earn tab, you’ll come across Acorns Found Money, which is another sought-out method to increase your balance.

To put into simple words, this feature allows you to shop with Acorns’ Found Money partners and earn some money, too. This is because, when you make a purchase at one of these brands, they’ll automatically invest in your Acorns Core account.

Acorns has a partnership with some of the most popular brands out there, making this feature appealing to everyone. These brands include Barnes and Noble, Nike, Sephora, Walmart, and many more. Also, luckily for you, Acorns adds even more brands every once in a while.

The only thing you have to do is shop with a credit or debit card that’s linked to your Core account. The rest is automatic.

As for your Found Money, which you’ll earn after you shop at these stores, it should appear within 60-120 days of your purchase. You can also track its status in the history screen in your Acorns app.

Additionally, there’s a free Found Money Chrome Extension, which you can download from the website.


Naturally, every service has its downsides. Here are a few things you should be aware of before using Acorns.

Small Savings Percentage

Yes, we understand that Acorns is a nice service for taking advantage of your loose change. However, the savings that you’ll be making might not reach 5% annually.

For some people, this might not be a problem if they use Acorns’ other investing features.

Large Fees for Small Balances

At first glance, the Acorns account fees might seem affordable. In fact, many people invest in this service because of its pricing plans.

Nonetheless, if you’re already on a tight budget or have a small balance, these fees might not suit your bank account.

Factors That Made Acorns Stand Out

It’s safe to say that Acorns has a set of features that anyone would benefit from. In addition to these, there are other unique reasons why Acorns gained such popularity.

Transparent Pricing Plans

The Acorns pricing options are minimal for the service your receive. If you already have a considerable sum in your balance, the subscription fees shouldn’t be a problem for you.

They also have various features according to your preference.

You can pick from three pricing plans: Basic, Plus, and Premium. Let’s discuss them in-depth.

The Basic Plan

This plan is the least expensive of them all. However, you’ll notice that the difference in cost isn’t that much.

The Basic plan will allow you access to an Acorns Invest account where your spare change will be put to work. By turning on automatic Round-Up, the whole investment process should be more straightforward for you.

Also, you’ll earn bonus investments from Found Money partners.

In addition to that, you’ll be able to expand your financial knowledge with the help of numerous articles that you can find on the site.

The Plus Plan

If you sign up for the Plus plan, you’ll be able to use more Acorns features. It covers everything that the Basic plan offers, as well as a few more options.

For instance, you’ll unlock the Acorns Later feature, which you might need if you’re concerned about retirement.

The Premium Plan

Ultimately, the Premium plan is the most popular one amongst users for good reasons. It combines the features of the previous two plans plus Acorns Spend.

Not only does this plan provide more value for the price, but it also allows you unlimited access to all the Acorns features.

If you ask about our recommendation, we highly suggest trying the Premium plan over other options.

Free Accounts for College Students

This is another point why Acorns is such a popular service. If you’re a college student, you can sign up for a Core account for free for the first four years.

All you have to do is provide a valid .edu address and make sure that your employment status is Student.

The reason why we like this deal is that it’s an excellent opportunity for young people to get started investing. They’ll gain more experience and increase their chances of becoming experts later in life.

No Minimum Deposit

Another quality we find compelling is that there’s no specific amount of money needed in your bank account to use Acorns.

You can even start investing with zero money at your disposal. This option can be helpful for people who want to get a feel of how Acorns works.

Easy Investment

Acorns can save you a lot of trouble when it comes to the endless details related to your investment methods. Of course, not everyone is an expert when it comes to keeping track of their investments.

When using Acorns, you don’t need to crowd your mind with in-depth information about how stocks or portfolios work. These can be a bit complex for someone who hasn’t studied business or any related field.

Fortunately, Acorns does its job easily while sparing you all the complicated details.

High-Quality Educational Content

Last but not least, let’s talk about the informative content that’ll be at your service once you create an Acorns account.

If you click on the Grow tab, you’ll come across countless value-oriented articles and videos. They’re mostly related to investment, money management, and economy.

If you’re a beginner in this field, you can rely on this content to rise to the next level. With the site’s foolproof search engine, you could find high-quality articles on the topic of your choice.

Also, there’s a newsletter that you can sign up for to get email updates on a regular basis.

Frequently Asked Questions

What are Round-Ups?

When you make a purchase, Acorns rounds it up to the nearest dollar and invests the spare change into your Acorns account.

How can I add funds to my investment portfolio?

The process is quite simple. First, make sure that your account is approved. After that, open the Acorns app and go to the Invest/Withdraw page.

Then, enter the sum that you’d like to add and click Invest.

How do I withdraw funds from my Acorns Invest account?

There are two places to request withdrawals; you can do it over the Acorns web app or your smartphone app. Both are easy to use and pretty straightforward.

We’ll give you some quick instructions on how to do this.

First of all, make sure that you’re signed in to your account on either platform. After that, follow these steps:

  • Pick your Invest account
  • Choose the Withdraw option
  • Insert the amount that you’d like to withdraw
  • Confirm the source that you’d like to receive the funds from
  • Click Withdraw, then confirm your action

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Wrapping Up

Saving and investing your money can be a bit challenging sometimes, especially if you’re a busy person. Also, when it comes to investments, your minds might not be able to keep up with all the intricate details.

This is why we suggest that you give Acorns a try for many viable reasons. Let’s start by saying that it’s one of the most cost-effective saving tools on the market. The subscription fees shouldn’t be a problem for the majority of people.

Also, we like its wide range of accounts and portfolio options. You can easily find what best suits you after filling in your financial status and future goals.

Lastly, Acorns provides its users with unlimited sources to benefit from. You’ll find educational content to enrich your knowledge and help you on your investment journey.

Acorns Investing App Review
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