Acorns App Review: Is It An Investment Scam or The Real Deal?

If you're trying to look for some real honest Acorns App reviews , then look no further my friend. I'll share my two cents about this company. Pun intended. If you don't want to hear the truth, then feel free to ignore my Acorns Review. But if you want to know the real deal then read on. You've been warned either way.

What is Acorns App?

If you're anything like me, the idea of opening and managing an investments can be as intimidating as my wife if I steal her candy. But what if you had a simple smartphone app that could do it all for you? That's where Acorns App comes into play.  The acorns smartphone app is built to help you get started in investing using your small change to grow wealth. Founded in 2012 by a father and son team; Jeff and Walter Cruttenden, the app is totally automated.

How does the Acorns App work?

This is pretty cool. Basically they take spare change from your everyday purchases and make investments with it. To do this you must link your bank accounts and debit/credit card that you use everyday to the app. Then you make your purchases like normal. The Acorns app rounds up your purchases to the nearest dollar and the spare change is invested.

For example, let's say you buy a coffee for $2.50. Acorns rounds up your purchase to $3.00 and the extra $0.50 is invested in an exchange-traded fund. So you're automatically investing your spare change every time you swipe your debit or credit card. The same way you can make unlimited deposits, you can also make unlimited withdrawals.

How to grow your money with Acorns?

Apart from the automated investing, you can set up a recurring daily, weekly or monthly investment. You can also boost your account at any time with $5 or $50,000. But that's not all.


You can also grow your account by referring others to use the app to start investing. Now if that's something you might like to learn to do and capitalize on this opportunity, then you definitely need to check out my Top Free Work At Home Recommendation.

How To Sign Up?

There are two options you can use to join Acorns. You can visit their site at and click on the sign up button. This will take you to the registration page. Or you can use the app, which you can get on Google play or you can download it from the app store.

Note that you are setting up an investment account here, so you are going to have to part with some personal information, including your social security number. If you're a college student, Acorns is absolutely free to join. Well, at least for four years from the date of your registration and once you have a valid .edu email address.

If you're not a college student, then here's what joining Acorns will cost you. For balances below $5,000 there is a $1.00 monthly fee and for account balances of $5,000 or more, you pay 0.25% per year. You do the math; it's most likely less than what a bank or brokerage firm might cost you.

Acorns Pros


You don't have to go in to a brokerage firm which might be a bit intimidating and not to mention a bit more costly. In addition to which, Acorns minimum investment amount is $5 so it's easy to get started, especially if you're not rolling in big bucks.


With Acorns, you are saving on the go everyday, without even having to think about it. So you're nest egg is building on autopilot so to speak. So no more lose change around the house!

Reduced risk

While Acorns' portfolio options are designed with different risk levels, every bit of spare change you invest is automatically diversified across 7,000 stocks and bonds to reduce the risk to you and help improve your return.

Acorns Complaints and Concerns

Okay, now there's no denying that Acorns app makes saving/investing easy. It's convenient and you certainly don't feel the burden of having to save. It's super easy to use and a great way to start saving. But even so, you might want to check out a few of the complaints and concerns.

Glitches in the app

This app is fairly young but while some people are enjoying it, some people can't. There have been a few complaints of individuals being unable to sign up because they keep getting a ‘must not be blank' message. Account being set up and it's not. That the rounding up is not working.

Bank not on the list

As stated, the app works with your bank account to get the extra funds to invest. A few users have complained of being unable to join, because the bank they use was not on the list.

A few concerns

No response from customer services

As with everything else, there have been a few complaints from individuals trying to set up an account and not getting the help they need from Acorns customer service.

Stagnant in gains 

If you're starting off small; investing at a ‘spare change rate,' it's highly unlikely that you'll see any real gains to begin with. That means it might cost you more to save in the short term. But consistency is the key here and having a focus on long term growth.

Market conditions

Since your funds are being invested into a portfolio of exchange-traded funds or ETFs, earnings on your diversified portfolio depend on market performance.


If you're anything like me, you're paranoid about giving your email address let alone other financial information. So that may stop many people in their tracks from using this. But the reality is even your current bank can be hacked.

Is Acorns Legitimate or Scam?

Acorns is definitely legitimate. It's a win-win situation, especially if you're new to saving and investing. The cool thing about it is that it's connected to something you're already doing, which is spending. So you're spending and saving at the same time. Now some of you may have trust issues with cyber stuff, especially when it comes to sharing personal information. So you just may not be comfortable using an opportunity like this.

But if you're looking for a safe and more lucrative way to grow your wealth, then you definitely need to check out my Top Free Work At Home Recommendation and my Work At Home Courses. With multiple streams of income, you can be on your way to growing your nest egg with more than spare change.

Well that's it for my Acorn review. As always I love hearing from you so let me know what you think and if you've ever used apps like these, feel free to share your experience.

Until next time,

Eddy with a y

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Hannah - April 18, 2017 Reply

The Acorns referral bonus has been increased to 10 bucks for the month of April for Financial Literacy month. I’ve had a great experience with acorn, I only invest small amounts because I’m currently in grad school and it’s been perfect for that.

Stephania - March 17, 2017 Reply

I have never heard of this app before, i have heard of saving plans that round off your spending as a forced savings.

Do you have any control over what investments they use your money for? or do you just have to trust the system they have created?

I do like the idea of forced savings, especially when it is such small amounts at a time, its money you wont miss but will be happy to see grow into a healthy investment.

    Eddy Salomon - March 17, 2017 Reply

    I think the investments are picked by them. You can read their faqs for more details.

thriftymom - March 17, 2017 Reply

Thank you for sharing an honest and thorough review about Acorns App. I didn’t know something like this exists. I love their concept of helping people make savings from their expenses.

This is a very good way of teaching college students to save early before they graduate.

But, is it possible to join the program even if I live outside U.S.? Is it available also in Apple App Store?

    Eddy Salomon - March 17, 2017 Reply

    I think it’s good for anyone that may want to learn to invest regardless if you’re a college student or not.

    And yes as mentioned above it’s available for iOS devices.

greg smyth - March 16, 2017 Reply

Hi Eddy
I’ve heard of this app before, but it was a while ago. Your article has rekindled my interest. I think it’s a great idea, and it’s easy to set up. Over the decades, this investment idea will grow your account without you knowing, it will be on autopilot.
Does it work outside the US, as i live in Australia?

    Eddy Salomon - March 16, 2017 Reply

    I’m not really sure. Visit their website to see where they’re available. I’m assuming if you’re able to download the app it’s available in your area.

Rob K - March 15, 2017 Reply

Hey Eddy, thanks for your awesome review of the app! I really appreciate it. I’m definitely going to give this smartphone app a shot. It will be awesome to have an investment account that slowly builds itself over time. Have you found a lot of success with this?

Thanks again for this great review.

    Eddy Salomon - March 15, 2017 Reply

    You’re welcome Rob. My buddy has used it and he did make some money. I plan to get started with it soon though.

Derek Marshall - March 14, 2017 Reply

Hi there,

The idea and concept behind saving the spare change is very common idea, but investing it and allowing it to grow is an absolutely excellent idea.

How long has Acorn app been running and how many downloads does it have?

Is available for iphone or is it an android app?

Thanks in advance.

    Eddy Salomon - March 15, 2017 Reply

    Indeed. As mentioned above the app was started in 2012 and it is available for android and iphones.

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