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

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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 investing 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. Speaking of apps, did you know Swagbucks will pay you for downloading apps like this?

How Does The Acorns App Work?

This is pretty cool. Basically, they take the 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. And there are other ways to make money, such as, and

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. Did you know you can get paid for downloading apps like this at

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 into 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 loose 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

33 thoughts on “Acorns App Review: Is It An Investment Scam or The Real Deal?”

  1. I’ve lost everything! I think!?! Anyway, I lost my job, so I reached out to Acorns on November 3rd, 2019 to inform them that I needed to cancel my reoccurring $5 weekly investment. Then 4 days later I get a QA/QI email asking if my issue had been resolved. Not only had it not been resolved my reoccurring investment was kicked into high gear at a DAILY rate of $15. I immediately replied indicating as such and now I haven’t heard from them since November 7th, 2019. I have also suspiciously lost access to the account all together. So what’s up Acorns? Am I sure out of luck or what?

  2. I’ve used Acorns and Stash as a new investor with little knowledge on the topic. I prefer Stash. You can round up your debit card purchases, same with Acorns. You can educate yourself through Stash’s educational articles, videos, quizzes and goal settings. Stash, too, has a calculator to play around with your investment amounts, risks, and longevity. I have a Roth IRA with Stash and multiple investments through convenient all-in-one style packages, and individual bonds. I have some reoccurring weekly and biweekly withdrawals from my bank account that go directly into my Stash portfolio for investments and my Roth IRA. I’ve experienced no technical glitches with the Stash app, yet I had difficulty with the Acorn app. As I read through this opinion piece, I noted some inconsistencies with the comparisons of Acorns and Stash. For example: both charge $1 a month for balances under 5k. Both charge .25% for balances over 5k. Both offer convenience and education for the new investor. Both offer round-up optional spending for portfolio investments and savings. All in all, I think both apps are equally matched. But it seems Acorns customer service is lacking at times. Just my 2 cents.

  3. Acorn Keeps Taking out money and won’t let me cancel subscription and they take auto invest even when I cancel causing over drafts!

    • contact the support number +1 8OO 648 162O, 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.

  4. Thanks for sharing this post. I had heard of taking online surveys for making cash but I’d not of the category of Robo Advisor Apps before. Wouldn’t you need to know about the fundamentals of investing to use these apps or literally it is investing on autopilot? Also, which one would you recommend to get started with?

  5. I found the customer service with Acorn to be nonexistent. They do not take phone calls and do not respond to emails. I closed my account after 3 weeks for the above reasons. Also, they’re 1% is quite high.

    • Well, that’s never a good thing. You would expect any financial company would have good customer service because you are dealing with people’s money!

  6. I like the idea of investing through my purchases. My concern is this, lets say I invested a $100. In time of need, I can really use that $100. When and How do I get that $100 out of my Acorns account?? Pls give me an answer.

  7. You can still join if your bank is not on the list. I did. You have to be persistent, but eventually you will get prompted to enter your routing number and account number. Then you’re good to go.

  8. I’ve been using Acorns a few months now. So far, it’s been a smooth ride. And I gained a very small profit – but it’s been a very small investment. Now that I’ve used it a bit, my advice: 1- Make sure to check your bank at least weekly to update yourself on your checking account balance. With automatic withdrawals you can find yourself a dollar short of what you thought you had, which would generate overdraft fees. And the eliminates any profit you thought you’d be making! So, if you are a tight budget person, be diligent and make sure your balance remains $10 above what you think you need to protect against those costly overdrafts. 2- the first few months, add as much “extra” as you can. As with any investment, the interest earned is depended upon the balance. The earlier your balance grows, the more profit you’ll garner in the long term. Acorns has differing levels of risk – which you choose for yourself – as well as a handy “Potential” tool to help you visualize that, just remember, markets fluctuate. 3- This is not meant to be your primary investment strategy, but it seems to be a great side investment tool. I’d recommend it, especially for the younger crowd just starting out, or someone like myself just wanting to try out an easy, extra ” cookie jar money” side investment.

  9. Acorns is a great little investment app when used correctly. Remember there is a monthly fee of $1.25 for investments below $5,000 so make sure your investment is at least above the breakeven point. If we take an average return of investment for index funds lately, it is roughly:

    Conservative: $542.25 Moderately Conservative: $464.41 Moderate: $435.32 Moderately Aggressive: $398.91 Aggressive: $357.57

    These are just averages though, as ROI is ultimately dependent on market performance. I believe it is worth a try as the return has been around 7% so far since I started 6 months ago and I used the Aggressive strategy.

    Happy investing!

    • According to their site: “Yes, you may need to pay taxes on realized capital gains, dividends received, and other transactions occurring in your Acorns account. You may also be able to deduct realized capital losses. Please consult your CPA or tax professional for advice on filing your personal taxes.”

  10. Acorns investments will violate your privacy. Even if you close your account they will still try to access your account information beware.

  11. Hi, i’ve been interested in this app for a while, but haven’t signed up yet because I read that some people have been having trouble getting their investments back. Meaning, they put money in, but never actually receive anything. This may have been an issue for that person, but i’m curious if anyone else heard of people having trouble like this?

  12. I have been using Acorns for about 4 months, I round up 5 CC and invest $50 each week. I have been using the app to teach my kids about money and investing it’s been a great tool and the ROI currently is 2.36%. We check it on the way to school and the end of the day, I show them the projections and the markets that we are invested. I would recommend parents to do the same.

  13. 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.

  14. 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.

  15. 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?

    • 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.

  16. 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?

    • 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.

    • I just created an account today and read somewhere that it is only US based at the moment. I chose Acorns over the other four microinvestment platforms because they offer service on mobile device or computer.

  17. 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.

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

  18. 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.

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

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