Acorns: Save & Invest Money

I almost never write reviews because I don’t ever feel passionately enough about any of the apps that I use to do so— but I LOVE this app. It’s perfect for what I need in terms of saving. I’m 26 years old and I only recently started getting more serious about my future in terms of having savings. I started panicking about being behind all of my peers and began researching options for starting a small savings account. At the time I was only using an account that was from an online bank, and I loved that Acorns would still be able to sync up to it. I’ve been a member since 2017 and have never had any issues. I love that it pauses investments when my funding source’s balance goes below a certain point, I love how the amount taken from my account by round-ups is minimal enough that it goes unnoticed but large enough that I am always shocked by how much I have in my savings, and I love that I can add a one time deposit if I happen to have extra money on hand. I even recently signed up for a Later account in addition to my Core account because it specifically caters towards a long(er) term plan. All in all, I highly recommend it. Super simple and takes out the guesswork if you’re looking to save or invest, but still feels like I’ve taken control over my finances in a good way. I sometimes wish I hadn’t spent so much while out shopping, or at dinner over the weekend, but I’m never ever mad about the money I deposit in my Acorns account for my future! I only wish I would have done this sooner. I realize how fake this review sounds but I promise you, it’s genuine.

I don’t understand why people are complaining too much about the new updates. It’s easy to navigate through (yes things are in different places now) but they are not hard to find. Like I’ve seen many saying that the app doesn’t let you withdraw money. Course it does, just have to go to “invest for your future”—> “Core” and if you scroll down you will see the option to withdraw. It takes about 5 business day but that’s because they have to sell your shares and that’s common on any investing account. Some users need to understand that this is not your regular back account, it’s an investing account and the money it’s directly deposited on the checking account you set. This app has helped me to save more money that I have ever been able to and I am still making some little amount on the side but mainly I use it to save money and it has worked for me. I have paused investments and it doesn’t withdraw money out my account. (Of course besides the money that is currently being transferred) again it’s normal that the bank won’t be able to stop a process that has already started. They have helped me to never go below 0 on my account. They sent you notifications to your phone and email to let you know that you might be under 0 and they stop all transfers for you until you solve that issue with your back and avoid being charged $30 or whatever your bank fees are. People need to be a little bit more responsable and keep checking how much money they have and stop the transfers a couple of days earlier if they feel like they might go under and know that they have no incomes coming soon.

I’m a student, and I’ve been using this app for about two years. I have a couple thousand invested, and as a student, using the app is free. I will likely stop using the app if they ever take away the free management. The app provides very low returns on investments. I use a moderate portfolio because I saw the need to withdraw money from the account more often, which takes a couple days, about 3-4. From conservative to aggressive, each proceeding portfolio has a lower percentage of bonds, and only is made up of a few stocks and bonds. All of these are very low risk ETFs and bonds, and it is extremely unlikely that you will lose much money, if any. It’s very easy to use, and every so often Acorns takes a small bit of money from my checking account to deposit into the portfolio as an investment. I don’t make high returns at all on the money, only about 3%. Considering inflation is about 2%, I much rather have my money in this so that my money does not depreciate. I see the account as a worthy savings account that can teach you more about how the stock market works, especially if you are a beginner, that is easy to use. I would warn that any amount of fees taken from the account, even the dollar a month, drastically reduces the amount of money you would make percentage-wise and your returns, especially for low amounts. Above 5000 dollars, this is 0.25% of your portfolio. For the best returns, it is best suited for students that can waive the monthly fee for four years and have access to large amounts of capital.