Acorns Investing App Review
The Spare Change Investor
We have probably heard a friend or family member mention saving money or investing on Acorns, which will make us ask what the Acorns App all about? People spend their money on ridiculous things anyways, so why not create a savings account that rounds up your purchases to the nearest dollar. Well Acorns likely didn’t take into account that most people don’t know how to invest their money or understand how a savings account works.
This is going to lead into some inevitable bad reviews, but we are here to tell you the good, the bad, and the truth about the wonderful world of Acorns.
Let’s dive straight into the pros of the Acorns investment app. First of all it acts as a savings account. So you can actually bank with Acorns and use your funds fluidly. There can be fees, but if you navigate within the rules, you can minimize those and you can even grow your savings by investing in the right companies with them.
If you understand what you are doing, you can actually add a few percent of interest on your savings which is actually a lot better than a traditional savings account. Point one for Acorns!
Acorns doesn’t just stop there though. They make recommendations on what to do with your money and even supply information on what you should possibly invest in to grow your savings at a decent to excellent percentage.
When you combine the multiple uses there are for Acorns with the fact that it’s teaching it’s users how to properly adult and save/invest money, it is pretty clear to see that this app has a lot of good mojo going for it.
This of course doesn’t mean Acorns is flawless. Is the Acorns App safe and reliable? Like most of these new convenience apps coming out, the customer service appears to be lacking. You will get a response, but it can take a while. Also some people don’t like the fees associated with pulling out money, but that can usually be chalked up to not understanding how savings and investing works. Penalties aren’t the thing most concerning about Acorns though.
The fact that the money doesn’t come out per transaction can be shocking if not accounted for. Most people don’t add up all the left-over change from each purchase, so they can overspend and get hit with a lump sum from Acorns. This can obviously cause and overdraft fee with your regular bank!
When it comes down to it, the Google Play 4.4 rating may have to do with it not being optimized for Android or other Google powered devices. The iOS has a rating of 4.7 and ten times as many reviews. The complaints are the same across the board, but user functionality seems to go a bit smoother with your Apple device.
All in all, I recommend Acorns to the person with no savings or the individual that wants to dip their big toe into investing. Acorns is a great stepping stone into more serious forms of investing and shouldn’t be overlooked when it comes to looking for a new form of banking.