Your money can be invested in one of the five ETF risk-portfolios offered. The Acorns Personal plan is is the site’s “bread and butter” and gives you an Acorns Invest account, an Acorns Later account, and a checking account.Īcorns Invest allows you to invest round-up quantities, single, or reoccurring contributions into a portfolio chosen by you. The Personal Plan includes the following: The Acorns Personal Plan is an investment, retirement, and checking account all-in-one. This has changed over the years, but as of 2023 they have two different plans, Personal and Family Personal : $3/month Acorns Personal Plan: $3/month Don’t get overwhelmed, they still keep it simple with their account types and fee structure. Once the round-ups add up to a minimum of $5 or a larger chosen amount, the money will be transferred from your linked checking account and invested into a fund of your choosing.Īll you have to do is make everyday purchases and let the Acorns app do the rest! Different Types of Acorns AccountsĪs the platform has grown, they been able to continually offer different accounts to make Acorns worth it for their users. This micro-investing strategy is known as “Round-Ups.” How Do Round-Ups Work?įor example, you spend $3.70 on a coffee, Acorns will theoretically round that purchase up to $4.00 and set aside $0.30 towards your account. The app will then monitor your purchases on those cards, round-up each transaction to the nearest dollar, and invest that fraction into a chosen portfolio based on your investment risk tolerance. How Do You Start Using Acorns?Īcorns Invest, their basic account, works by signing up and linking your associated credit and debit cards to an account profile. The platform is very user friendly for novice investors, but can work for any experience level. The user picks a willing risk-tolerance and Acorns will pick the portfolio mix. Who Should be Using the Acorns App?Īcorns is worth it for those who prefer to take a hands-off approach to managing money. Now that you know Acorns is legit and safe, hopefully by the end of this review you will be able to determine if Acorns is worth it as an investment vehicle for your money. By offering insured accounts, Acorns should be considered a safe platform to use. It is possible for your personal information to be stolen through hacking, but this is true for all online financial institutions. Their banking is done over secure servers with automatic logouts and ID verification. Their app has SSL Encryption and alerts you for unusual activity against fraud. In terms of cyber security, Acorns is safe and taking the necessary precautions to keep your information private. Their investment accounts are SIPC Protected up to $500,000 and their checking accounts are FDIC insured up $250,000.

Is Acorns SafeĪcorns is about as safe as any other banking site out there. Acorns operates by the guidelines they advertise on and can be trusted as much as any other financial institution.

The platform supplies users with secure account access and delivers the proper IRS tax forms at year-end for capital gains purposes. Is Acorns LegitĪcorns is legit and not a scam. It is a micro-investing app that uses a strategy known as spare change round-ups to invest small amounts of your money into different risk-based ETFs.Īlthough the Acorns app started out as simply a micro-investment strategy, it has now evolved into an entire platform of banking, investment, and retirement functionality. But is Acorns worth it? What is Acorns?Īcorns is a mobile app and website which helps its users take the difficulty and unknown out of investing. If you have read any financial news about easy ways to invest your money, chances are you’ve heard of the Acorns App.

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