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Acorns Banking Pros and Cons
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About Acorns Banking
Acorns is an online-only investment platform that helps you save and invest. Acorns has three subscription plans, and all offer the Acorns Checking Account. The new Mighty Oak Debit Card is available with the
Here's a quick overview of the three subscription plans available.
| Acorns Personal ($3 per month) | Acorns Personal Plus ($5 per month) | Acorns Premium ($9 per month) |
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The Acorns mobile app is rated 4.6 out of 5 stars in the Google Play Store and 4.7 out of 5 stars in the Apple Store.
Contact customer support 24/7 through the live chat feature on the mobile app, visit the help center, submit a ticket through email, or call 5 a.m. to 7 p.m. PT seven days a week.
Acorns isn't a bank, but its banking services are issued by its partner banks, Lincoln Savings Bank and NBKC Bank. Both banks are FDIC-insured financial institutions.
Is Acorns Trustworthy?
The Better Business Bureau gives Acorns an F rating because it has received a high volume of customer complaints, failed to respond to 28 complaints filed against the business, and has three unresolved customer complaints. The BBB grades companies based on responses to customer complaints, honesty in advertising, and transparency about business practices.
Acorns has no recent public scandals, so you may still decide you're comfortable keeping your money with this company.
Acorns Banking FAQs
Can you use Acorns as a bank account?
Yes, Acorns has an FDIC-insured checking account in all three of its subscription plans.
Is Acorns banking legit?
Acorns offers a legitimate checking account. Acorns is partnered with Lincoln Savings Bank and NBKC Bank for its checking account and debit cards. Acorns Checking Accounts are FDIC-insured for up to $250,000.
Is Acorns an actual bank?
No, Acorns is not a bank. It's an investment platform. Acorns is partnered with banks, however, to provide banking services like a checking account and debit card.
How does an Acorns debit card work?
Acorns debit cards are linked to Acorns Checking Accounts. You can use the debit card to make purchases or withdraw money from your checking account. You may also use unique features like Real-Time Round-Ups, which allow you to invest your spare change when you make Acorns Visa debit card transactions.
How do I get a new Acorns debit card?
The Acorns Mighty Oak Debit Card is available with Acorns'
Acorns Banking Reviews
Acorns Checking Account
The
The checking account has no overdraft fees and access to 55,000 free ATMs through the Allpoint network. It also has several unique features that help you invest.
For example, when you initiate a purchase with your debit card, Acorns rounds your purchase up to the nearest dollar and invests your round-ups. You could simply link your debit card from an external account to your Acorns Invest and Later accounts, and Acorns will invest your round-ups once they total up to $5. But with an Acorns Checking Account, round-ups are invested in real-time, so you can start earning compound interest faster.
Acorns also comes with a program called Acorns Earn. Shop with an Acorns partner (partners include UberEats, Apple, and Walmart), and it will invest a set percentage of your purchase with your Acorns account.
You can sign up for Smart Deposit with Acorns Checking. When you set up direct deposits into your Acorns Checking account, the company will automatically transfer a certain percentage into your Invest and Later accounts. This can help you save and invest more quickly.
The money in your Acorns Checking Account is FDIC-insured for up to $250,000.
Acorns Mighty Oak Debit Card
If you have the
You might like the Mighty Oak Debit Card if you're looking to earn interest on your money. You'll be able to earn 3.00% APY on the Checking Account and 5.00% APY on the Emergency Fund (the savings rate is on par with the best high-yield savings accounts). The Emergency Fund is a tool that lets you set aside money for an emergency, and it's also a feature available with the
You may also get the subscription cost waived with the Mighty Oak Debit Card if you receive direct deposits of $250 or more per month.
How Acorns Banking Compares
Acorns Banking vs. Betterment Banking
Acorns and Betterment are both online platforms that focus on helping customers invest. Unlike Acorns Checking, your,
However, Betterment does have a feature called the two-way sweep, which determines how much extra money you have in your Betterment Checking account and moves it to your
Unlike Acorns, Betterment Checking is free to use. Your decision between an Acorns Checking Account and Betterment Checking Account will probably come down to whether you want a traditional checking account or one that helps you invest.
Betterment Cash Reserve Review
Acorns Banking vs. Stash
Like Acorns, Stash is an online micro-investing company that has created a checking account to help users invest smarter.
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If you think you'll use ATMs a lot, you might prefer Acorns Checking. You also might prefer Acorns if you are interested in the Mighty Oak Debit Card. Available through the
Why You Should Trust Us: How We Reviewed Acorns Banking
At Personal Finance Insider, we rate products on a scale from zero to five stars. We used our bank account methodology to review the Acorns Checking Accounts, specifically looking at factors like minimum opening requirements, monthly services fees, overdraft protection services, ATM network/fees, customer support availability, mobile app ratings, and ethics of the company. Since the Mighty Oak Debit Card is linked to the Acorns Checking Account, we also considered similar features to determine our rating.