Review – Legitimate or Scam?


Maybe you’ve heard of It’s an app found in the app store, the google play store and at their website, that supposedly saves you money and invests it for you. Does it work though? Is it worth using to invest? After reading this Review, you will know everything in order to answer these questions and more. I will be using images from a real account to walk you through Acorns so you can get a true inside look!

What is the Acorns App?

Acorns is an app found in the Google Play Store and the App Store that claims to invest your spare change. The way it does this is by rounding up all purchases that you make using a linked debit or credit card. You can link any debit or credit card to Acorns. Once linked, you just spend like normal. Acorns will use a system known as “round-ups” to round all purchases to the next whole dollar and invest your change. If you make a purchase at the store for $14.50, Acorns will round up the purchase to $15.00 and send $.50 to your Acorns account. Next, you go to the gas station and spend $25.20. Acorns will round up to $26.00 and send $0.80 to your Acorns account. As you continue to make purchases, these micro-savings start to add up and grow in your Acorns account.

Your money doesn’t just sit in the Acorns account though. If it did, it would just be a savings account. Instead, Acorns also builds you a portfolio of stocks and bonds dependent on your tolerance for risk and invests your money for you similar to having a financial adviser. You customize your profile to include your goals and financial situation and Acorns builds your portfolio with a mix of ETFs (Exchange Traded Funds) to ensure it’s diversified in a number of industries. These industries are:

Asset Classes

How much in each category is dependent on which risk portfolio you choose. It’s very customizable. There are five portfolios to choose from:

  1. Conservative
  2. Moderately Conservative
  3. Moderate
  4. Moderately Aggressive
  5. Aggressive

Here’s an example of what “Moderate” looks like (you can change your portfolio with a couple of clicks at any time):

Acorns Moderate Portfolio

Are There Other Ways To Invest?

Yes. You can also set up recurring deposits in addition to your “round-ups” that are either monthly or weekly (minimum $5). For example, if you want to invest $5/week in addition to rounding up your change, that is easy to set up as well. Now one thing that I think you will find really interesting is “Found Money.” This is a program that automatically gives you cash back for shopping with certain companies that have a partnership with Acorns. Here is a list of some of the companies that participate:

found money partners

What’s really interesting about “Found Money” is that you don’t have to do anything special. If you shop with the credit or debit card that is tied to your Acorns account, you’ll receive “Found Money.” For example, every time I go to Sam’s Club, I receive $1 of Found Money. It’s not much but it adds up! If you click on Walmart or Barnes&Noble, you’ll receive 1% cashback on all purchases. If you are using a Cash Rewards card, you’ll still get those rewards too so you can even double-dip.

So what’s it look like inside the account?

real acorns account

Above you can see how much has been invested in only two years of having this account as a result of round-ups, found money, dividends which are basically periodic stock payouts, and referrals (for everyone that joins through your link, you get $5 and they get $5).

projected vale for Acorns account

Here you see, that by only investing $5/week and adding round-ups, by the age of 75 (currently 36), this account is on track to be worth $115,000. This can be easily tweaked by choosing a different portfolio or adding more each day, week or month.

round-ups summary

Lastly, you can see that round-ups really add up! There have almost been 3000 round-ups in this account within two years.

How Much Does Acorns Cost?

This is really the big question, right? Well, they wanted to make it really easy for the beginning investor to get started so the only fee for this is:

acorns pricing

Seriously, that’s all it costs. “Found Money” can pretty much make up for that. There are a couple of upgrades you can choose from but they are not necessary to get started. If you add their retirement account, it costs a total of $2 per month. If you tack on a checking/savings account, you get all three for $3 per month. I only use the $1 per month Acorns Core package but feel free to see any others if you are interested! This price does not change until you have $1,000,000 in your account. I honestly don’t know what they do after you reach 1 million dollars but I figure, once I’m there, that’s a good problem to have. Am I right?

Final Verdict

Acorns is by far not a scam. In fact, it’s a really convenient way to force yourself to save and invest money. The round-ups happen throughout the month in micro transactions so you don’t feel the money leave your bank. I think for beginning and advanced investors, this is a good addition to your toolbox of wealth. I will continue using Acorns and if you like this review, please feel free to leave a comment below or share this post with others! I hope it was very informative and useful. If you decide to open an Acorns account with the link below, we’ll both get $5.

Thanks for reading! Let’s Start Investing!

Join Acorns Today and we’ll both earn $5


Ease of Use






Ease to Start





  • Easy to start right away
  • Money is invested automatically
  • 5 portfolios to choose from
  • Can upgrade to a retirement account and bank account
  • SIPC insured

14 thoughts on “ Review – Legitimate or Scam?”

