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Acorns Review 2023: Is Acorns Legit? (Pros & Cons)

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Acorns Review

acorns logo

Acorns is a US-based financial technology and services company that offers micro-investment services. The company was founded in 2012 and is based in California. The Acorns app will link to your bank account, debit card, or credit card, and automatically round up purchases to the nearest dollar. It then takes the spare change difference and invests it at a high annual return rate of up to 7%

Safe & Legit


Earning Potential

Ease of Use


  • Low account fees – monthly fees start from just $3 per month for a personal account and just $5 per month for a family account with unlimited kids.
  • Referral bonus – get $5 in your Acorns investment account for free when you invite a friend to join the platform using your personal sign up link.
  • Relatively low risk – you can start investing from as little as just $5, so there is limited risk involved in your investments due to the low value.
  • High average annual return on investments – earn an average of 7.5% interest (based on historical performance) on all your investments with Acorn.


  • Long waiting period to cash out – if you want to withdraw your investments, you may need to wait for up to 11 days before you receive your funds.
  • High account transfer fees – if you want to switch to another investment platform, you will need to pay $50 per ETF to transfer your shares over.

Jump to: Full Review

Compare to Other Investment Apps


Fundrise logo

Invest in real estate properties with a $10 minimum initial investment

Historical annual return varies from 8.8% to 12.4% (2019 – 9.47%)

Low annual fees: advisory – 0.15%; management fee – 0.85%

Public App

Public App logo

Manage your portfolio of stocks, ETFs, and crypto investments – all in one place

Over 5000 stocks and ETFs to choose from (dividend stocks available)

Follow other investors, see their portfolios, and exchange ideas


Acorns logo

Invest your spare change in a diversified portfolio built by experts

Expect up to 7.5% annually returns with plans starting from $3 a month

Earn bonus investments from 350+ Acorns Earn partners

How Does Acorns Work?

Acorns is a comprehensive financial management platform that specializes in offering micro-investing services. The company has over 9 million active users using its app to invest their funds. It also has over $3 billion in assets under management.

This program works by rounding up your purchases with a linked credit card or debit card to the nearest dollar. Acorns will collect the difference and save it in your account. Once you have at least $5 in savings, the company will automatically invest it for you.

The platform will then build your portfolio and diversify your investments across over 7,000 stocks and bonds.

How Much Can You Earn With Acorns?

Your earnings with Acorns will depend on how frequently you spend. Assuming you save an average of $0.50 per transaction and make one purchase a day, you can save around $15 per month. Thus, you can save up to $180 per year. If you earn a 10% return on your investments, you can earn around $18 per year.

If you choose to deposit additional funds into your account, you might be able to earn even more in returns.

However, note that all investments carry risk, and you might make a loss on your investments. Moreover, your returns may also vary depending on factors such as market conditions.

Who Is Acorns Best for?

Acorns is most suitable for beginners who want to invest without committing a large sum. It does not require users to make any upfront investments. Instead, you can accumulate funds over time through the Round-Up feature.

Acorns is also suitable for individuals who want to save while earning higher returns than their bank offers.

Acorns Fees: How Much Does It Cost to Invest With Acorns?

Acorns requires users to choose from two different plan options. The Personal plan allows you to add your individual retirement and checking accounts. In contrast, the Family plan enables you to invest on behalf of your kids.

There are also other miscellaneous fees, including ETF expense ratios and transfer fees. ETF expense ratios are fees you will incur if you invest in an ETF. Transfer fees are one-time fees you must pay if you want to transfer your investments to another broker.

Fee TypeAmount
Personal Plan Fee$3 per month
Family Plan Fee$5 per month
ETF Expense Ratios0.03% to 0.18%
Transfer Fees$50

Acorns Features: What Does Acorns Offer?

Sign Up Bonus

You can earn a $5 sign-up bonus when you create a new account with Acorns. You need to link a credit or debit card to your account to qualify for this bonus.

Acorns Spend

You can create an Acorns Spend account to get an online checking account and an exclusive tungsten metal debit card. Whenever you use this card, you will enjoy an additional 10% bonus on your Round-Up investments.

