This account is only available through Acorns Personal and Family. Acorns also offers a branded checking account and debit card through a partnership with Lincoln Savings Bank.
You can link an unlimited number of credit and debit cards to your account. Although this is only a minor amount, the idea is that the change will really add up over time. Then, when you make a purchase with an Acorns-linked card, the company will round the purchase up to the nearest dollar, withdraw that difference from your bank account and invest it into your portfolio.įor example, let's say you spend $5.60 on coffee with your card. Acorns will round that purchase up to $6 and invest the difference of $0.40 into your portfolio. Generally speaking, the higher your risk tolerance and longer your time horizon, the more you will be invested in higher-risk assets with higher growth potential.Īccounts are funded through what Acorns calls "round-ups." You can start making round-ups by linking your credit and debit cards to your Acorns account. You will need to enter some personal information to get the process started, in addition to linking your bank account, setting up your financial goals and indicating your risk preferences.īased on your personal information, Acorns will put you in one of five prebuilt portfolios: conservative, moderately conservative, moderate, moderately aggressive or aggressive. These platforms have won multiple industry awards for their attractive designs. You can open an account by going to either Acorns' website or mobile app. You can use this account to save for their college, and there's no limit to the amount of children you can use it for. At this tier, you'll receive all of the above, as well as an Acorns Early account, which is an investment account for your kids.
The highest account tier is Acorns Family, and it costs $5 per month. To cover your spending needs, you'll also get an Acorns Spend checking account that boasts no monthly fees, access to 55,000 fee-free ATMs and a debit card. In addition to the aforementioned basic investing account, you will receive an Acorns Later personal retirement account that comes with tax benefits and automatic contributions.
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If you also want a Roth or traditional IRA and a checking account, you'll need to upgrade to Acorns Personal, which costs $3 per month.
It's fairly basic, but it includes Acorns' round-up feature and bonus investment opportunities through Acorns' Found Money partners. This plan is a basic taxable investing account. Since its target customer is someone new to investing, its cheapest plan, Acorns Lite, costs $1 per month. Unlike most robo-advisors who charge a fee based on your account balance, Acorns charges a flat monthly management fee. No trading fees and multiple account options
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To find a local financial advisor, use SmartAsset's free matching tool. These advisors can help you manage your investments, build a financial plan, save for retirement and more. If you're looking for more in-depth services than a robo-advisor can offer, consider working with a personal financial advisor. Other robo-advisors also offer more account types, such as 529 college savings plans. If you are a serious investor who wants to invest in more than the handful of ETFs Acorns offers, you should look elsewhere. It's also an affordable option if you don’t have much to put toward investing.Īcorns' services are completely digital, which is fine for someone who doesn’t want or need to meet with a real person to talk about their investments. This service automates everything so there’s no fear of forgetting to transfer money. If you just find it difficult to save, you may find Acorns' round-ups helpful. College students can particularly benefit from it too. Everything is done online and is automated, so you can just set it and forget it.Īcorns is geared towards young and new investors. This robo-advisor rounds up all of your credit or debit card purchases to the nearest dollar, and then invests that change into a portfolio of exchange-traded funds (ETFs). Indeed, its name comes from the proverb, paraphrased here, that mighty oaks start as small acorns. Acorns is a robo-advisor whose service is based on the old idea of saving your spare change.
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