  1. I must say that this is very interesting to know. I have never heard about Acorns and I am sorry to not finding it earlier. I like to use my credit card and I am purchasing things online and this can greatly help me to spare some money but also to invest. I will definitely sign up, thanks a lot!

    • I’m glad you liked the review! I like it mostly because it forces me to put a little bit of money aside for myself. It’s easy to get wrapped up in the day to day and spending money on family needs and wants. This is sort of my way of paying me first!

      If you ever have any more questions, don’t hesitate to ask! Thanks again for stopping by.

  2. That’s actually quite a cool way to invest in something and save money, without really knowing you’re doing it, or noticing it when the monthly bills come around. 

    The only thing that would worry me slightly is the security around the debit or credit card to Acorns and the payments – what kind of security backup do they offer their members for this sort of thing?

    • Security should be at the forefront of everyone’s mind when it comes to their finances.

      This is a great question. They are SPIC insured up to $500,000. If you have their spend card, it is also FDIC insured.

      As for security they have SSL encryption and use Bank-Level Security comprised of secure servers and multi-layer security.

  3. No scam for sure I had the app in my phone, the only thing that I didn’t like was that is seem hard to work with. I was interested in investing, but it got scaring once I was actually. What would be the best way to not be so nervous in using this app? And is there a there a way to no which one is best to invest in? 

    • Investing always seems easy when you’re reading about it. There’s an expression called “having skin in the game” which in this case refers to actually using your hard earned money in the app. This makes the whole prospect of investing much more real since it actually affects you and psychologically we are programed to find pain and fear in loss.

      This is completely natural though and I think the only way anyone gets past it is to look back historically and remember that no matter what, the stock market overall has always risen over a large enough period of time. Even in recessions, people that hold strong and leave their money in the markets, get it back. It make take a while but patience has a way of paying off.

      The only thing that makes this easier is continuing to do it and keep educating yourself on it. I am always learning more and more about investing and have gotten much more calculating and calm about my investments as a result of that discipline.

  4. Hello!

    There are so many websites which offer business online that it`s pretty hard to decide. I heard about Acorns but never got some more informations about it. It is great that at Acorns you can link any credit card and the principle how you make money there is very unique! I would probably use moderate portfolio.

    By the way, is it possible to use Acorns network in every country of the world?

    You made the great review, keep up the good work!

    • I’m glad you liked the review! Acorns can be used anywhere as long as the card is registered your Acorns account. Unfortunately, they only accept applicants from the United States and Australia at this time. I will try and find another company that is more international and provide a review of them once I try it out.

  5. Hi Eric, 

    Acorns is surely the way to go in terms of investment. With the packages put in place retirementwill be an enjoyable rest. I also love their referral benefits $5 for both? That is commendable.

    Everything about this platform is nice, thier charges programmes and benefits.

    Are they registered?

    Do they accept members from other parts of the world? How would they coordinate the use of credit cards from other parts of the world?

    I love their policies and programmes.

    • Great questions! They are registered with the SEC and are protected by the SIPC.

      They currently only accept applications in the United States and Australia but will hopefully expand as their company grows.

      As for credit cards, as long as they are registered to your account, any purchase made anywhere will be tracked.

  6. Hi Eric,

    Thank you for the detailed write up on acorn.  I have taken your advice and signed up.  This is a brilliant idea to save our change and invest it.  But I wouldn’t have ever taken this step without your review as I would’ve thought it likely a scam.  The real account examples help and prove that you know what you’re talking about.  Are you able to withdraw funds from this account or must it wait for retirement?


    • You can withdraw the money very easily. It does take between 3-6 days to receive though because the SEC requires a mandatory 2 day period for settling funds and then it takes a couple more days for Acorns to draft it into your checking account. If you upgrade to Acorns Later, that is a retirement IRA that you would have to wait to retrieve when you retire.

      Even in this case though you can maintain your Core account and your IRA separate and withdraw any funds from your Core account whenever you wish.

      Thanks for asking the question and for visiting the site!

  7. Wow – this looks really great! And easy, too! I have bookmarked your article, and will seriously consider it. The “pros” look great, and the only “con” I would have to think about would be not being able to choose which ETFs are invested in. I think my husband might want to consider where the money is invested. For me, the “found money” is pretty amazing, and would more than pay for what it costs to do it. Do you happen to know how long Acorns has been in business? How long have you been doing it?

    • I’m glad you found the article interesting! I couldn’t find how long Acorns has been in business but I did find a news article discussing the service that dated 2014. As for me, I’ve been using it since December 2016.


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