This app shows you how much spendable money you have after covering basics like bills, debt, and long-term financial goals. Automatic logout, IDs and other security measures are employed. Checking accounts are FDIC-insured up to $250,000. Personal accounts are $3 a month and its $5 for family accounts (there's no free version)Īcorns uses 256-bit data encryption.You could be losing money if you invest with Acorns instead of an employer-sponsored account.Users can earn cash-back for shopping with one of 15,000+ brands. Investing is easy because Acorns sets your spare change aside.The contribution to your savings and retirement might not seem like much, but they're better than nothing, and their value can grow over time. By setting aside your spare change, the app harnesses the power of your seemingly negligible spare change. Why We Recommend ItĪcorns can help you work toward financial goals with what feels like no effort. It offers tips related to side gigs, credit-card debt, student loans and other pertinent topics. Of course, unlike employer-sponsored retirement accounts, Acorns doesn't offer a match on your contribution, so, you might not want to put all your acorns in this basket - or something like that.Īcorns also publishes financial advice in Grow Magazine, an online resource that's geared toward millennials. You can choose certain investment classes and transfer your change into an investment portfolio, either automatically or manually, and then review each purchase on the app.Īcorns also has several partners, such as Apple, Nike, Kohl’s, Walmart, Uber Eats, Chevron and Blue Apron, that offer 10% cash back when using a linked payment method with them. You can use Acorns even if you don't earn income or have a retirement account yet. The target audience for Acorns includes college students, passive investors and people who struggle to save money. Acorns is an automated savings tool that rounds up your purchases on linked credit or debit cards, then sweeps the change into a computer-managed investment portfolio.
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