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You’ve probably heard of Acorns. It’s a popular micro-investing app — even among people who don’t know a lot about investing — that helps you save money in a diversified portfolio.
By using one of its most popular features, you invest money without even really thinking about it. We love that convenience.
But investing is actually a serious endeavor. In this Acorns review, we’ll cover the app’s features, investing strategy and cost, along with other important details you should know before you get started.
What Is Acorns?
Acorns is a California fintech company that helps simplify and automate investing. Users can contribute money to a passively managed, diversified portfolio through recurring transfers and/or by rounding up the spare change from debit transactions.
Founded in 2014, Acorns has quickly become one of the most profitable and popular micro-investing apps in North America. The start-up has an estimated 8.2 million users and was valued at roughly $1.9 billion in March 2022, according to CNBC.
Acorns is more than just an investing account. The company has steadily expanded its financial services over time. The Acorns app now offers banking products (including a checking account), educational resources, a debit card, custodial accounts for kids and an automated retirement account service. Most recently, Acorns introduced Bits of Bitcoin, which allocates up to 5% of a user’s investments in a Bitcoin-linked exchange-traded fund (ETF).
Acorns derives about 80% of its revenue from monthly user subscription fees. The other 20% comes from interchange fees and brand partnerships.
Acorns offers two membership options to subscribers. Both accounts charge a flat monthly fee:
Personal
- $3 per month. You get access to an investment, retirement and checking account.
Family
- $5 per month. In addition to all the Personal account features, the Family account grants access to custodial investment accounts for children.
Let’s dive into…
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