Acorns Reviews

Acorns operates a platform that allows members to invest by regularly saving small sums of money, an approach called micro-investing. The company divides its services into three primary categories. The first enables members to invest spare change in exchange-traded funds (ETFs). The second allows users to create and fund an Individual Retirement Account (IRA) through the platform, and the third provides members with a debit card provided through companies such as Visa, Inc. Acorns offers subscriptions for $1, $3, and $5 per month for packages of different services. Therefore, Acorns generates revenue through member subscription fees. Acorns is a fintech company that is best known as a micro-investing platform that allows users to set up automated investments into a portfolio through Round-Ups: Acorns rounds up a debit or credit card purchase made on a linked card to the nearest dollar and invests the change on behalf of the member. Investments are made into one of five portfolios carrying different levels of risk. The average Acorns member invests more than $30 per month through Round-Ups, the company's signature program. As of January 2023, Acorns states that it has had more than 9 million users, up from 6.8 million in March 2021. The company also says that more than $15 billion has been invested through its platform. In March 2021, one million of those accounts held IRAs through the platform. Acorns has had 10 funding rounds. The most recent was in March 2022, yielding funding of $507 million from eleven investors. In total, the company has raised hundreds of millions of dollars in funding from backers including NBCUniversal Media LLC, Paypal Holdings Inc., and Black Rock Inc. As of March 2022, Acorns' valuation was $1.9 billion..

There is no minimum amount required to open an Acorns account. However, to begin investing, saving for retirement, or spending smarter, you must have funds in your account. You can do this through Round-Ups®, where Acorns automatically invests your spare change, or with an easy One-Time Investment of just $5, or by setting an automatic Recurring Investment, starting at just $5 a day, week, or month. Acorns Invest is an easy, automated investment account. There are no account minimums and you can get started with just a $5 initial investment.

Acorns.com offers three subscription plans. The Acorns Personal plan costs $3 per month and includes investing tools, an investment account with an expert-built diversified portfolio, a checking account that saves and invests for you, and more. The Acorns Personal Plus plan is $5 per month and offers additional features such as an emergency fund, a limited edition tungsten metal Mighty Oak Visa™ debit card, and bonus investments matched by Acorns (up to 25%). The Acorns Premium plan costs $9 per month and includes additional benefits such as banking for kids with GoHenry by Acorns, a $10,000 life insurance policy for eligible customers, and a no-cost Will to help plan for your family’s future. All plans are bundled with products, tools, and education into straightforward subscription tiers..

Acorns Personal and Acorns Premium are two different subscription plans offered by Acorns.

Acorns Personal, priced at $3 per month, provides investing tools to get you started on your financial journey. It includes an investment account with an expert-built, diversified portfolio, a checking account that saves and invests for you, and learning resources to grow your financial confidence.

On the other hand, Acorns Premium, priced at $9 per month, includes everything in Acorns Personal and more. It offers banking for kids with GoHenry by Acorns, a chores tracker and automated allowance for kids, parental controls with real-time spending notifications, and award-winning videos and quizzes to teach kids and teens money skills. Additionally, it provides more premium-only benefits like a $10,000 life insurance policy for eligible customers and a no-cost Will to help plan for your family’s future.

To sign up for an account on Acorns.com, follow these steps:

1. Visit the Acorns.com website or download the Acorns app.
2. Click on Sign Up.
3. Provide a valid email address where Acorns can send you account information.
4. You'll need your online banking log-in information to link your accounts to fund your investments and use Round-Ups®. Please note, you MUST be listed as an owner on the bank account.
5. Complete the registration process. It usually takes about five minutes.
6. You must be 18 or older to sign up for an Acorns account.

Please note that Acorns is only available to US citizens or other lawful residents who are currently located in the United States. After signing up, you may also need to upload a photo of your government-issued ID or other documentation that allows Acorns to verify your identity. Most accounts are approved within 1 business day. If you experience a delay in getting your account approved, please reach out to Support.

GoHenry by Acorns is a financial tool designed for children aged 6-18 and their parents. It comes with a debit card and an app that allows kids and teens to learn money skills. The app includes features like allowance on repeat, real-time spending notifications, and more. Parents can manage their child's allowance through the GoHenry app, either manually or as a set amount on a given day of the week. GoHenry joined the Acorns family in April 2023. The combination of Acorns and GoHenry aims to deliver financial wellness for families across the world, serving nearly 6 million people globally. In the US, GoHenry became GoHenry by Acorns. The deal allowed GoHenry to expand to the US, while giving Acorns access to the UK, French, and Spanish markets. There will be no change to the service for existing members, and the cost of the service will not increase as a result of this new combination. More product updates are expected to come in the future.

Acorns.com offers a variety of financial products and services. One of the most popular is the Invest service, which allows users to invest spare change from debit or credit card purchases into index funds. The Later service is a tax-advantaged individual retirement account (IRA) that also invests your money into exchange-traded funds (ETFs). Acorns also offers a Debit service, which includes a debit card and a checking account with a high annual percentage yield (APY). The Earns service provides bonus investments when you shop with thousands of brands. Lastly, the Early service is an easy, automated retirement account. Acorns also provides educational offerings to help users understand investing. The platform is known for its user-friendly interface and automatic savings features, which are designed to encourage users to save more. However, the fees can be high depending on your total balance. Acorns' investment portfolios are expert-built and diversified, including ETFs managed by top investment firms. The security of Acorns accounts is also a priority, with investment accounts being SIPC-protected up to $500,000 and checking accounts being FDIC-insured up to $250,000.

Acorns offers different subscription plans with varying features. The Acorns Personal plan costs $3 per month and includes investing tools, an investment account with a diversified portfolio, a checking account, and more. The Acorns Personal Plus plan is $5 per month and offers additional features like an emergency fund and bonus investments. There's also an Acorns Premium plan that costs $9 per month and includes additional benefits like banking for kids with GoHenry by Acorns and a life insurance policy for eligible customers. There are no hidden costs or transaction fees, just the transparent monthly payment..

To sign up for an account with Acorns, you'll need to follow these steps:

1. Download the Acorns app or sign up through their web app.
2. Provide a valid email address where Acorns can send you account information.
3. Link your online banking account to fund your investments and use Round-Ups®. Please note, you MUST be listed as an owner on the bank account.
4. Complete your registration and make your first investment. You can get started with just your spare change.

Please note that Acorns is only available to US citizens or other lawful residents who are currently located in the United States. You must be 18 or older to sign up for an Acorns account. After signing up, you may also need to upload a photo of your government-issued ID or other documentation that allows Acorns to verify your identity. Most accounts are approved within 1 business day. If you experience a delay in getting your account approved, please reach out to Acorns Support.

Acorns.com offers a service called Acorns Checking. This is a checking account and debit card that allows you to save, invest, and earn while you spend. It has no overdraft or minimum balance fees, and it provides free Allpoint ATM access nationwide. The payment methods for funding your Acorns Checking account include Direct deposit, Recurring deposit, One-time deposit, and Mobile check deposit. Acorns Checking also offers a feature called Real-Time Round-Ups®. This feature invests small amounts of money from purchases made using an Acorns Checking account into the client’s Acorns Investment account. This requires both an active Acorns Checking account and an Acorns Investment account in good standing. Real-Time Round-Ups® investments accrue instantly for investment during the next trading window. Please note that Acorns is not a bank. Acorns Visa™ debit cards and banking services are issued by Lincoln Savings Bank or nbkc bank, members FDIC. Acorns Checking clients are not charged overdraft fees, maintenance fees, or ATM fees for cash withdrawals from in-network ATMs..