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.
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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
Staff
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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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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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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