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Acorns Online Stock Broker Review


ConsumersAdvocate.org Rating: 4 / 5 (Very good)
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Acorns Grow Inc., simply known as Acorns, was launched in 2012 and is headquartered in Irvine, California. Acorns is a personal investment company that offers automated investment solutions to US customers, allowing them to automatically invest their spare change into different portfolios designed by Nobel Prize-winning economist. Customers may also set up customized portfolios and choose their own investments. Additionally, the company offers other products and services like IRAs and checking accounts.
 
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How is Acorns rated?

Breakdown

4.0/5
Investment Products
4.0/5
Features
4.0/5
Pricing and Fees
4.0/5
Customer Support and Reputation

Overall Rating: 4 / 5 (Very good)

Acorns is an excellent choice for beginners who want to dip their toes in investing. Consumers can create a portfolio by committing the "spare change" from various purchases. "Rounding up" to the nearest dollar on everyday purchases is a painless way to begin investing.

The company’s website and mobile app are easy to use, and offer consumers great tools like articles and FAQs, to help them make smart decisions.

Consumers can open, fund, track and manage their accounts online or through the company’s app, and customer support is available via email. Moreover, they can apply for a Mighty Oak debit card and invest directly from their checking accounts.

However, there are many complaints about slow customer support on the company’s BBB profile, so consumers should be aware of this when subscribing to any products or services.

Overall, Acorns is a great option for inexperienced investors who want to build diversified portfolios without making a large financial commitment.

Acorns Features

Features - 4 / 5

You don't need to make a major financial commitment to open an Acorns account: you can get started with just $5. Acorns also doesn't require you to maintain a minimum balance. You can invest as little or as much as you wish according to your budget. You can set up automated investing or customize your investment each month.

Acorns offers three different subscriptions, each of which offers opportunities to invest, bank, learn, earn, and save for retirement. The company's Personal plan, at $3 per month is an easy, inexpensive way to get started and save for your future. The Personal Plus plan helps investors level up, with a direct deposit feature that permits them to set aside a portion of their paycheck to build their portfolios. At $9 per month, Acorns' Premium plan is designed for more experienced investors who wish to direct their own stock purchases. The Premium plan also offers enriched learning experiences, including live Q&A sessions with financial experts.

Consumers can open, fund, track and manage their accounts online or through the company’s app, and customer support is available via email. If you receive dividends (payouts) from your investments, they are automatically reinvested.

Acorns offers free, automated portfolio rebalancing to help keep you on track to meet your financial goals.

And for those who prefer to have their bank and investing accounts linked, Acorns now features its Mighty Oak debit card, with which cardholders can earn 4.25% APY. Mighty Oak allows Acorn users to automatically invest their spare change each time they swipe their card. They can also opt to invest part of every paycheck as soon as it hits their checking account. The Mighty Oak account includes a heavy metal card with a matte finish.
Portfolio Management
Self-Directed
Fully Automated
Investment Products
Stocks
ETFs
Bonds
Types of Accounts
Brokerage
IRA
Roth IRA
Checking
Mobile App
Yes

Financial Advisors

Acorns does not assign customers to personal financial advisors. Instead, you can choose one of five defined Acorns investment portfolios, depending on your risk profile and interests. Based on your financial and risk-tolerance position, acorns will recommend their pick for the best portfolio.

Acorns Fees and Commissions

Pricing and Fees - 4 / 5

The company operates online and offers consumers three types of accounts: Personal, Personal Plus, and Premium, each with its own benefits and low flat monthly fees ranging between $3 and $9. The company offers an IRA account through Acorns Later, and an IRA plus a checking account, which is a plus for those who want to invest in their future, while having access to their money whenever they need it. The company also offers a rewards program called Acorns Earn, which allows customers to earn cash back for investments from purchases with one of 15,000 partnered companies.

Acorns doesn’t charge overdraft fees or debit card replacement fees and clients have unlimited free or fee-reimbursed ATM use nationwide, which is something that sets the company apart from other online stock brokers we've reviewed.
Trade Cost/Commission
Flat monthly fees start at $3 depending on the selected plan
Minimum to Open Account
$5

Acorns Financial Strength and Customer Experience

Customer Support and Reputation - 4 / 5

Acorns is not accredited by the BBB and it earns the BBB's lowest rating (F). The company has earned 2.3 out of 5 stars on Trustpilot. There are many complaints about slow customer support on the company’s BBB profile. That's not unusual with automated investment products such as Acorns. You won't get a lot of handholding. Expect to exercise a fair amount of independence when working with the company.
Year Founded
2012
SIPC Membership
Yes
BBB Rating
F
BBB Total Complaints
867
BBB Resolved Complaints
200
Trust Pilot Rating
2.3 out of 5
Consumer Financial Protection Board (CFPB) Complaints
Live Help 24/7
No
Contact Methods
Phone
Email
Date Collected
2023-07-08

Company Profile

Full Name
Acorns Online Stock Broker
Company Website
https://www.acorns.com/
Headquarters
5300 California Avenue, Irvine, CA, 92617

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