Top 32 Reviews From Legit Acorns Buyers (2024)

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Acorns FAQ Acorns Reviews FAQs

Acorns FAQ

What does Acorns invest in?

Acorns lets you invest in diversified ETF portfolios it puts together. You can choose from various portfolio types based on your risk tolerance and see breakdowns of each portfolio type on Acorns’ website.

Has anyone made money on Acorns?

Acorns doesn’t specify any dollar amounts or averages its members have made by investing through its platform. However, the company has been around since 2012 and claims it has had over 9 million people sign up. So, while no investment platform can guarantee you’ll make money, Acorns’ growth and popularity signal that there are likely some users who have benefited financially.

Does Acorns cost money?

Acorns’ monthly membership fees are either $3 or $5 per month, depending on your chosen tier. There’s no minimum to open an Acorns account, but you need at least $5 to start investing.

Is Acorns FDIC-insured?

Acorns’ checking accounts and debit cards are FDIC-insured for at least $250,000 since they’re issued by Lincoln Savings Bank, but this doesn’t apply to investment accounts.

Is Acorns investing safe?

It depends on what you mean. Acorns has several features that make its products safer from unauthorized access, including FDIC-insured bank accounts, SIPC-protected investment accounts, SSL encryption, account alerts, bank-level physical security and account safeguards. However, all investments have some risk, depending on the market.

Acorns Reviews

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    Page 1 Reviews 0 - 10

    MarkConcord, NC

    Online & AppStaff

    Reviewed April 5, 2024

    Acorns worked great until it didn't. My bank closed my checking account last year after fraud was committed with my stolen quarterly tax payments. After this the nightmare began. Despite repeated attempts I was unable to link new checking account through the app; after researching online I found out the Plaid deposits to look for didn't happen because Plaid isn't around anymore. Acorns has not updated their app to reflect this loss of functionality. Went through representative to link account, and no information is adequate enough for them despite several attempts. I'm completely over this and out thousands of dollars at this point. DO NOT TRUST THESE PEOPLE.

    BillOrlando, FL

    Customer ServicePricePunctuality & SpeedStaff

    Reviewed Feb. 19, 2024

    Tried referring 4 friends during a promotional bonus period. All 4 friends completed steps within the specified period and my referral history showed them all complete. I finally got the normal $5 bonus as did 3 of my 4 friends. I called to find out about the promo bonus and was told all 4 friends completed their steps and it was just a matter of time to get the promo bonus. Still didn't see a week later. Called and was told the same thing. They gave me a date when it would show. Still nothing (promo bonus or the last $5). I called the day after the date they gave me and was told they would investigate why the last $5 hadn't been applied. And the promo bonus wouldn't be paid due to one friend account not in good standing.

    I checked with the friend and he told me they charged him a higher $$$ monthly fee and thought could have been fraud or something else so he deactivated the account. I finally got my last $5 a week later but my friend still hasn't. She has to call them herself to have them investigate why. In the meantime she's getting charged another $3 (total of 6) when she invested $5 to start. I will never refer anyone to them again and will be pulling out my investments.

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    KenTampa, FL

    Customer Service

    Reviewed Feb. 14, 2024

    I have been with this company for 8 years and until recently haven't had a problem with them. On February 1st 2024 I requested a transfer from my investment account to my bank account. The site said 2-3 business days. It's now been 9 business days and I still haven't seen my money. They took my money out of my investment account right away. I've called several times and get the same response they are working on it and I should just be patience. They are using my money for themselves.. I am at the point now that I am looking into legal action against them. DO NOT INVEST WITH ACORNS!!!!

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    SteveBraceville, IL


    Reviewed Dec. 30, 2023

    Offshore employees repeating my requests. No Supervisor to speak to. The d company in MY OPINION, IS A TOTALLY UNETHICAL SCAM. Speaking to the offshore support was simply a very humiliating and degrading experience!!!!

