How to Transfer Acorns to Robinhood & Vice Versa

Instructions on how to transfer Acorns account, IRA, stocks, ETFs, assets, money to Robinhood brokerage service in 2023.

How to Transfer Accounts Between Robinhood and Acorns

Are you thinking about moving an investment account from Robinhood to Acorns? Or are you with Acorns but want to be at Robinhood? In either case, this article will show you how to move your account with the least amount of labor possible. Keep in mind, however, that neither brokerage house accepts ACATS transfers, so there will be some amount of legwork involved.

Transfer Account From Robinhood to Acorns

As we already alluded to, Acorns does not accept incoming transfers of investments. What this means is that your Robinhood assets will first need to be converted into cash. Then, this cash balance will have to be transferred to a linked checking or savings account, and from there you can pull the funds into your Acorns account. At that point, Acorns’ digital investment-advisory system will automatically invest the funds in a list of low-cost ETFs.

Although it is possible to use two bank accounts in this process, it will be easier to use just one and link that one account to both your Acorns account and your Robinhood account.

The first step is to open an Acorns account. This could take several days, so it’s important to do this first.

Remember that you will have to pay a monthly fee at Acorns. It will either be $3 or $5, depending on the package you choose.

Once you have your account open and are able to log in, go to the top of the site and click on the icon in the upper-right corner. In the drop-down menu that appears, select Profile & Settings. On the next page, click on Linked Accounts. Here, you’ll be able to connect an external deposit account either with login credentials or with account and routing numbers.

Once you have done this, you’ll need to go through a very similar process at Robinhood. Click on the Account link in the top-right corner of the Robinhood site and then select Add New Account. Here, you’ll be able to set up the same bank account you used at Acorns.

Transfer Acorns Account to Robinhood

Inside your Robinhood account, you’ll want to sell enough assets to get the dollar amount you want at Acorns. When this amount is available for withdrawal, you’ll move the cash to your linked bank account, and when the funds are available for withdrawal there, you’ll pull the money into Acorns from inside your Acorns account (click on Invest for your future and then One-time to make a deposit).

Keep in mind that most investments available at Robinhood won’t be available at Acorns. For example, Acorns doesn’t offer trading in cryptocurrencies, stocks, or option contracts. Acorns is a robo investor that builds portfolios using a small selection of ETFs. If you want to maintain specific holdings you have at Robinhood, you shouldn’t sell them.

Open Acorns Account

Open Acorns Account

Transfer Account From Acorns to Robinhood

Like Acorns, Robinhood doesn’t accept incoming transfers of investments. To move your assets at Acorns into Robinhood, you’ll want to follow a very similar process described above.

With both brokerage accounts open and linked to the same bank account, you’ll want to withdraw funds from Acorns to your deposit account, and then from there pull the funds into your Robinhood account.

Transfer Acorns Stocks to Robinhood

Keep in mind that Robinhood doesn’t provide any type of investment assistance, so you’ll be completely on your own when deciding what to buy and sell.

Open Robinhood Account

Open Robinhood Account

Cost of Transferring

Because the ACATS network isn’t involved in either direction, you don’t have to worry about any transfer fees. And because most financial institutions don’t charge fees for moving cash via ACH transfers, you won’t see any fees for money transfers, either.

Time Required

After selling securities in a brokerage account, it will normally take one business day after the trade date for the proceeds to be available for withdrawal (cryptocurrency trades actually settle instantly). At this point, you can move funds into your linked bank account.

Banks vary on when they allow transferred funds to be available for withdrawal. It could take up to a week at some institutions. And then once you transfer the funds into your second brokerage account, that broker will have its own policy on when those funds can be used to make a purchase.

The whole process could take a little over a week, which is actually shorter than the average ACATS transfer.

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