How does Acorns work – Acorns Review 2020, Acorns Pros and Cons


Acorns is a money management and investing app that helps you in managing, saving, and investing your money in a smarter and easier way.

Today in this post, I come up with a complete review of Acorns investing app, how does Acorns app work, Acorns pros and cons, Acorns app features, is acorns legit or not, is acorns good or bad.

Note: Before going ahead let me tell you one thing that Acorns is only available in the resident of the United States. If you are from any other country, you cannot use Acorns Investing App. But in case, if you can then enjoy.

Google Play Store Rating: 4.5

Acorns has 4.5 stars of rating on Google Play Store. It has approximately 5,000,000+ installs, out of which, 1,17,170 people rate it on Google Play Store.

How does Acorns Work?

Acorns is a money management and investing app that helps you in managing, saving, and investing your money in a smarter and easier way. There are many tools and features from which you can make your investing easier and comfortable. It rounds up your spending and invests the remaining money.

How does Acorns Work

“You think you need thousands of dollars to invest…not the case anymore because there’s an app called Acorns.” – Good Morning America

Acorns have both their website and mobile application, you can access it in any one of them. And its innovative features make it different and best from all other apps. In Acorns, you can not only invest your money but also manage, save, and earn money from it.

You can start using Acorns by choosing it any plan. It has 2 plans or tiers. Lite and Personal, the cost of the Lite Plan is $1/month, and the cost of a Personal Plan is $3/month. Both of them have different features, benefits, and tools, you can choose according to your necessities and uses. But, my recommendation is to choose the Personal Plan because you will get more features in it.

Acorns Features

Learn Acorns provides you Learn Section where you can knowledge that helps you in saving, investing, and earning money.

Found Money – One of the unique and useful tools of Acorns is Found Money. When you shop with one of Acorns 350+ Found Money partners, they give bonuses that go into your Acorns Invest account. It is important to shop with a credit card or debit card that you will link your Acorns Core Account. Click here to know more about Found Money.

Grow – Acorns has a section of Grow where you will get news, articles, how-to, interviews, business ideas. This section can really help you.

Acorns Spend – The only checking account with a debit card that saves, invests, and earns for you. Click here to know more about it.

Round-Ups – When you do any purchase and transaction from the credit or debit card that you link to Acorns Account, Acorns round up the nearest dollar and invest that money in Acorns. Click here to know how round-up feature works.

Scheduled Deposits And Invests – You can schedule your investment and deposit daily, weekly, monthly, yearly.

Acorns Later – Acorns can invest their money in Individual Retirement Account (IRA) for your retirement.

How does Acorns Round Up Feature Work?

The feature is very useful for micro saving, it will save your money and you even don’t know when Acorns do this. Now, you will see the excellent work of Acorns. Once, you will make any purchase from your bank that you link to Acorns, Acorns rounds up your transaction.

For example, you make a purchase of $98.28, Acorns will round up the purchase and extra 72 cents will be added to your Acorns Rounds Up Account.

And just like this when the balance of your Round-Up Account cross to $5, the money will be withdrawn to your bank account and added to your Acorns Investment Account. The same feature is also available on Bank of America.

Its not necessary that only 72 cents can be saved from my purchase, it depends on me , how much I want to save from my purchase. For example, from my previous purchase of $98.28, I can also save $4 or 5$ from it.

But, Acorns from itself do micro saving so that user doesn’t get much problem in saving and investing their money.

If you want to add extra money to your Acorns Round Account, you can also easily do that. Just withdraw money from your Bank Account and add the money to your Acorns Round Account.

It depends on you to apply a round-up feature on all the purchases that you will make or at any specific purchase. You can also exclude any purchase from the round-up feature.

Acorns Spend

Acorns provides you the only checking account with a debit card that saves, invests, and earns for you. The debit card is designed to look and feel as good as it works.

Acorns provide you instantly save and invest. With Acorns, you get Real-Time Round-Ups, automatic retirement savings, custom Spend Strategies and more.

The Acorns Spend Feature is very ease and access. You get Digital direct deposit, mobile check deposit and check sending, free bank-to-bank transfers, and unlimited free or fee-reimbursed ATMs nationwide.

Acorns follow the Easy, smart ways to save together while you spend. No minimum balance or overdraft fees, and fee-reimbursed ATMs nationwide — Acorns Invest + Acorns Later + Acorns Spend for just $3/month

Not all of these features will be available immediately at launch. They will be released on a rolling basis as Acorns learn from our customers and make enhancements.

