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Acorns Investing customer reviews, rating, ranking, advantages and disadvantages, complaints, feedback from clients. Is Acorns Investing good and safe firm for brokerage account or a scam?

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Acorns Investing Customer Reviews

by Andrew, 3/10/2019

Pros:

Cons:

This app is good if you will continuously take part in using it. You have to see it like a game although with investing you can lose a lot. At first I noticed my investments making great returns then they slowed down and that coupled with it not quite being made into a daily habit just killed it for me. If it made as good returns over the long run, at least long enough for checking into it and depositing money to become a habit, I would've stuck with it for a long time.

by V., 1/23/2019

Pros:

Cons:

Great app. Just started using it. Already seeing results.



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Acorns Investing Overview

Many people can probably relate to having a “change jar” in their house, or know someone else who had one, where spare change from cash purchases was collected over time to eventually be deposited in the bank once it was full. Although the “change jar” is increasingly becoming a relic of the past with the rapid digitalization of our wallets, many apps today are putting a modern twist on the idea to encourage more saving and investing among millennials. Acorns is one of the leaders in this effort, automatically rounding up your daily purchases to the nearest dollar and investing the “change” for you. This article will offer an overview of how Acorns puts a modern twist on this ages old idea.

What is Acorns?

Acorns is an app-based robo-investing platform that, once you link to your credit and debit cards, will automatically round your everyday purchases up to the nearest dollar and invest your “change” into one of their diversified portfolios of stocks and bonds. When you open your Acorns account, the app will ask you some questions to get an idea of what your investment goals and risk appetite are before recommending to you one of their five portfolios, which we’ll go over next.

Acorn Portfolios: Five Levels of Risk/Reward

The app offers five different well-balanced portfolios to choose from, which are named according to the level of risk they take. These portfolios range from the most conservative one, which is 80% bonds, 16% large-cap stocks, and 4% small-cap and real estate stocks, to the most aggressive portfolio, which is 100% equities and even includes a 10% exposure to emerging market stocks. Acorn implements all of their portfolios using low-cost stock, bond, and real-estate ETFs from Vanguard and BlackRock.

The screenshot below shows the allocations in Acorns’ Moderate portfolio, which is targeted towards the investor that wants to take on some risk to earn higher returns but doesn’t want so much risk that they are caught riding the full ups and downs of a potentially volatile stock market. The Moderate portfolio is roughly 60% stocks and 40% bonds.

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What Does Acorns Cost?

Acorn offers three different tiers of accounts (see below screenshot), which cost from $1 to $3 per month. Acorns Core is the basic and cheapest account, which just automatically invests the spare change from your daily transactions once the balance reaches $5. The next level (Acorns Later) includes the basic features from the Core account plus you get the option to open an IRA with Acorns. For the $2 monthly charge you also get the ability to setup recurring monthly contributions to your account in addition to the spare change that gets invested. The last tier (Acorns Spend) includes all the previously discussed features plus an Acorns checking account and the added benefit of your change being invested in real-time.

Whether or not Acorns fees are high relative to the competition depends on how much money you plan to invest. $1 per month (or $12 per year) on a $1,000 account would be equivalent to paying a 1.2% management fee, which is quite high for a portfolio of ETFs that most brokers would allow you to trade for free. On the other hand, if you pay $2 a month ($24 per year) to open an Acorns IRA and have an account worth $20,000 you are effectively paying a 0.12% management fee, which is a lot more reasonable. We should also point out that the $1 fee for the basic account is currently waived for college students.

Acorns Review Conclusion

In summary, Acorns is a neat concept that can make saving and investing attainable even for those that don’t have extra income each month after their expenses are met. While Acorn’s fees are relatively high considering the smaller investment balances most core accounts will have (given that it’s just spare change), it could be worth the expense for certain investors that otherwise wouldn’t be willing to fund a more standard investing account each month.

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Acorns Investing reviewed by former and current clients. Acorns Investing customer reviews: 2. Rating: 4.