Acorns Review

Acorns Review

Name: Acorns


Price: $1.00 to $3.00 per month

Owners: Acorn Advisors, LLC

Compatibility: iOS and Android

Overall Rank: 80 out of 100 points


Overview of Acorns

Acorns is a smart phone app that turns your device into a spare-change savings tool combined with cash-back reward system that you can use for routine purchases that you make to find money to invest.


It is considered a micro savings app and is available for Apple and Android users.


It comes with four basic features: a round up tool for investing, a found money tool for purchases, an investment tool to start building savings, and a spend tool that works like a typical checking account.


The spend tool is connected to a debit card to allow for purchases as well.


It is an app that is geared towards college students but anyone can use it and benefit from it.  It is ideal for individuals that are not accustomed to saving money. The entire savings and investment experience can be utilized using just a smart phone.


However, Acorns does have a traditional website that can be used with tablets, laptop, and desktop computers. It is a great way to start saving and investing if you have little experience doing so.


It primarily works by rounding up the purchases you make and investing the spare change into a savings or investment account.


Create an Acorns Account

Creating and setting up an Acorns account is easy.

  1. Download the app for free (Click on this link to download and get $5 to start your account today.)
  2. Create a pin code.
  3. Choose Your Round Up account option. You choose which transactions are rounded up and the bank account you attach Acorns to.
  4. Connect your banking account. This is for the purchases that the round up tool will be using.
  5. Create your investment account. This is where you will input your name, phone number, birth date, and security question and answer. You will input your address and answer some basic questions required by the SEC (Acorns is only available for US citizens at this time).
  6. Choose the type of investment:
    • Long-term
    • short-term
    • Major purchase
    • Children
    • General

Then, you will be asked about employment and income so Acorns can give you individualized recommendations.

Finally, you will input a social security or tax number for tax reporting ad then click a “Get Started” button

Who are Acorns for?

Acorns is designed with college students in mind but everyone can use it.


It is perfect for a variety of inexperienced investors that are inexperienced with saving and investing. It is great for individuals that struggle to save money as well.

Acorns Tools

Acorns has four basic features or tools: the round up feature, the found money feature, the investment feature, and the spend tool.

The Round Up Feature:

After you have set-up your Acorns account and it is approved, Acorns will withdraw an initial investment decided by you.


The round up tool will monitor your purchases from your linked account and round those purchases up to the nearest dollar.



For example, you purchase some drinks at a local establishment and the total is 13.28, the amount is rounded up to $14 and the difference of 72 cents is withdrawn from your linked account and added to your Acorns saving and investment account(s).



You have complete control of the round up feature and determine how and how much is rounded up and sent to your Acorns account.

The Found Money Feature

Acorn is affiliated with several vendors and when you make a qualifying feature from these vendors, the vendor will add an extra deposit to your Acorns account.

Here is a list:

The Investment Feature

Acorn allows you to preset your investment options, you are given 7 options offered by Vanguard or Blackrock.

You choose the investment portfolio option that is best for you.

Just like with any investment, returns are NOT guaranteed, and it is possible to lose the entire investment.

Acorns is NOT FDIC insured but the investments are SIPC insured. Acorn currently manages over $1 billion in assets.

The Spend Tool

Acorns Spend works just like a typical bank checking account.



You can spend from the account and it is attached to a debit card.

It has some nice features such as no minimum balance fees, no overdraft fees, and bank to bank transfers are free as well.


You can earn 10% cash bank when you use the debit card with approved vendors.



However, the Acorns spend account will bump your monthly usage fee to $3 per month.

Acorns Price

Acorn charges flat fees depending on your account set up and balance: $1 to $3 a month. There is no minimum account balance to start account but a $5 minimum to begin investing. It is free for college students.

Pros vs Cons


  • Acorn works on an automated approach, which is helpful for those that are not used to saving money.
  • There is no minimum to open an account and you only need to deposit $5 to start investing.
  • Found money feature because routine purchases can be used to build your investment account.
  • Acorns provides educational material which is very helpful for inexperienced investors.
  • Small amounts are saved so it does not affect a typical budget.
  • Free for college students.


