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Acorns Personal Finance Review


ConsumersAdvocate.org Rating: 3.3 / 5 (Very good)
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Acorns Grow, Inc. is a personal investment mobile app and website that helps customers invest automatically by using their spare change. The app monitors users' debit and credit cards, rounds up purchase amounts, and uses the difference to invest in a previously chosen portfolio. The app, launched in 2014, now has more than a million accounts and has added several other features, such as a checking account, retirement investment options, and a partnership with major brands that gives consumers reward points they can then turn into investment dollars.
 
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How Do We Rate Acorns?

Breakdown

4.0/5
Ease of Use
4.5/5
Features
4.0/5
Data Protection
0.0/5
Cost

Our Overall Rating: 3.3 / 5 (Very good)

The Acorns app is an innovative and user-friendly approach to investment, perfect for those who are just starting to invest. It functions as a mobile robo-advisor, allocating users' investments based on an algorithm that follows the highly regarded investment principles outlined by Nobel Prize-winning economist, Dr. Harry Markowitz.

Acorns works is by monitoring the user's purchases and rounding up to the nearest amount, taking the difference and investing it according to a previously designated strategy, which can range from aggressive to conservative depending on the user's preference. Because of its success with its basic services, Acorns has added an Individual Retirement Account and a checking account as well, which does not charge overdraft fees or require a minimum balance.

Another pro on Acorns' column, is its pricing. The prices range from $1 to $3 per month, which includes all three features. One drawback is its F grade from the Better Business Bureau, which lists almost two dozen complaints by customers claiming problems withdrawing money from their accounts and/or poor customer service. Having said that, this number of complaints is very low given the millions of users the app has. Overall, Acorns remains one of the best choices around for beginner investors, making saving seem more like a fun but doable challenge instead of a chore.

Acorns Services & Features

Ease of Use - 4 / 5

Acorns has three main services: one based on microinvesting, one meant to help invest for retirement, and a checking account. With its microinvesting service, Acorns monitors a user's bank account and card transactions and rounds up purchases, taking the difference into an account that will be invested in a mutual fund once it reaches $5. The second service, "Acorns Later," functions as an Individual Retirement Account (IRA). Finally, "Acorns Spend" is a checking account that doesn't charge overdraft or minimum balance fees, in addition to providing free ATM withdrawals.
Investment Advice for Beginners
Yes
Investment Suggestions
Mutual Funds
Index Funds
Real Time Stock Ticker
No
Dividend Analysis
Yes
Retirement Planning
Yes
Other Services
Budgeting
Credit Cards
Savings

Acorns Pricing

Features - 4.5 / 5

Acorns has some of the lowest rates in the business, with services ranging from $1 to $3 per month. The company used to charge 0.25% of the total account balance per year for users with more than $5,000 in their investment accounts, but has since switched to a flat $1 monthly on all accounts under $1 million.
Premium Membership Details
Acorns provides three tiers of service: Acorns for $1 per month, Acorns + Acorns Later for $2 per month, and Acorns + Acorns Later + Acorns Spend for $3 a month. Acorns Later is an Individual Retirement Account (IRA) and Acorns Spend is a checking account which features either free or fee-reimbursed ATMs nationwide and no overdraft or minimum balance charges.
Price Plan #1
$1 per month
Price Plan #2
$2 per month
Price Plan #3
$3 per month

Acorns Customer Support

Data Protection - 4 / 5

Acorns (aka Acorns Grow, Inc.) gets an F grade from the Better Business Bureau, based on one negative review and 22 complaints. The BBB bases its grades on many factors, and grades are brought down if the business fails to respond to complaints or correct the situation. In this case, the BBB states that Acorn did not respond to 6 complaints, failed to resolve 3 complaints, and took too long to respond to others. Many of the complaints involved customers finding themselves unable to withdraw money from their investment account and reporting poor customer service. The company does not appear listed on Trustpilot.
Year Founded
2012
BBB Rating
F
Number of BBB Positive Reviews
0
Number of BBB Negative Reviews
1
Date Collected
2018-07-31
Mobile App
Yes
Contact Method
Email
Phone

Company Profile

Full Name
Acorns Personal Finance
Company Website
https://acorns.sjv.io/c/137710/500165/5136
Headquarters
19900 MacArthur Boulevard, Suite 400, Irvine, CA, 92612

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