Acorns Review

Acorns Review 2021: Easy Investing For The Newbie

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Last Updated on January 9, 2021 by Yetty Akindele

Acorns is the alternative to Canada’s Moka and offers a smart way to invest money if you reside in the US. Acorns is one of the best options for newbie investors to whom investing can appear to be a tricky process.

In fact, only 5% of investors believe they know everything needed to make a good investment. About 66% of millennials also stated that investing in the stock market is scary and intimidating.

Luckily, Acorns is a digital investing app that intends to simplify this process by removing all sorts of barriers that could hinder your investment process. 

Utilizing Harry Markowitz’s MPT theory, Acorns recommends optimized portfolios and maintains them with automatic rebalancing and dividend reinvestments.

What is Acorns?

Acorns is an all-in-one investing platform that makes it easy for you to save and invest. It strives to make investing convenient for all by using smart auto-saving and investing techniques and invalidates the outdated method of saving spare change. 

The platform operates by linking your credit/debit card and checking account, monitoring your spending pattern, and rounding up your purchases to the nearest possible whole number. Later, the change in your checking account is invested in a portfolio that is right for you.

Acorns is especially beneficial for millennials and newbie investors in the US. This app has also established referral connections with multiple online retailers and service providers that provide a better cashback rate and deposit the amount directly into your account.

Setting up an Acorns account is an easy three-step process. You can create an Acorns account by visiting the website. Acorns is also compatible with both Android and iOS mobile devices.

After you sign up, you have to answer a few questions to find the right portfolio for your needs out of the five available on the platform.

Acorns’ portfolios range from conservative to aggressive and are structured with ETFs from reputed investment management companies, Vanguard and BlackRock.

Interestingly, investments aren’t all that Acorns focuses on. It also creates job opportunities, stabilizes climate, and rebuilds forest fire or flood areas by planting oak trees across America.

In partnership with One Tree Planted, Acorns has successfully planted about 438,000 oak trees

Acorns Products

Acorns is an easy, smart, and trusted money app that features;

  • Invest – The micro-investing account that invests your spare change into fractional shares and adds it to your diversified portfolio.
  • Later – An individual retirement account (IRA) for Acorns app users and is updated regularly to match your retirement goals.
  • Earn – As you connect your credit card with an Acorns Invest or Spend account, you can earn more money from brands and companies that invest in you. It means you can save and invest more.
  • Early – This service allows families to set up a custodial account for children. It enables users to include multiple kids for no added cost and has family-friendly financial literacy content.
  • Spend – Along with a Smart Deposit built-in, it is an FDIC-insured checking account that comes up with a heavy-metal debit card with your engraved signature and allows you to save and invest.

Pricing Plan

The platform has three subscription options that appear to be simple and transparent for users.


The first tier charges you $1/month. Lite account offers you an investment account for your spare change, bonus investment opportunities through Acorns 350+ Found Money partners, and financial advice from experts.


The personal account will charge you $3/month. This tier offers you an investment account, a retirement account that comes with tax benefits and automatic contributions regularly. It also includes a checking account that requires no monthly fees, access to 55,000+ fee-free ATMs worldwide, and benefits you with up to 10% bonus investments.


The last and higher account tier is Family that costs $5/month. This tier includes all the features from the Personal account. It offers Acorns Early account that sets up a custodial account for kids.

With this platform, there is no need for a deposit or an account minimum, no commission fees, and no penalties charged during funds withdrawal.

Related: How To Protect Your Identity Online In The US

Acorns Pros and Cons


  • Easy-to-use app
  • Educational guide available
  • Automated investing as well as manual options if you would like to invest larger amounts
  • Excellent customer service
  • No minimum deposit required to sign up, however, a minimum of $5 is required to start investing. If you sign up now, you get a $10 bonus to kick off your investing plan
  • Cashback from top retailers under Acorns Found money. You enjoy cashback from over 350 retailers such as Nike, Sephora, Walmart, etc when you use a card linked to your Acorns account to make purchases. The money is usually deposited into your account within 60 to 120 days.


  • Limited investment portfolio
  • High payments for small account

Is Acorns Right For You?

This platform could be right for you if you;

  • a newbie investor wanting to cultivate a good saving habit
  • find it difficult to save
  • would want to open a custodial account for your children

Final Thoughts – An Investing App You Can Rely On

If you are looking for an easy and hassle-free approach to investments in the US, then Acorns could be the right option for you. It is a good start for those who need to cultivate a good saving habit as well as for newbie investors.

Without a doubt, It is also one of the best service options for those who deal with micro-investing. With its automatic roundups, you can make the most of your spare change. The unique thing is investing becomes without conscious effort, making your chances of achieving your investing goal a reality.

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