Acorns Review
Invest with Acorns!
Get $5 added to your account when you sign up!
Overview
At Millennial Economics we only review products and services we actually use. Acorns is at the top of that list.
Acorns is an easy-to-use app that makes investing convenient. It provides an easy interface that even those new to investing can grasp.
Features
Round-Ups
With Acorns you can connect a debit or credit card to your account and take advantage of their Round Up feature. This feature is what Acorns became most well known for. Round Ups round every transaction you make on your connected account to the nearest dollar and invests the difference. For example, if you made a purchase for $4.75, Acorns would round that up to $5 and invest the $0.25 difference into your account.
Automated Recurring Investing
Acorns allows you to set automated recurring investments into your account. You can set these intervals how you would like and for the amount that works best for you. When I first started investing with Acorns I set up an automated recurring investment of $5 every Friday to be deposited into my account.
Retirement Investing
Acorns offers several different retirement accounts.
Traditional IRA
ROTH IRA
SEP IREA
Pre-Built Portfolios
Acorns makes investing simple by offering several pre-built portfolios to choose from, ranging from Conservative to Aggressive. They will explain what the portfolios are comprised of in an easy to understand way.
Checking Account
Acorns offers a personal checking account that comes with a tungsten metal card, instant round up investments, up to 10% bonuses when you shop, and is FDIC Insured up to $250,000.
Investment Account For Kids
Acorns offers investment accounts for kids, and you can set up accounts for multiple children at no extra cost. These accounts have special incentives and bonuses with partners like Disney+.
Incentives For Shopping With Certain Businesses
Acorns partners with companies like Airbnb, Macy’s, and Walmart to give you bonuses when you shop with them. These bonuses typically are a percentage of what you spend with these companies. This amount is contributed directly to your Acorns account.
Fees
Acorns has a three-tier pricing model, with each tier offering a few more features than the last.
Tier 1: Lite/$1 per Month
Invest (Round Ups and Automated Recurring Investing in Pre Built Portfolios)
Tier 2: Personal/$3 per Month
Invest (Round Ups and Automated Recurring Investing in Pre Built Portfolios)
Later (Retirement Account)
Spend (Checking Account)
Tier 3: Family/$5 per Month
Invest (Round Ups and Automated Recurring Investing in Pre Built Portfolios)
Later (Retirement Account)
Spend (Checking Account)
Early (Investment Account for Kids)
Who is Acorns Best For?
Acorns offers a very user friendly platform tailored for beginner level investors. The platform is also great for more seasoned investors looking for an easy way to invest their money.
Our Opinion
If you are looking for an easy to use investment platform, you will find few better options than Acorns. I have personally used Acorns for years and have been very pleased with their services. If you are interested in signing up with Acorns, use the link below to sign up and receive $5 added to your account!
Invest with Acorns
Get $5 added to your account when you sign up!