Is the Acorns App Good for Investing? Our Honest Review | Summary and Q&A

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February 28, 2019
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Debt Free Millennials
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Is the Acorns App Good for Investing? Our Honest Review

TL;DR

Acorns is a savings app that rounds up your purchases and invests the spare change, but it may not be the best investment choice compared to other options.

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Key Insights

  • πŸ˜€ Acorns is primarily a savings app that rounds up purchases to save spare change.
  • 🫰 The investment options on Acorns may not be as profitable as other alternatives like Vanguard index funds.
  • πŸ€‘ Acorns is beneficial for individuals who struggle to save money and prefer an automated system.
  • πŸ˜’ College students can use Acorns for free with a valid .edu email address.
  • πŸ‘€ The performance of investments on Acorns may vary, and users should consider alternative options for better returns.
  • πŸ€‘ Acorns offers different pricing plans depending on the amount of money invested.
  • πŸ˜€ Other similar apps in the market include Stash, Clink, Betterment, and Wealthfront.

Transcript

okay so there are a lot of investing and money-saving apps out there and we tried I should say Tyler I hate corns acorns hey guys it's Justine with debt-free Millennials and today I have and we are going to be talking about acorns I'm sure you've heard of this app it's supposed to help you save money and invest and we're going to be talking about o... Read More

Questions & Answers

Q: How does Acorns work?

Acorns rounds up your purchases to the nearest dollar and invests the spare change into a savings account. It also offers investment options with different risk levels.

Q: Did the users in the content have a good experience with Acorns?

No, the users were not satisfied with the performance of their investments on Acorns. They found that other investment options, such as Vanguard index funds, would have been more profitable.

Q: Who is Acorns suitable for?

Acorns is suitable for individuals who struggle to save money and need an automated system to do it for them. It is also ideal for college students, as it is free for them to use.

Q: How much does Acorns cost?

Acorns offers different pricing plans, ranging from $1 to $3 per month. The cost depends on the amount of money you have invested with Acorns.

Summary & Key Takeaways

  • Acorns is a savings app that operates using roundups, where it takes spare change from purchases and puts it into a savings account.

  • While Acorns is primarily a savings app, it also offers investment options that allow users to choose aggressive or conservative funds.

  • Over a 14-month period, the users in the content saved about $972 by rounding up spare change, but it did not perform as well in the market as expected.

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