ACORNS REVIEW 💰 Is The Acorns Investing App Legit?

TL;DR

Acorns is a spare change roundup investing app that also offers cashback rewards, a debit and checking account integration, retirement accounts, and portfolio-based investing. It charges a monthly fee based on the plan chosen, but offers free plans for college students.

Transcript

• So in this video today, we are going to be doing a review of the Acorns investing app, maybe you downloaded the app already, maybe you're seeing the abundance of ads all over social media talking about this spare change roundup investing app. And honestly of all the different brokerage accounts out there personally I'm seeing more ads for Acorns ... Read More

Key Insights

• 🎯 Acorns is targeted towards individuals who struggle with saving and offers an automated solution for investing spare change.
• 💰 The app follows a dollar cost averaging strategy by regularly moving money from a checking account to an investment account.
• 😑 Investing in pre-built portfolios is a conservative and successful approach to investment, according to industry professionals.
• 🤑 Acorns offers retirement accounts, allowing users to grow their money in a tax-sheltered way.
• ✋ While the fees for smaller accounts can be high, Acorns becomes a more cost-effective option for those with larger investments or college students.
• 🕴️ The portfolio selection on Acorns is limited and may not suit everyone's specific needs, unlike platforms like Betterment that offer custom portfolios.
• 👻 Acorns does not allow individuals to invest in individual stocks, which may be a downside for those who prefer that style of investing.

Questions & Answers

Q: How does Acorns work?

Acorns works by rounding up the spare change from your purchases and investing it in a pre-built portfolio. It also offers a cashback rewards program and a debit and checking account integration.

Q: What are the fees for investing with Acorns?

Acorns charges a monthly fee of $1 to $3, depending on the chosen plan. However, once you have over $5000 invested, the fee structure changes to a 0.25% asset management fee.

Q: Can college students use Acorns for free?

Yes, any Acorns plan is 100% free for college students, making it a great way for young people to start thinking about investing.

Q: Can I invest in individual stocks with Acorns?

No, Acorns only offers pre-built portfolios. If you are interested in investing in individual stocks, you may want to consider other platforms like Betterment.

Summary & Key Takeaways

• Acorns is a spare change roundup investing app that takes the spare change from your purchases and puts it into an investment account.

• The app also offers a cashback rewards program where selected retailers deposit the cashback directly into the Acorns account.

• Acorns provides a debit and checking account integration, retirement accounts, and offers portfolio-based investing.