The Acorns: Save & Invest app is designed to be an easy-to-use platform that provides financial management services, such as saving and investing, to its users. With its seamless user experience, effortless roundups, and personalized portfolios, the app makes it simple for anyone to get started with investing.
Features
Round-Ups
Acorns: Save & Invest allows you to sync multiple bank accounts, credit, and debit cards to your Acorns profile. It then rounds up your purchases made via these accounts to the nearest dollar and invests the spare change in your portfolio. For example, if you purchase coffee for $3.50, 50 cents will be added to your investment account.
Portfolio Selection
The app provides personalized portfolio selection from five different levels of risk tolerance. They are Conservative, Moderately Conservative, Moderate, Moderately Aggressive, and Aggressive portfolios. The professional team at Acorn handles the investments inside each portfolio, sparing you the complexity and the stress of researching different funds and researching different stocks on your own.
Found Money
The Found Money feature is another interesting feature of Acorn's app. It is a rewards program that helps users earn more toward their investment account when making purchases with different partner brands, such as Airbnb and Walmart. Found Money is deposited directly into your Acorns Investment account, and the rewards vary depending on the offer from each brand.
Pros
Simplicity and Accessibility
One of the biggest advantages of using the Acorns app is its simplicity and accessibility. The app is straightforward and user-friendly, making it easy for individuals who are new to financial management and investing to get started with saving and investing. Additionally, the app user interface is designed to provide clients important financial information at a glance.
Low Cost
The Acorns app is also an affordable way to invest your money. The plans are reasonably priced, starting at $1 per month, and are competitively very affordable when compared to other investment firms.
Automation
With this app, you do not have to be actively involved in the investment process. Once you have set up your account, the app does all the work of investing for you, so you can focus on other projects or activities.
Cons
Investment Options
Acorns: Save & Invest's platform only provides a limited selection of investment options. This means advanced investors may want to look for more extensive options that better suit their expertise and budget.
Small Fees Accumulate Over Time
While the service fees are relatively low, they can add up over time. If you do not have much money invested or are making frequent trades, this could negatively affect the accumulation of your portfolio.
Linked Account Limitations
The app requires users to connect their bank accounts to their Acorn profile for successful transactions. Still, some banks may incur additional broker-imposed fees or restrictions on transfers, making it cumbersome for users of those banks.
Comparison
Acorns stands out from competing apps such as Robinhood, Stash, and Betterment in its ease-of-use, round-up feature, and AI-driven investment selection. While Robinhood emphasizes features like community participation, Stash emphasizes fractional stock ownership, and Betterment emphasizes quality content education.
Tips for Using the App
Set Up Recurring Investments
Create a recurring investment plan to maximize your returns by saving money automatically. With automatic investing, your account grows without you having to make manual trades or request interest from institutions to compete with inflation.
Maximize Found Money
Keep an eye out for bonus Found Money offers while using Acorns. Take advantage of this feature by using your Acorns account to make purchases with partner brands such as Casper or Netflix Exclusive promotions.
Conclusion
If you are looking for an affordable and straightforward way to begin investing with minimal effort, Acorns: Save & Invest is definitely worth considering. Its easy-to-use interface, low fees, and round-up feature make it an attractive option for people who want to get started with investment on a small budget. However, its limited investment options can be a downside for those who are already experienced in investment. Overall, we recommend Acorn: Save & Invest to beginners that want to save some money and receive good advice.
Updated 05-16-2023
Overview
The Acorns: Save & Invest app is designed to be an easy-to-use platform that provides financial management services, such as saving and investing, to its users. With its seamless user experience, effortless roundups, and personalized portfolios, the app makes it simple for anyone to get started with investing.
Features
Round-Ups
Acorns: Save & Invest allows you to sync multiple bank accounts, credit, and debit cards to your Acorns profile. It then rounds up your purchases made via these accounts to the nearest dollar and invests the spare change in your portfolio. For example, if you purchase coffee for $3.50, 50 cents will be added to your investment account.
Portfolio Selection
The app provides personalized portfolio selection from five different levels of risk tolerance. They are Conservative, Moderately Conservative, Moderate, Moderately Aggressive, and Aggressive portfolios. The professional team at Acorn handles the investments inside each portfolio, sparing you the complexity and the stress of researching different funds and researching different stocks on your own.
Found Money
The Found Money feature is another interesting feature of Acorn's app. It is a rewards program that helps users earn more toward their investment account when making purchases with different partner brands, such as Airbnb and Walmart. Found Money is deposited directly into your Acorns Investment account, and the rewards vary depending on the offer from each brand.
Pros
Simplicity and Accessibility
One of the biggest advantages of using the Acorns app is its simplicity and accessibility. The app is straightforward and user-friendly, making it easy for individuals who are new to financial management and investing to get started with saving and investing. Additionally, the app user interface is designed to provide clients important financial information at a glance.
Low Cost
The Acorns app is also an affordable way to invest your money. The plans are reasonably priced, starting at $1 per month, and are competitively very affordable when compared to other investment firms.
Automation
With this app, you do not have to be actively involved in the investment process. Once you have set up your account, the app does all the work of investing for you, so you can focus on other projects or activities.
Cons
Investment Options
Acorns: Save & Invest's platform only provides a limited selection of investment options. This means advanced investors may want to look for more extensive options that better suit their expertise and budget.
Small Fees Accumulate Over Time
While the service fees are relatively low, they can add up over time. If you do not have much money invested or are making frequent trades, this could negatively affect the accumulation of your portfolio.
Linked Account Limitations
The app requires users to connect their bank accounts to their Acorn profile for successful transactions. Still, some banks may incur additional broker-imposed fees or restrictions on transfers, making it cumbersome for users of those banks.
Comparison
Acorns stands out from competing apps such as Robinhood, Stash, and Betterment in its ease-of-use, round-up feature, and AI-driven investment selection. While Robinhood emphasizes features like community participation, Stash emphasizes fractional stock ownership, and Betterment emphasizes quality content education.
Tips for Using the App
Set Up Recurring Investments
Create a recurring investment plan to maximize your returns by saving money automatically. With automatic investing, your account grows without you having to make manual trades or request interest from institutions to compete with inflation.
Maximize Found Money
Keep an eye out for bonus Found Money offers while using Acorns. Take advantage of this feature by using your Acorns account to make purchases with partner brands such as Casper or Netflix Exclusive promotions.
Conclusion
If you are looking for an affordable and straightforward way to begin investing with minimal effort, Acorns: Save & Invest is definitely worth considering. Its easy-to-use interface, low fees, and round-up feature make it an attractive option for people who want to get started with investment on a small budget. However, its limited investment options can be a downside for those who are already experienced in investment. Overall, we recommend Acorn: Save & Invest to beginners that want to save some money and receive good advice.