Acorns App [Review]

Acorns Investment App
User Rating: 1.6 (22 votes)

What is Acorns Mobile App?

Proclaimed as the first mobile investment application that allows you to open an account using your Smartphone. Acorns App. is an up-and-coming platform that allows you to invest your spare change, adding a choice between reaching short-term savings goals and building wealth. For most low income individuals such as students it’s not feasible to save thousands of dollars to be finally be able to invest. Acorns let you sign up with your bank credentials and connect your debit or credit cards to the app. Then, Acorns automatically rounds up the change from every purchase made with your debit/credit card and adds it to the user’s investment portfolio within an account that was established using a smartphone. After downloading the app & signing up, the app lets you choose between five different risk options, ranging from conservative to aggressive. Users can evaluate how their investments are performing over time and then alternate their risk profiles accordingly. Essentially, this app is a great starting point for anyone who hasn’t invested yet, or needs a bit of guidance to in the beginning.

Acorns has made micro investing possible through its proprietary investment platform. Jeffrey Cruttenden co-founded Acorns along with a team of mathematicians, engineers and brokerage operations professionals. Acorns is advised by Nobel Laureate, Dr. Harry Markowitz, the father of Modern Portfolio Theory to simplify investing and connect it to everyday life. In college, Jeffrey noticed that most of his classmates that had an interest in investing couldn’t come up with a lump sum to meet minimum balance requirements. Jeff graduated magna cum laude and Phi Beta Kappa with a B.A. in Mathematics from Lewis & Clark College. Jeff serves as COO of Acorns. Walter Cruttenden is a Financial marketers innovator he also co-founded Acorns and serves as its CEO.

Company Details:

  • Funding received: $9 Million in 3 rounds from 5 investors
  • Most recent funding: $6.2 million Series B on march 14, 2014
  • Headquarters: Newport Beach, CA
  • Founders: Jeff Cruttenden, Walter Cruttenden
  • Categories: Technology, Apps, Mobile, Finance.
  • App size:0mb
  • Download Cost: Free
  • Language: English
  • Founded: February 29, 2012
  • Employees: 11 – 50, 13 in Crunch Base
  • Website:
Acorns Investment App

Acorns Investment App

Why Acorns is for:

There are over a hundred million people in US who fear they aren’t saving enough for retirement, and a whopping 64% of Americans couldn’t handle unexpected expenses without borrowing money from friends or family. The investment options on the market today are divers, but most of the managed funds require an initial investment of a minimum $1,000. Even if most Americans could afford this initial hurdle, the number of investment options available is so large that many curious beginning or hopeful investors fail to make any decision at all. Thanks to compound growth, beginning early is one of the biggest factors when it comes to successful saving and strategic planning, but high minimum account balances, recurring commissions, and a large menu of choices make it complicated and difficult for regular people to get started investing. Acorns remove all the friction and confusion from the process of investing, whether the customer has never invested or they’ve traded every day. With no minimum account balance, a person can get started no money set aside at all, because investing starts as soon as the user start swiping his/her credit/debit card that he linked in the Acorns app on their smartphone. Acorns will help them automatically build wealth without changing their everyday spending behaviors, and individuals who want to invest more quickly can set up automatic recurring deposits of any dollar amount. By removing the confusing parts of investing like stock symbols, order types, margin accounts, or derivatives, customers can transact entirely in cash while Acorns takes care of the complicated bits and pieces. For an entire year’s worth of management at Acorns, customers pay less than traditional firms charge for just two trades with no hassle or headache.

How to Create an Account:

Signing up for an Acorns investment account is a relatively easy process, and starts with downloading the app for free from iTunes, Amazon, or Google Play stores. It’s available for both Android and iPhone mobile devices.

The 3-step sign up process starts with entering a PIN access code, which will be used when you log into the app in the future. Creating an Acorns account is currently only available to U.S. citizens.

3 step signup

  • Step 1) Round-ups Account
    • Add an account to monitor and round-up purchases to the next dollar. The investment comes from the Checking Account in step 2
  • Step 2) Checking Account
    • Add a funding source to transfer money into and of your investment account, whether for round-ups, one-time deposits, or recurring deposits.
  • Step 3) Acorns Account
    • Add your personal information and financial goals to receive a portfolio recommendation.

You can choose from five different reasons for investing:

  • Children
  • Long-term investment
  • Major purchase
  • General
  • Short-term investment

Decide for yourself if the Acorns App is a Scam or Legit after reading the user reviews below

Positive Experiences

  • This app is an innovative way to invest. It’s great, and the fees a very cheap. Two trades on a brokerage page cost way more than 12 a year. The dollar a month is worth it. The app is easy. I would recommend all young people in the 20’s and 30’s to use this. Especially if you do not understand stocks and bonds and are afraid of investing. I recommend this app to everyone i know. I usually don’t even write reviews. I would recommend people to stay long on their investment. You are not going to make a bunch of money right away. So just invest let it sit, and let the money and app do the work for you.
  • After some research I’ve found this app very beneficial. Unlike savings accounts or piggy bank you can watch your money grow with the Acorn investment app. There is some risk in investing depending on your portfolio but with the diverse profiles it allows you to start investing with minimal fees and an easy opportunity to get started. I love this app I’m looking forward to the online version. I’d love to see acorns partner with the app mint to be able to see my bank account, budget and investments in one.
  • This is an incredible app and is definitely legit for all the doubters out there. I have had the app for two months now and using it has exceeded my expectations. Everyone should try it because everyone can afford it.

Negative Experiences

  • As a business owner and an investor in stocks and mutual funds, I thought this would be another great way to save money through spare change. After a few months, I’m closing my account. The biggest reason is my lack of trust in the app. All too often my pass-code won’t work. I have to log out and then log back in quite frequently. Let’s face it, if a company can’t figure out something as simple as a pass-code, how can I trust them with my money?
  • As for the money side of things, I have lost money through this app. I get that markets fluctuate and losing money is a part of the game, but the reason I lose money is due to their fees. The market has been on an upswing and if the funds were invested appropriately, (which we, as users of the app, have no control over) I should have seen some healthy gains by now. But every time I see a marginal gain, they hit you with a small fee erasing everything.
    The app is great for getting young people to understand the importance of investing and saving, but in the long run, it won’t make you any money. Use this app with caution and don’t expect to see any remarkable gains.
  • Great app that does what it claims, but the fees are too high as others claim. Even my most positive net balance for the month is not enough to cover the $1 monthly fee, without the 0.5% fee of assets managed as well. I am also having an issue with the widget unable to update though. The refresh bar just keeps spinning and never stops
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9 Reviews

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