Acorns Spend also comes with a debit card designed to look and feel as good as it works, made of tungsten metal, with a matte finish and spot gloss treatment on the Acorns branch, to remind you what your Acorns can become.

With Acorns Spend, you get everything you do with Acorns Invest and Acorns Later, plus a fresh debit card and an FDIC-protected checking account that works much harder — all for just $3/month.

Also Read – Comparison between Acorns and Sofi

Acorns Found Money Feature

One of the unique and useful tool of Acorns is Found Money. When you shop with one of Acorns 350+ Found Money Partners, they give bonuses that go into your Acorns Invest account.

It is important to shop at Acorns Found Money Partner Stores with a credit card or debit card that you will link your Acorns Core Account. And this can help you a lot in investing your money.

Acorns provides you a free extension “Found Money” that will help you in earning money. But, it is necessary to open an investment account in order to use the found money.

Most offers will arrive in your Acorns Invest account within 60-120 days, but each offer is unique. You can see the status of your Found Money in the history screen in your Acorns app.

Some names of current Acorns Found Money Stores are mentioned below, you can check all the Acorns Found Money Stores in their official website

  • Airbnb
  • Barnes & Noble
  • Blue Apron
  • Dollar Shave Club
  • Earnest
  • Expedia
  • LifeLock
  • Macys
  • Nike
  • Stitch Fix
  • Walmart
  • Direct TV
  • Groupon
  • Sephora
  • Chevron
  • Liberty Mutual Insurance
  • Warby Parker

Acorns Pros and Cons

Acorns is the best investing app but it has also some cons and pros. Let’s know more about Acorns Pros and Cons.

PRO : Acorns is Best for Beginners

Acorns is the best investing, if you are new in the journey of investment. Since, the user interface and features of Acorns helps every beginners to invest their money.

PRO : Low minimum deposit

It is the tagline of Acorns that you think you need thousands of dollars to invest…not the case anymore because there’s an app called Acorns. With Acorns, you can start invest with very little amount, the minimum deposit of Acorns is just $5 which helps investors to start their journey.

PRO : Automatically save and invest your money

It helps you to automatically invests the spare change. Acorns offers different features and tools that helps you save and invest your money. Acorns Round up feature helps you to round up your purchase that is purchased by linked card and invest your money in the Acorns app.

PRO : Earn Cashback when you shop at Partner Store

Acorns Found Money Feature helps you to get cashback and rewards, when you shop at partner retail shops and stores. It allows you to shop and get cashback at more than 300 leading brands. Acorns will save your money and invest that money in your Investment account in between 90 to 120 days.

CON : High Fees on Larger Account

Acorns is designed for beginners, when you invest a small amount of money, very low fees are applied. When you invest under $5000 with Acorns, only $1 per month is applied. But when you invest more than $50,000, 0.25% is applied that costs you $125 of fee for a $50,000 investment for a year.

CON : Small Investment Portfolio

Acorns is a micro-saving app, you can invest and save your spare change. Acorns allows its users to automatically save and invest their money. And because of this reason, it will not be profitable for you to invest high money in your account.

Acorns Free Subscription for College Students

Acorns have two plans for $1 and $3 per month and 0.25% on your assets for a year. But, the best thing about it is Acorns free for students. It provides its free services to college students so that more and more young people can start investing the money.

There are no fees on the management of college students’ accounts of any size. You must have an official education email (.edu) for getting the free services of Acorns and employment status as “Student” for 4 years from the date of registration.

How to get Acorns for free as a student?

Acorns Pricing

Acorns is the best investing app for people who are interested in starting little amount of money or they just want to enter the journey of saving and investing. It helps you in investing, saving, earning, and learning about the investment.

Acorns provides you two plans for opening your account- Lite and Personal Plan. The price of the Lite Plan is $1 per month and the Premium Plan is $3 per month.

In Lite Plan, you can only access Investment Account where you can only put your spare change to work with Round-Ups, earn bonus investments from our 350+ Found Money partners, grow your knowledge with hundreds of articles from financial experts. You cannot access any other type of account in the Lite Plan.

In Premium Plan, there are no limitation on features and uses of Acorns App. There are different types of account that Acorns provides like Investment Account, Retirement Account and Checking Account.