Acorns Later

If you want to create a retirement account, you can also do so using the Acorns Later feature. The Acorns Later feature allows you to set up recurring contributions, helping you save for retirement.

The platform will also recommend an investment plan depending on your goals, employment information, and income.

Acorns Early

The Acorns Early feature allows you to open an investment account for your children and invest on their behalf. Once your kids come of age, they can access the funds in their accounts.

Acorns Found Money

The platform also partners with over 350 companies across the country. Whenever you shop at any of these partner stores, you can earn cashback on your purchases via the Acorns Found Money feature.

Some examples of the cash back you can earn include:

  • Walmart: 1% of the purchase (up to $40 per month)
  • Bed, Bath & Beyond: 2% of the purchase
  • Airbnb: 1.8% of the booking fee
  • Blue Apron: $30 for new customers
  • T-Mobile: $30 for new service members
  • Sephora: 3% of the purchase (up to $40 per month)
  • And many more

Unlike other cashback websites, the cashback you earn with Acorns is automatically credited to your investment account.

You can maximize your investments by shopping at one of the company’s partners.

Acorns Requirements

To create an Acorns account, you must be a United States resident and have a valid social security number. You must also be at least 18 years old to start a Personal or Family account. If you want to open an Acorns Early account for your child, you can do so on the day they are born.

There is also no minimum investment necessary to open an account. However, the platform will only start investing your savings once you have at least $5 in your account.

Acorns Payout Terms and Options?

You can withdraw funds from your Acorns account via the iOS, Android, or web app. The platform allows you to withdraw your funds to a US bank account.

If you place a withdrawal request before 11 am PST on a market day, the company will usually process it on the same day. Otherwise, Acorns will process your request the next day that the market is open.

Depending on your bank, it can take between three to six days to receive your funds.

Acorns Risks: Is Acorns Safe to Invest With?

Acorns is a safe and legitimate platform that you can use to invest. The platform has been around since 2012 and currently manages over $3 billion of assets for its customers. It also has over 8.2 million customers, highlighting that it is a legitimate investment platform.

However, like all financial investments, investing with Acorns will carry risk. You may lose money on your investments due to other factors such as bad economic conditions. Thus, do your research and due diligence before investing with Acorns.

In addition, Acorns is also registered with the Securities and Exchange Commission (SEC), meaning it is a legitimate broker.

How Does Acorns Protect Your Money?

Acorns is a member of the Securities Investor Protection Corporation (SIPC). Thus, your investments are insured for up to $500,000, including up to $250,000 in cash. Even if the company were to go bankrupt, your funds are not at risk.

Acorns Reviews: Is Acorns Legit?

Review WebsiteAcorns Review
Apple App Store4.7 out of 5 stars
Google Play Store4.5 out of 5 stars
Trustpilot2.5 out of 5 stars

Acorns has received many positive reviews from its users, with many users praising the platform for being easy and secure to use. In addition, many users were also satisfied with the variety of different account options that they could select from.

However, there have been some negative reviews from users. Some users have complained that the platform’s fees make it unsuitable for individuals who do not spend frequently using their credit or debit cards. There were also some complaints that the platform was unable to process withdrawals via check.

What Are the Acorns Pros & Cons?

Acorns Pros

  • The Round-Up feature allows you to invest in the stock market without any upfront cash investments.
  • You can earn an additional 10% bonus on your spending when you use the platform’s exclusive debit card.
  • You can choose from five different ETF portfolios to invest in.
  • There is a low monthly fee of just $3 for the Personal plan.

Acorns Cons

  • There is a high fee of $50 for every time you want to transfer your investments to another broker.
  • You can only withdraw your funds to your bank account.

How Good Is Acorns Support and Knowledge Base?

Acorns offers 24/7 phone and chat support, with a response time of up to 48 hours. In addition, there is also an FAQs section on the Acorns website that you can visit if you have any questions about how to use the platform.

Acorns Review Verdict: Is Acorns Worth It?

If you are new to investing and are looking for a beginner-friendly investment app, Acorns is one of the best options available. The platform allows you to start investing with a low monthly fee of just $3 and no upfront investment.

