Hey and welcome.
I’m sure that you’ve heard of the groundbreaking investing app by name Acorns.Its fan base has been vastly growing due to its unique features when compared to other similar apps.You might, therefore, be wanting to know; “Is the Acorns Investment App a scam?
Or is it a legit app to help you invest your loose change?”
Before we begin with the review, I want to congratulate you and tell you that I’m glad that you do your research.
That means you are serious about finding something legit and avoid any scam.
Acorns App Review Summary
Product Name: Acons Investment App
Price: $1/mo (for accounts below $5.000) & (0.25% per year for accounts over $5000)
Acorns is a smartphone investment app that was started in 2012 and gained great popularity all over the net. It’s simple to use and compatible with both iPhones and Android phones. Besides, it doesn’t require you to visit the bank or brokerage firm so that you can start investing. It allows investment of small amounts making it very easy to begin. Anyone including schoolchildren and college students can use this app. Another advantage is that the app is entirely automated, thereby saving you a lot of time. Actually, you don’t have to worry about loose change around the house.
Before you proceed to download this app and start saving, you should know various things regarding it.
Read my full Acorns Investment App review to find out everything you need to know about it.
What Is Acorns Investment App
Acorn is an investment app designed to help you start investing your small change.
It was founded by Jeff and Walter Cruttenden (father and son) in 2012.
The system is completely automated to work in a pretty cool manner.
It takes your spare change from your daily purchases and invests it into various portfolio structures.
This doesn’t mean that the app will trigger the growth of your wealth.
Once you’ve downloaded the app, you would continue to connect your bank account(s) to the app.
In case some change remains after any purchase you make, it will be calculated into your Acorns investment account.
You can invest it in any of the investment products provided by Acorns.
Acorn offers five different portfolio combinations from which investors can choose based on their risk portfolio, which ranges from conservative to aggressive.
Six ETFs are then selected from each bucket to assist investors in attaining their anticipated investment strategy and presenting their respective asset allocations.
The conservative option has a massive collection of bonds while the aggressive option has more real estate stocks and large cap.
As of 2019, Acorn has extended its offers to include the following:
• Acorns Core – Invests all your spare change in a traditional brokerage account.
• Acorns Later – The IRA account for the brokerage, which includes a Roth, Traditional, and SEP IRA.
• Acorns Spend – The checking and debit accounts that allow users to invest while paying for purchases.
How The Acorns Investment App Works
Acorns Investment App takes the spare change from your daily purchases and makes investments with it.
It is necessary to link the credit/debit card and bank account(s) that you use daily to the app.
As you continue making purchases, the app will round them up to the nearest dollar and invest the spare change.
If for instance, you buy a coffee for $2.50, Acorns will round it up to $3.00, and the additional $0.50 will be invested in an exchange-traded fund.
This means that you’re investing your spare change automatically each time you swipe your credit or debit card.
The app lets you make unlimited deposits and withdrawals.
The Acorns app allows you to join through any of the two provided options: the app itself or their website at Acorns.com.
The app can be accessed from Google Play for Androids and app store for the iPhones.
From the site, just click on the sign-up button to go to the registration page.
To set up your investment account, you will have to give out some of your personal information such as social security number, email address, and bank account, among other info.
How To Grow Your Wealth With Acorns
As we have seen, the app involves automated investing where it invests the spare change into different investment portfolios.
Besides this, it allows you to set up a recurring investment on a daily, weekly or monthly basis.
It also lets you boost your account with $5-$50,000 whenever you want.
But there is more…
You can grow your account and make money by referring other people to start using the app for investing.
You can capitalize on this opportunity and refer as many people as possible to increase your earnings.
Acorns Investment App Pricing
College students are allowed to download and use the app free.
If you aren’t a college student, then you’ll have to pay a small amount of cash to use the app.
This includes a $1.00 monthly fee for accounts with a balance below $5,000 and 0.25% per year for balances above $5,000.
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Who is Acorns Investment App Meant For (And Not For)?
This app is meant for anyone with a desire to invest his/her money. However, it is ideal for:
• College students in need of a free investment method.
• Detached investors who want to do it automatically.
• People who want to save but don’t have the discipline to do it.
• People desiring to invest but lack time to learn the particulars of the stock market.
On the other hand, this app isn’t meant for people looking for investments that bring huge results in a short period. It also doesn’t fit people who aren’t ready to start investing at all, especially through the round-up technique.
GOOD VS BAD
• Allows college students to invest free.
• Includes automated investing.
• No minimum investment.
• The app is pretty easy to use.
• It has a low fee structure for accounts below $1 million.
• Low monthly fees.
• The withdrawals are a bit slow (5-7 business days).
• Doesn’t provide personal guidance.
• Lacks investment and account options.
• The management fee is slightly high for smaller investment sizes.
The Acorns website displays a list of all their current team members with their information such as name, picture, and job role.
This allows you to do thorough research on the members in case you choose to.
It indicates that the company is transparent and builds trust with its users.
In addition, Acorn has worked with Dr. Harry Markowitz (Nobel Prize-winning economist) to create their exceptional investment portfolios that include all risk tolerances.
Together with Dr. Markowitz, Acorns work with two of the most popular investment management companies including Blackrock and Vanguard.
Are There Any Concerns?
1. The customer service isn’t responsive.
There have been several complaints from people who find troubles while trying to set up an account. They complain that the Acorns customer service doesn’t respond to their contact messages.
2. Static gains.
Investing at a spare change rate isn’t likely to show any real results especially if you are starting small. In this case, saving in the short term might cost you more money. However, it’s crucial to be consistent and focus on long term growth.
3. Results depend on market conditions.
Your funds will be invested into an exchange-traded funds (ETFs) portfolio. This means that your earnings will highly depend on the market performance.
Allow me to believe that you’re paranoid about giving out your email address and other personal information.
This is because you risk the disclosure of your information to other unintended people who might even hack into your accounts and make some mess.
For this reason, many people wouldn’t consider using this app specifically because it requires your bank and other personal information.
Is Acorns Investment App A Scam?
In conclusion, Acorns is one the best round-up investing app.
It’s very simple to use with excellent education platform for new investors.
It also charges simple, straightforward fees for everyone who wants to use the program and allows college students to use it free.
The $1 monthly fee is a bit reasonable for a traditional account and lower than that of other investment apps such as Stash App.
The app allows easy accessibility to their staffing, team members, security measures and is open while integrating with your bank accounts.
It allows unlimited free deposits and withdrawals electronically from and into the same checking account.
Withdrawals can take 5-7 business days before the money can be available in your account.
This is where there seems to be some delay.
But apparently, the Acorns app proves to be there to help rather than hurting people.
I would say that Acorns Investment app is a legit platform for the right target audience.
If you are a student or newbie in the investment world with less disposable income, this app would be an excellent fit for you.
It will allow you to invest even small amounts of cash, including the round-up funds while shopping.
For the right person, Acorns is a fantastic idea and a great tool to build a portfolio.
It’s my honest hope that my Acorns Investment App review has been helpful to you.
If you decide to use this app, try to make the most out of it.
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If you have any questions or thoughts whether Acorns Investment App is a scam or anything else, then please leave them in the comment section.
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