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Here are my thoughts on the Acorns App and my full review of the investment platform. I discuss the features, investment mix, and fee structure of the app and if you should use it or not. Add me on Instagram: humphreytalks (new IG as of July 2020)
This review is updated as of July 2020.
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Automatic Round Up Feature: This is the core identifying feature of Acorns and where it gets it name from. Basically every time you make a transaction with a linked card, the app rounds UP your transaction to the nearest dollar and invests the change. It’s basically the digital equivalent of paying with cash, and taking that change and investing it automatically for you. So if you buy something that costs $19.50 cents, Acorns will round it up to the nearest dollar, and automatically invest that difference, which in this case is 50 cents.
They also have a multiplier function, so if your difference in your purchase and your round up was say, 50 cents, if you choose the 2x multiplier it will automatically invest $1, 3x will be $1.50, and 10x will be $5.
Now its important to note that the automatic round up feature is basically just taking the money straight from your bank account. My Opinion on the Round Up Feature is that it's a good feature because it prioritizes automatic saving – which I’m all about. Too many people are not good at saving, and this does it for you, AUTOMATICALLY. If you are going to use this feature and can afford it, I would suggest using the 2x or 3x multiplier. The 10x multiplier seems excessive to me.
They have other features in their $3 and $5 program which I speak about in the video - including the "Later" investment program allowing you to invest in an IRA/Roth IRA, and the "Early" investment program which allows you to open accounts for your kids.
Within the app, you can choose from a selection of 5 Portfolios: Conservative, Moderately Conservative, Moderate, Moderately Aggressive, and Aggressive. I go over the exact YTD returns and 3 year returns of all their portfolios in the app and I give you a breakdown of what funds each portfolio selection actually purchases.
Lets talk about the $1 a month option since that’s the cheapest option:
$1 a month is $12 a year. If you only invest $100/year, that $12 is about a 12% fee per year which is pretty insane. That means if you invest $1200 a year, the fee is 1%, and $2400 is 0.5%, so to make this actually worth it your account should be above $2400, higher the better.
The $3 a month option gets you the Later account, which is a retirement account. I don’t love this as you can just open a free retirement account at other brokerages like Vanguard or Fidelity. But, it could be a good idea if you just want to have all your accounts in one place. You also happen to get the Spend checking account which gives you reimbursed ATM fees.
The $5 a month option gives you investment accounts for kids, which is nice if you have family. I can’t comment too much on this as I don’t have a family, but I could see it being a decent value if you’re actually using the features to teach your kids investing principles.
○ How To Invest Your First $1,000: https://youtu.be/NbgNdj_zyU0
○ Why I'm Cancelling Amazon Prime: https://youtu.be/eNsmSVFe56Q
○ Side Hustles for Quarantine: https://youtu.be/QPNFPLMc_iA
○ Compound Interest - Turning $1k into $10k: https://youtu.be/443bSK3OIV8
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Disclaimer: I am not a financial advisor, any investment commentary are my opinions only. Some of the products and services that appear on this channel are from companies that I have an affiliate relationship with, such as Robinhood, for which I recieve a small percentage made via those links, but it doesn’t cost you anything extra!
Acorns Teardown: The Largest Robo-Advisor Faces A Fierce Fight As It Goes 'Upmarket'. I used Acorns, Robinhood, and Stash for 2 years. This is what I learned and earned. | by Alex White. Acorns Investing for Beginners (2021) - A Complete Tutorial. Acorns Review 2021: 1 Year Update. Acorns Investment App Review | INVESTING FOR BEGINNERS! [FULL ACORNS WALKTHROUGH]. My Acorn Investment Aggressive Portfolio App After 1 Year. Acorns Aggressive Portfolio Returns After 1 Year (2021). Acorns Review: My Honest Thoughts on the Investment App, Pros and Cons, 2020. What you MUST know about Acorns Investing. ACORNS INVESTMENT APP.