  • There are management fees which can be a high percentage of the small investment balances.
  • Small investment portfolio which is good for starting a nest egg but not ideal for large objectives such as retirement.
  • Like all investments, it is possible to lose money.

My Final Word on Acorns…

Acorns is a very good micro savings app that can be used on your smartphone.




I have used it for a few months, and I have already saved $500 thanks to the Round up and Found money features.

It is an excellent way to start saving especially if you do not have the experience or discipline to save on your own. It is great for beginning and learning about saving and investing.

Acorns is easy to use and flexible enough to save and spend money in a similar way you use typical bank accounts.

Try it today by clicking on the link in this post and Acorns will give you $5 to start your account.

Watch this short video to learn more about Acorns



Acorns at a Glance…

Name: Acorns


Price: $1.00 to $3.00 per month

Owners: Acorn Advisors, LLC

Overall Rank: 80 out of 100 points


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Account minimum


Customer support









  • No minimum
  • Automated
  • Educational
  • Free for college students


  • Management fees
  • Small Investment portfolio

11 thoughts on “Acorns Review”

  1. Hi Marvin,

    Thanks for this review. It is great that people are creating new ways to save and spend money. I can really see how this would help people save a little bit of money. Does this app just work in the USA, or can it be used in other countries with different currencies?

  2. I’ve been using Acorns for about a year. I really like their round up feature. I’m one of those people that struggles saving money. That feature made it a lot easier, unfortunately my bank now has a double verification system thats no longer compatible. 

    I still use it with the monthly deposit feature, it helps keep me on track with my financial goals without having to do much.

  3. OMG thank you for this article! I didn’t know this product but I’m always looking for products with a round up feature because in my opinion they are a very good way to establish a sort of money management education, especially for those who struggle with money management! So thank you so much! 

  4. Many people including myself are always tossing the ” change “. We don’t notice the cents left behind, and by having it placed in a type of savings is a great way for many to start saving. Before you know you would have built up a nice little package to use for ” what ever “. The review/article you have done on this product is great. Your explanation is direct and very easy to understand. This is very important, as many would not even know what Acorn is. I agree this is a great way for (especially) students to manage and save their money. 

    If you have accumulated the cents ( now savings ) can you send or transfer the money bank to your bank account ? Or can you only spend the money at the vendors ? 

    The Layout of your article is really great. Just enough imaging.  

  5. What an amazing and easy way to save Money. This review just eliminated all the doubts that I have for this Smartphone App. One key factor I admired about Acorns App is that the entire savings and investment can be done using a  Smartphone. I know a good number of College Students that will love to use this amazing App. Thanks for the Review

  6. Wow! This is an amazing review that you have got here. Acorn appears to be a great opportunity to reserve and earn a few bulk. I’m okay with its operation but I still do not know if it will be possible for any one in my country to become part of it. Please I would want to know the people that are permitted to use it.

    Thanks for sharing this with me.

  7. Hello there, thanks a lot for sharing this wonderful piece of information here with us. I must say i really did enjoyed going through your article as it contains detailed information’s one would need before engaging in this. I really thinks it a great app after seeing this review although i’m not really happy on the management fee but i think it would be worth it. Thanks for sharing

  8. Hello there,  thanks for this very detailed and informative post on arcons, I heard about this app from a friend while I was discussing with him on how i’m unable to save by my self,  so he suggested the arcons app to me so I decided to do some research as regarding the authenticity of the app, and from this review it really something I can count on. Thanks for sharing.

  9. Helo, I must say that this is really an amazing platform or rather app for  saving. Thanks for sharing this review. I actually came accross this platform during my search online, it’s pretty interesting to know that the acorns app is a legit app. But it’s really so unfortunate the it’s only restricted to U.S citizens for now. Anyways thanks once again.

  10.  outstanding review you have here on Acorns, I must say that I do compliment your effort and time spared from your busy schedule to carry out such a tentative research on this platform and also sharing your candid findings through this post…I look forward to utilising them very well one before my next step and decision on this very platform…


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