Acorns Review: What Is Acorns and Is It Worth It in 2024?

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Acorns is a passive investment app that makes it easy for new and existing investors to make money by investing spare change. It costs only $1 – $5 a month and Acorns does all the work for you but is it worth it? Find out in our Acorns review below.

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What is Acorns?

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Acorns is a robo-advisor (digital advisor). It works differently than most robo-advisors though because Acorns invests your spare change – literally. It’s a true set-it-and-forget-it robo-advisor that makes it easy for anyone to invest (even people who think they don’t have enough money).

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How Does Acorns Work?

After you sign up for an Acorns account, you link your most used debit and credit cards. In Acorns, set up a round-up rule. By default, they set your purchases to round up to the nearest dollar, transferring the spare change to your Acorns account. You can set any rule you want, though, if you want to round up to a higher amount.

You can also set up periodic deposits, such as weekly or monthly automatic deposits to boost your savings or make one-time manual deposits. Once your balance hits $5, Acorns will invest the funds in ETFs, or exchange-traded funds that diversify your funds across several stocks or bonds. You don’t have to do anything except link your debit or credit card to start investing. There are still essential things you need to know about Acorns. Read below to learn more about our Acorns review.

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How Much Does Acorns Cost?

Acorns has three programs to choose from that cost between $1 – $5 per month.

Lite $1/month – This program includes an investment account with automated round-ups, and access to the Found Money program (more on this below). It only includes a taxable account, not retirement accounts.
Personal $3/month – This program includes a taxable account, retirement account, and checking account with debit card.
Family $5/month – This program includes everything in the Personal account plus investment accounts for kids (no extra charge for multiple kids).

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Acorns Features

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How Acorns Earn Works

Acorns Earn gives you opportunities to earn more cash for your Acorns investment account. Some opportunities are special offers that you must activate and take advantage of, such as signing up for a new subscription or taking advantage of an offer within the allotted timeframe.

Other opportunities include cash back at restaurants or retailers where you use your linked debit or credit card. These offers allow you to earn money back on purchases you’d normally make, increasing the money you invest.

To maximize your earnings always use your Acorn account linked card and don’t use any other offers, especially browser extension offers as it could make your Acorns Earn offer null and void.

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Acorns Pros and Cons

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How Does Acorns Make Money?

It may seem like Acorns doesn’t make much money since they charge at the most $5 per month, but it adds up. In addition to the subscription-based model, Acorns makes money from referral fees on its cashback program, interest earned on cash balances, and its annual management fee charged to members with more than $5,000.

There is also an Acorns referral program which consists of limited-time promotional offerings. The Acorns promotions change weekly but you can your updates from our Acorns referral article.

Who Should Use Acorns?

Acorns is a great platform for anyone who struggles to save. Even if you have the best plans to save, but never seem to find the money or time, Acorns may be a good fit.

Since you link your most used debit or credit card, you automatically save just by spending what you normally spend. You won’t feel much of a difference in your bank account since it’s literally spare change that you invest.

Acorns is also good for anyone looking for hands-off investing. Once you link your credit or debit card, Acorns does the rest, giving true meaning to passive income.

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Acorns Referral Program

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Acorns gives out a $5 referral bonus to users that sign up with a valid Acorns referral link. Also, current users who invite friends and make use of your Acorns referral link upon sign up, a free $5 reward awaits you. This is given that the promotional terms and conditions are followed. Like, making an initial $5 investment and maintaining your initial investment for at least 30 days. For more information about the Acorns referral terms and conditions, this Acorns referral article may help you.

If you want to try other investing platforms, check out Cash App referral and M1 Finance referral to sign up with extra bonuses.

FAQ about Acorns

Acorns is a great way for beginners or anyone who struggles to save/invest to get started. It won’t fund your retirement, but it’s a great way to change your mindset about money, saving, and investing, putting you in the right frame of mind and creating good habits.

Is Acorns a good investment?

Can you make money with Acorns?

Like any investment app, there’s always a risk. The idea is to make money and generally investors do make money on Acorns, but anything can happen. The key is to have a long-term plan and not bail when things go bad temporarily. With a long-term mindset, you may make money with Acorns.

How safe is Acorns?

Acorns is an SEC registered broker. It’s also SIPC insured and a member of FINRA. Accounts are protected up to $500,000 including $250,000 in cash.

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Do you pay taxes on Acorns earnings?

Yes, if you have capital gains you may pay taxes. Unless you have an Acorns Later account with an IRA rather than a taxable account, always consider your tax liabilities. It’s best to work with a licensed tax advisor to make sure you cover all your bases.

Can you set up recurring investments in Acorns?

In addition to your round-ups, you may make recurring or even one-time investments to your Acorns account. This helps increase your balance and helps you grow your investments faster.

Bottom Line

You are almost done reading this Acorns review but still unsure if Acorns right for you? Well, if you want to invest but don’t have the time or grit to make sure you save every month, it could be well worth it. Even with the slightly higher fees compared to your small investments, it could be worth it.

Acorns can help you get the most out of your spare change, eventually investing it when you accumulate just $5. Use Acorns to get you started investing and watch your spare change grow.

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