![]() Acorns might be worth using if you have significant investment-account balances that earn higher returns than the fee you'll pay for a subscription.Ĭynthia Measom, Daria Uhlig and Laurel Funk contributed to the reporting for this article.However, if you're interested in a hands-on approach to investing and don't need a savings account, Robinhood is better. If you are interested in automatic saving and investing, Acorns is better. It depends on what type of investor you are.One of the biggest downsides to Acorns is that the account fees of $3 to $5 per month are relatively steep and can deplete your checking balance unless you invest money and earn at least that much on your investments.Your earnings will be invested into your portfolio. If you sign up for Acorns Earn and link a debit or credit card or a checking account, you can earn a small amount of rewards for making purchases from any of over 15,000 brands.However, the checking and savings accounts are non-interest-bearing, so they won't grow your money. Acorns can be a good way to grow your money over time in investment and retirement accounts.Is Acorns a good way to grow your money?.And while it's a reputable robo-advisor, there's never a guarantee that investments will increase in value, so you should never invest money you can't afford to lose. Acorn banking is also safe, as banking services are provided by FDIC-insured banks. Acorn is legit - it has backing from investors like PayPal and BlackRock.Here are the answers to some commonly asked questions about Acorns: In addition to managing your bank and investments accounts, you can use the app to increase your financial literacy by accessing customized educational content. Users give the app high ratings - 4.7 stars on the App Store and 4.6 stars on Google Play. Banking Experienceīecause Acorns is 100% digital, the quality of your experience depends as much on the mobile app as it does on the products and services you use. Acorns sets a maximum allocation of 5% for bitcoin ETFs. Other options include environmental, social and governance and bitcoin ETFs. You can set up a separate account for each child and schedule recurring contributions. ![]() A decision tool will help you decide whether a traditional, Roth or SEP IRA is best for you.Īcorns Early, for family plan subscribers, is a custodial account for children that can be used in a variety of ways for the child’s benefit. The basic Invest account includes a portfolio of exchange-traded funds customized to suit your goals and risk tolerance.Īcorns Later accounts are individual retirement accounts, targeted according to your age and the year you plan to retire. The focus is on automated micro-investing, which lets you invest spare change from all of your credit and debit cards once your round-ups reach $5. Referring friends to Acorns earns you a $5 investment bonus when the friend joins.Īcorns’ investing feature is a major benefit and the foundation of the app - banking services are designed specifically to encourage and facilitate investing. You can also use the app to look for full-time, part-time and remote jobs to earn (and invest) extra cash. When you shop with any of more than 15,000 partner brands, you receive bonus investments automatically as long as you have the Acorns browser extension installed. The Earn program, for example, gives you several ways to boost your investments. Benefits and PerksĪcorns users receive some impressive perks considering that the app takes a bare-bones approach to banking. The funds will be instantly available in your Acorns Checking account. ![]() To withdraw funds, go to the “Save” section of the app, select “Withdraw” and indicate how much to to withdraw. Alternatively, you can do one-time deposits into your Emergency Fund from your Acorns Checking account. ![]() Once you’ve established your Acorns Checking account and set up direct deposits, you can start your Emergency Fund by selecting “Save” in the app and following the prompts. Savings AccountsĪcorns doesn’t have “passbook”-style savings accounts but it does have a non-interest-bearing Emergency Fund that’s separate from your Acorns Checking and Invest accounts. Just fund your new account with a $25 deposit, and you’re ready to go as soon as your debit card arrives. That means no overdraft fees, no fees to transfer funds and no monthly maintenance fee. There are no fees for using Acorns Checking - it’s included in both the personal and family plans. ![]()
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