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    SamehMinneapolis, MN

    Customer ServiceSales & Marketing

    Reviewed Dec. 23, 2023

    I started a checking account with Acorns Mighty Oak card given their relatively high APY on checking and emergency fund accounts (3% and 5% respectively) and paid monthly 5 $ maintenance fees. They never delivered on what they advertised to do. When I asked them, I was told that is because your account is not really Mighty Oak although you are paying the fees for it. In order to do that, we need to cancel this account, start a new account with a new account number. That is not inconvenience, that also means me updating all my bill payees with new data, potential for error and all the time wasted associated with that. I asked for a callback from their customer service, I never got one.

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    MichelleFletcher, NC

    Reviewed Oct. 4, 2023

    I experienced fraud by someone trying to open an Acorns checking account and transferred funds from my linked bank account to a fraudulent Acorns account. My bank fixed it. I had to close my checking account and start from scratch - huge hassle. I have tried multiple times to close my Acorns account, and have sent the requested paperwork 3 times now and they keep asking for the same paperwork. Then, they ended up just disconnecting me. I am disgusted with Acorns and suggest staying away from them. If you have ANY issues at all, you will not be helped.

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    Top 32 Reviews From Legit Acorns Buyers (1)

    MayraTeaneck, NJ

    Reviewed Aug. 29, 2023

    I lost money when I opened my account. I deposited $500 and between their maintenance fees and the market, I kept losing and losing money. When I decided to close the account, they still charged me the maintenance fee. Even though I processed the closing of the account on the 25th, they said that technically the closing was completed on their end on the 28th and therefore I had to pay the maintenance fee due on the 27th. They refused to give me a refund and safe to say I will not be recommending them to anyone.

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    Top 32 Reviews From Legit Acorns Buyers (2)

    MzOcala, FL

    Customer Service

    Reviewed Aug. 1, 2023

    I opened a account in August 2022. I made a transfer into the account. It then was locked. I called several times to get it unlocked. I was told to send in a PDF showing my name and account number so the account could be verified. I sent it. After sending that they said a 3way call to the linked bank needed to be done. We did the 3 way call. The bank refused to release Acorns the information they need. Then again after that call I was told to send in a bank statement again, a copy of my driver's license and a reason why the account was opened. I also did that. Now they are saying they need another PDF bank statement showing all my transactions (NOT GOING TO HAPPEN). That is personal when I was told they only needed a statement showing my NAME and ACCOUNT NUMBER. I think it's time to take legal representation because now I feel as if they are stealing money locking accounts and refusing to close them or unlock them.

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    GloriajoanMerrillville, IN

    Reviewed May 12, 2023

    I've noticed that I can't find a statement of what charges are deducted from my savings. That concerns me. I have to take screenshots to keep up with what is going on. Sadly, we can't trust these institutions anymore.

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    DanielSpokane, WA

    Customer Service

    Reviewed April 8, 2023

    I've had an Acorns portfolio for over 3 years, it had a little over 3 thousand in it. Last year, I had to cancel a bank account due to unrelated fraudulent charges. Now I can't link a bank, customer service just wants a bunch of PDFs that I'm not even sure how to get from my old bank to transfer funds out. I'm trying to close and cancel everything, but they refuse to send me a check. So I guess I just give up on that three grand?

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    Top 32 Reviews From Legit Acorns Buyers (2024)


    Do people actually make money on Acorns? ›

    Acorns has over 8 million customers and $3 billion in assets under management. The app lets its users make money and build wealth through long-term investing. You can also make free money with Acorns by shopping at 350+ Acorns Earn partners.

    Is acorn investing worth it? ›

    Acorns is particularly effective for traditional IRA and Roth IRA accounts, where investments typically span many years or even decades. However, a significant drawback of Acorns is its fee structure. The app offers three plans, priced at $3, $5, or $9 monthly, based on the services you need.