You can use the Round-Up feature to save your loose change. Acorns will then invest your loose change for you without any additional effort. You will also have the option to add funds directly to your Acorns account if you want to increase your investments.

There are also a variety of different account types that you can sign up for, such as a retirement account or a spending account. Thus, Acorns is an app that you can use if you want to invest in the stock market.

How to Sign Up With Acorns?

Step 1: Create an Account

Before you can invest your loose change with Acorns, you will need to create an account. You can do so by visiting the Acorns website.

You will need to provide some personal and legal information. On average, it will take between 24 to 48 hours for the company to verify your account.

After your account is verified, you will need to link a credit or debit card to start using the Acorns Round-Up feature. You can also link a bank account to the platform. Linking a bank account will allow you to make withdrawals and deposit funds directly into your account.

Step 3: Choose a Portfolio

You can then choose a portfolio that you want to invest in. Depending on your preferences and risk appetite, you can choose from the different portfolio options that the platform offers.

Sites Like Acorns

Logo acorns logo fundrise logo publicapp logo stash logo
Service FeesFrom $3 per month1%No fees$1 to $9 per month
Min. Investment$5$10$1$5
Best ForSpare changeReal estateStocks and ETFsFractional investing

Acorns vs. Stash

Stash Summary

  • Start investing with any dollar amount
  • Buy fractional shares from just $0.05
  • Low monthly fee starting at $3
  • Insurance coverage of up to $10,0001

Stash is a great alternative platform that you can use if you want to invest. Compared to Acorns which has just five portfolios available, you can choose from over 100 stocks and ETFs to customize your Stash portfolio.

Both platforms charge fees for members to use them. However, unlike Acorns, Stash fees range from $1 to $9 per month depending on the value of your investments. Thus, beginner investors might benefit from the lower fees available on Stash.

Acorns vs. Fundrise

Fundrise Summary

  • Low minimum starting investment of $10
  • High historical returns of 8.8% to 12.4%
  • 1% of management fees
  • Diverse portfolios of up to 16 investments

Unlike Acorns, Fundrise is an investment platform that specializes in real estate investments. The company operates privately-owned real estate investment trusts (REITs) that you can invest in. Investing in REITs allows you to earn both capital gains and dividends.

Fundrise pays dividends to its investors using the profits that its properties earn. Acorns does not pay dividends to its users. Thus, Fundrise is a good alternative platform that you can invest with if you want to have a source of passive income from real estate investments.

Acorns vs. Public

Public App Summary

  • Invest in stocks, ETFs, and crypto
  • $0 commission fees for any stock trades
  • Over 100 articles to learn about investing
  • Low 1-2% commission for crypto trades

Public is one of the best investment websites on the market. It is well known for offering commission-free trading, making it a great alternative to Acorns. When you invest with Public, you can select from a wide range of shares and ETFs to buy or sell.

Moreover, Public also allows users to invest in various cryptocurrencies. It offers various educational resources that can help you learn how to trade as well.

However, note that Public is only available as a mobile app.

Other Sites Like Acorns

Acorns FAQ

What Is Acorns?

The company’s mission is to help individuals protect their financial best interests using micro-investing. Acorns has been around since 2012, and its headquarters are in Irvine, California.

How much should I invest in Acorns?

All investment carries risk and you might not make money for some time. Thus, you should only invest an amount that you are comfortable with.

Is Acorns a good investment?

Acorns is a good investment since it makes it easy for beginners. It is convenient and profitable to invest your spare change with Acorns. It also has a low monthly membership fee compared to the features it offers.

Does Acorns actually make you money?

Acorns is an investment platform that can make you money. Apart from making money from investments, you can also earn cashback when you use your linked card at one of the platform’s partners.

If you use the exclusive Acorns debit card, you will also be able to get an additional 10% bonus on your investments.

Can you lose money with Acorns?

You can lose money with Acorns. However, Acorns helps you lower risk by diversifying your investments in over 7,000 stocks and ETFs. Thus, in the long run, there is a lower chance of you losing money.

Is Acorns good for beginners?

Acorns is ideal for beginners because of how easy it is to use the platform and the low initial commitment required.

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Kate Starr


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