Acorns Investing Customer Reviews
by David Hickey,
11/1/2022
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Cons:
Worst customer service ever. Locked my account after a few weeks and won't give me my money back. There is only about $20 in it, but they continue to ask for documents like they think they've found some kind of criminal activity. Won't answer my questions. They refuse to return my money. That is theft. Avoid this company!
by Brown,
9/21/2022
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Cons:
Very disappointed with Acorns. I was referred by a friend, set up my account, everything was going well then suddenly my account was locked by acorn and they requested documents from me without explaining why. I called several times to get answers to no avail so I requested they close my account and refund me what I had put in. I was told they cant close a locked account. Meanwhile they have started taking money from my bank account again
by Larry,
8/12/2022
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Cons:
Acorns offers no frills online service with checking and investing. They invest in socially and environmentally conscious companies. Know that when you are signing up with an online only bank, you aren't going to get the same level of service as if you were to walk into a branch. It's good for me though as I don't need many transactions and am using it as a way to save/invest some cash.
by Timone,
6/15/2022
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Cons:
I have had an account with Acorns for 5+ years, and I have reached the end of my rope. For the majority of things, Acorns works just as they say they do, but when it comes to adding a new bank account or changing things regarding your funding source, they require WAY too much paperwork. I bank with several different institutions and use several Investment apps, and NO other app asks for as much paperwork as Acorns does. They are also very specific about what they will and won't accept. I have submitted letters from my bank regarding my account and they have refused them saying that it doesn't meet their requirements. What is the point of using Plaid if I still have to send over bank statements and checks in order to verify every single account? These requirements are acting as a barrier to their customer base but they still insist on this overstep. As of now I think there are so many other options that do something similar that if you are considering Acorns, just choose a different platform because the time cost for any changes is too much to ask for a program that claims to "simplify" investing for their customers.
by Noris,
11/15/2021
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Cons:
I love everything acorn. Friendly app and custom picked portfolios based on your profile, goals, etc. I love the investment choices I don't mind risks but was placed in moderate risk category based on questions I answered. It is simply written, clear, and not scary. Micro-investing is what blew my mind! And rounding up change from purchases made then micro-investing! Wow A+++++ i can't say enough! And the presentation is impeccable! Wait to you see the atm card arrive at home!!! A Must for all
by Chris,
11/15/2021
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Cons:
I love this app/service! First the app is dead simple to use and navigate, once it's all set up up there is hardly any need to revisit. Second, the service of the micro investing is fantastic, there are other ways to do it but none are as good as Acorn. I use it every year and a "Christmas Fund" and it's come in so handy at that time of year when we all need a little extra.
by Jay,
1/25/2021
Pros: app
Cons: Offshore Customer Service. When things go wrong, expect to spend hours fixing
For the second time now, Acorns has held funds for very odd reasons. The latest is a huge problem as they held a $5000 check, saying they needed "a written statement from check issuer on what it was for" (mother-in-law Xmas gift to my wife her daughter), when confronted, they told us they didn't process it, we sent it back to our bank that we share with the issuer (Mom) and then it got pulled from our account suddenly when we had no customer service response for three weeks and closed the accounts. Now they can't account for the $5000 and we are over-drafted in our other bank. What ever benefit these folks claim to provide is instantly and irrevocably negated when you have to try and resolve a customer service issue. RUN AWAY!
by 1MommyRN,
6/22/2020
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Cons:
As an adult, I sure wish some sort of “financial education “ had been part of my high school experience! Now, it is (and was for my son) thankfully, but for me, THIS ACORNS APP has been that kind of educational help. I’ve learned about investing and about the market, as I’ve used the app to show me what my future might look like if I invest more or less starting now, and I’ve learned about saving even small amounts with roundups. There are articles to read and always more to learn through this app, and I love it! I now have the new Spend card and account, which I love, however I am having a glitch - it’s taken over two months and they still don’t show my active checking account as “verified,” even though my first couple of months I was using it just fine. So I’m not sure what that’s about. But that’s the only issue I’ve ever had with Acorns, and overall I LOVE the app and what it has taught me about managing my money. Thank you!
by Brodard1225876,
6/4/2020
Pros: Acorns App is convenient!
Cons:
Love the app and know they are improving it regularly. Gives less educated and new investors a place to start with less risk than other investment vehicles. It is super convenient and easy to use. Wish the recurring investments could be set up on specific dates as well as bi-weekly as millions of people don’t get paid every week and don’t always have funds in their accounts. Also, it can cause overdraft fees. It would be nice if for some reason there was no funds it didn’t still pull from your checking account. This happened to me as I have recurring investments set up and for example it pulls out each Friday. I have checked my tab that says “past” where you can see pending payments. It is Wednesday now and for some reason I don’t see it on there. Therefore I don’t know when it is going to hit my account. If you have lots of money which I think the target customer Acorn is shooting towards is millennials who don’t always have a bunch of money saved! With that said...I know and see the constant improvements and as the company grows. I have confidence that updates and improvements will occur. An example is they are working on “real time” investing right now and communicate that through their app. It will get a 5 star from me in the future and I will change my rating! Hope this helps the consumer and also the company improve the app!
by Nettle11,
2/17/2020
Pros: Great idea, great app
Cons:
Pay no attention to any negative reviews. They come from sheer ignorance. For anyone that puts $5 in and gets mad because it takes a couple days to transfer it back to your bank..THIS IS NOT A BANKING APP. For anyone who puts $5 in and gets mad because they lose money..it’s not the apps fault, that’s called risk that comes with investing, this is designed for the long haul and you will make money long term. For anyone that gets mad because it made you overdraft your checking account..the app didn’t do that, you did. Learn how to balance and keep up with your checking account. If a handful of bucks a week causes you to overdraft, you don’t know how to manage your money.
I started using this as a “supplementary retirement account” to go along with my 401k and I love it. I started putting a few bucks in here and there along with the roundups and now I’m addicted to putting as much money in as possible. It has that affect that inspires you to save more money for the future. Yes, the market is tanking as I write this and I’m actually losing money at the moment. But again, this is best used for long term investing. If you put $20 bucks in and need to pull it back out 2 weeks later, it’s not the app for you. If you can discipline yourself to putting in money and leaving it alone for at least 5-10 years, it great!
by Topherstrudel,
1/4/2020
Pros: Pretty good app
Cons:
I will say that this is a good app and good concept. It just wasn’t for me after time. When acorn started they had the ability to have no automatic round ups and it would let you select your own from the list of transactions. I loved this feature, but sadly they removed it. The reason I loved this was because I use my debit card for literally every single purchase ever, and that means TONS of round ups that would cause me to invest more than I could afford. If I set up automatic amounts it’s no different than other apps but they charge a fee. If I turn on automatic round ups I’ll run out of money. And if I rely on the 3-5 transactions they show you that you can manually round up I’ll never get a lot invested. I miss the old way of seeing all of your transactions and picking from the list of which you want to round up. Because of that I did close my account because it just wasn’t for me; however, I do think this app is a great idea and will work for many people. When I was making small frequent investments I did notice that my account would steadily increase month to month even with the $1 fee. Never any issues and great support.
by Andrew,
3/10/2019
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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
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Great app. Just started using it. Already seeing results.