    Is it safe to give Acorns my SSN? ›

    Your information is encrypted

    Acorns encrypts your information, which is verified by top digital security and privacy companies, to help protect your assets and information.

    Is there a better option than Acorns? ›

    Why we chose Chime: If you want an Acorns alternative that has numerous bank-like features to help you spend and save your money, Chime is for you. And our favorite part is that its high-yield savings account currently pays 0.50% APY. Like Acorns, you can also enable spare change round-ups to automatically save money.

    Is it possible to lose money on Acorns? ›

    Yes. The securities you own are always subject to market fluctuations.

    What is the monthly fee for Acorns? ›

    Commissions and Fees

    Acorns Personal: $3 per month. Acorns Personal Plus: $5 per month. Acorns Premium: $9 per month5.

    Is there a penalty for withdrawing money from Acorns invest? ›

    In conclusion, withdrawing money from Acorns Invest is a hassle-free process without any penalties from the platform itself. However, it's essential to consider potential tax implications and the time it takes for withdrawals to reach your bank account.

    Do I pay taxes on my Acorn account? ›

    For Acorns Checking & Emergency Fund accounts

    If you have a Mighty Oak Checking and/or Emergency Fund account and you earned more than $10 in interest last year, you may be taxed.

    What happens if Acorns go out of business? ›

    For example, with Acorns Checking, your accounts have FDIC insurance through our banking partners, Lincoln Savings Bank and nbkc bank. The FDIC insures more than 4,700 banks across the U.S. What that means is if an insured bank fails, the FDIC will reimburse you for your losses.

    Does Acorns need to be reported to IRS? ›

    If you sell part of your portfolio and transfer it to another Acorns section such as the 'Later' retirement IRA or 'Spend' debit account, you still have to report those transactions to the IRS. Don't make the mistake of thinking you don't owe taxes just because you didn't transfer the money off your Acorns account.

    Can Acorn be trusted? ›

    FDIC-insured Spend accounts: Deposits in Acorns Checking account are insured up to at least $250,000 through partner banks. SSL encryption: Both the website and app are secured with 256-bit encryption. Your personal and financial information can only be accessed by you and Acorns.

    How do I stop Acorns from taking money? ›


    Under "Personal Settings," click "My Subscription" Scroll down to "Manage" and click "Cancel subscription"

    What are the downsides of Acorns? ›

    Where Acorns falls short. No tax strategy: Unlike many of its competitors, Acorns does not offer a tax strategy. High fees on small balances: Because of its pricing structure, Acorns can have high fees on small account balances.

    How do you make the most money on Acorns? ›

    Most rewards are earned by shopping through the offers in the Earn section of the app. There are also some “Simply Spend” rewards that you automatically earn when you shop with a card linked to Acorns. You can also install the Earn Chrome and iOS Safari Browser Extensions to earn rewards when you shop online.

    Do people really make money with Acorns? ›

    Acorns is not a side hustle or money-making app that pays you. Think of it as a tool to grow the money you already have with consistent saving and investing. Generally, you'll earn money from your investments and by making qualifying purchases if you link your card to the Acorns account.

    Is it safe to put a lot of money in Acorns? ›

    Your deposits in your Acorns Checking account are protected up to $250,000 — that's because our banking partners, Lincoln Savings Bank and nbkc bank, are both FDIC members. The FDIC insures deposits in bank accounts up to $250,000 for each depositor. FDIC insurance generally covers each depositor per bank.

    What is Acorns' average return? ›

    The average annual return since adopting 500 stocks into the index in 1957 through 2018 is roughly 8%. Adjusted for inflation, the historical average annual return is around 7%.

    Is the Acorns debit card worth it? ›

    Bottom line. The Mighty Oak Debit Card is available to Acorns account holders with a $5 or $9 subscription. It offers the ability to earn a fee waiver for your account, which is useful. However, if you're just looking for a high-interest account, there are bank accounts with comparable APYs and no fees.

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