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Acorns IRAs Review


ConsumersAdvocate.org Rating: 4.3 / 5 (Excellent)
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Acorns Grow, Inc., simply known as Acorns, is an online-based investment company based in Irvine, California. Acorns was launched in 2012 and offers investment accounts, in which clients can automatically invest their spare change into five different portfolios designed by Nobel Prize-winning economist, Dr. Harry Markowitz. Besides investment accounts, the company offers IRAs and checking accounts, and other account-related services like IRA and 401k rollovers.
 
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How Do We Rate Acorns?

Breakdown

0.0/5
IRA Types
0.0/5
Investment Options
4.3/5
Account Features
5.0/5
Fees and Discounts
4.0/5
Reputation & Customer Support

Our Overall Rating: 4.3 / 5 (Excellent)

With Acorns, you can choose between traditional, Roth, and SEP IRAs, and consumers can open an account with as little as $5. Acorns Later, which is the company’s IRA account, allows consumers to invest in ETF portfolios designed by Nobel Prize-winning economist, Dr. Harry Markowitz, which is great for first-time investors looking for savvy investment strategies to maximize their earnings.

One of the main perks of opening an IRA account with Acorns, is that consumers can sign up for automatic Round-Ups, which allows them to link any checking account or eligible card and make contributions to their accounts using their spare change. Acorns also offers some of the lowest fees in the industry, since it doesn’t charge commission or trading fees.

The company has a cash back program, and online and mobile account management, which is highly convenient. Additionally, IRA and 401k rollovers are also available. However, consumers should be aware that the company only offers customer support via email, which can be very limiting. Still, all things considered, Acorns is a great choice for those who want flexibility and affordability when it comes to saving money for retirement.

Acorns Account Features

Account Features - 4.3 / 5

Acorns offers consumers three types of IRAs through the company’s Acorns Later account: traditional, Roth, and SEP, all of which only require a minimum investment of $5 to get started. Acorns Later combines the benefits of Acorns Core, which is the company’s investment account, with an IRA. Consumers can make one-time contributions or set up daily, weekly, or monthly contributions. Additionally, consumers can subscribe to the company’s Round-Up service, in which they can link any checking account, debit or credit card, and invest their spare change into their accounts once the amount reaches $5. Consumers can also take advantage of the company’s Found Money program, in which they can get cash back for investments every time they use any card linked to their Acorns Core account at participating companies such as Macy’s, Expedia, Lyft, Airbnb, Sephora, Sam’s Club, and Walmart, among many others.

With Acorns Later, consumers invest in ETF portfolios. The type of IRA and portfolio assigned will be based on the person’s age, employment and marital status, annual income, and desired access to funds. Once the account is set up, the company will automatically rebalance its investments to meet that person’s needs as they get closer to retirement age.

If they’re not happy with their designated IRAs, consumers can always switch account types by contacting the company’s support team, and assisted IRA and 401k rollovers are also available.
Types of IRAs
Rollover IRA
Roth IRA
Traditional IRA
SEP IRA
Account Minimum
$5
Mobile App
Yes

Investment Options

Mutual Funds
Index Funds
Stocks
Bonds
Money Market Accounts
CDs
ETFs
Options

Promotions

If you refer a friend, and he or she uses the link you sent them to sign up, you'll both get $5 credited to your account for investments. However, the funds will be credited once your friend has an approved account and makes his or her first investment.

Online Experience

Because Acorns is an online company, all transactions must be done through the company’s website or mobile app. Both the website and mobile app are easy to navigate and full of resources and extensive information about the company’s products and services, which allow consumers to have a smoother investment experience.

Acorns Fees and Penalties

Fees and Discounts - 5 / 5

Acorns doesn’t charge commission fees or trading fees. With Acorns Later, consumers only pay a $2 flat-monthly fee, until their account reaches one million dollars. If the account is past the million-dollar mark, the company will charge a $100 monthly fee per million.
Management Fee
$2 monthly fee

Acorns Financial Strength and Reputation

Reputation & Customer Support - 4 / 5

Since Acorns is a relatively new company, it hasn’t been rated by Moody’s, S&P, or A.M. Best, and it doesn’t have a TrustPilot score. However, the company has an F rating on the BBB, which is poor, with a total of 40 complaints in the last 3 years, mostly regarding delays in customer service response.

All of Acorns products, including the company’s IRAs are SIPC insured up to $500,000, which is the maximum allowed by federal law. Additionally, the company offers customer support via email. Still, we encourage consumers to do additional research before investing in any products.
Year Founded
2012
FDIC Member
No
SIPC Membership
Yes
BBB Rating
F
Consumer Financial Protection Board (CFPB) Complaints
0
Date Collected
2018-12-19
Customer Support Hours
Not specified.

Contact Methods

Phone
Email
Chat
Social Media
Text

FINRA Arbitrations

Acorns Securities, LLC., which takes care of the company's brokerage services, has one regulatory event filed against it with FINRA. The event took place in 2017, and it appears to have been resolved.

Company Profile

Full Name
Acorns IRAs
Company Website
https://www.acorns.com/
Headquarters
19900 Macarthur Boulevard, Suite 500, Irvine, CA, 96212

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