Which one should I buy? Everyone has the same question in mind. The answer is easy it depends on your necessity and use. If you are going to invest only then go for Lite Plan.

But, if you want advanced features and different accounts then go with the Premium Plan for $3 per month with full features and uses.

Do you make money with acorns

Acorns is micro saving and investing app that helps you to save money on your daily purchase and invest that money in the Acorns Investment Account.

So, indirectly, you can say that you can make money from Acorns. With the help of Acorns different features like Acorns Found Money, Acorns Round-up Feature, in somewhere you are making money from Acorns.

Creating Account on Acorns

Acorns is best for beginners because of the simple user interface. Also, its sign up process is very easy and proper step by step. First of all, download the Acorns app from Google Play Store, App Store.

The app is available for both Android and iPhone users or you can access it from its official website. Before going ahead, let me tell you one thing once again that it is only available for citizens of the United States

You can easily create your account by clicking here – Signup on Acorns

Types of Account in Acorns

Acorns provides you different accounts with their different features to save, invest, and earn money from Acorns.

  • Investment Account (Invest)
  • Retirement Account (Later)
  • Checking Account (Spend)

1. Investment Account (Invest)

  • Put your spare change to work with Round-Ups
  • Earn bonus investments from our 350+ Found Money partners
  • Grow your knowledge with hundreds of articles from financial experts

2. Retirement Account (Later)

  • The easiest way to save for retirement
  • Individual Retirement Account (IRA)
  • Earn tax advantages
  • Updated regularly to match your goals

3. Checking Account (Spend)

  • Save money with no account fees and reimbursed ATM fees
  • Earn more with up to 10% bonus investments
  • Invest automatically with built-in investment and retirement accounts

Investing With Acorns

Acorns is best for beginners.

Acorns Security

The most important thing about any investment app is its security. Now the question arises, is the Acorns App Safe?

Acorns are serious about security. Acorns have taken many steps to help keep your account and information protected when you create an account and use Acorns.

Bank-Level Security
Multiple layers of security to safeguard your information, including secure servers.

Acorns Legit or Not (Acorns Good or Bad)

It’s a good question that Acorns legit or not, acorns good or bad. Without a doubt, Acorns is a legit and safe app.

Acorns is the best micro-investing app because of its different features that you get when you sign up into the Acorns. It depends on you how much money did you make from acorns.

Is acorns worth it?

does acorns actually make you money

has anyone made money on acorns

acorns vs savings account

do you have to pay taxes on acorns

is acorns safe

is acorns legit

Final Summary About Acorns

Acorns is best micro saving as well as investing app. Different types of features and tools make the Acorns best and unique from others. It is a best start if you don’t start your investing journey yet and you have not sufficient knowledge related to investing and saving.

Acorns can be a great start for those peoples who don’t much about investing their dollars. Because of its cheap fee or plan i.e. $1, $2, or $3 per month, anyone can access the Acorns.

But, when you see it from a different point of view, this can be very high fees or maintenance for maintaining a high balance account. Because when you invest only $50- $100, it will be very good to invest in Acorns, but when you will invest large amount of dollars, brokerage become very high.

So in short if you want micro saving, Acorns can be a great and perfect place for investing your money. But, when you want to invest more, you must not use Acorns, instead of it, you can go with Betterment, M1 Finance, and any other Robo advisors.

Is Acorns a good investment?

Acorns is a very good investing app but only when you are interested in micro saving and investing. Acorns has different features like Acorns Spend, Acorns Later, Acorns Invest, Found money that are very helpful for saving and investing money.

Which One is Better? Acorns or Sofi

Well, Sofi mainly provides loans but also the option of investment. If you want to do micro-saving or investing, you must try Acorns instead of Sofi.

Do you make money with acorns?

Yes, of course, you can make money with Acorns in different ways and features. Found Money is a great feature of Acorns to make money with Acorns.

You can also use the Acorns Round-Up feature to save the money that you can invest in Acorns. You cannot ask how much money did you make from acorns, it depends on your investment.

Can you lose money on acorns?

Yes, you can lose your money on Acorns. Since, Acorns invest your money in different stocks, bonds, there can be a chance sometime that you can lose your money.

What is Acorn investing?

Acorns is a new micro-investing app that helps people to automatically save and invest their money directly from their credit and debit cards.


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