What is Acorns?
Acorns is a micro-investing app/robo-advisor that allows you to start investing for as little as $5. Acorns standard investment account is their “Acorns Core Account”. They also offer other types of accounts (more on that below).
The biggest feature that Acorns pushes is it’s “Round-Ups” where Acorns rounds up all purchases on your linked debit or credit cards to the nearest dollar and invests those funds in your Acorns account. The “Round-Ups” feature is a great way to do some forced saving and invest your pennies without noticing. However, you can choose to decline the “Round-Ups” feature and choose to invest however much you want whenever you want.
Another feature Acorns offers is automated, recurring deposits. You can schedule weekly, daily, or monthly contributions to your accounts to be deposited. This is a great way to grow your investment account.
You can also boost your account balance by opting for Acorns’ multiplier. The multiplier will multiply your Round-Ups by 2x, 3x, or 10x.
Get $5 Free to Sign-Up with Acorns
If you sign-up for an Acorns account using this link and make your first investment of $5 or more and Acorns will give you a $5 sign-up bonus.
Get Even More Free Money with Acorns “Found Money”
Acorns has a feature in which you can earn “Found Money” by making purchases or completing offers through their app. Many involve receiving cashback in your investment account from purchases but for some you can earn free money just for completing tasks. Here, is a list of all of the way to earn free “found money” through Acorns without spending a dime.
Get free money with a quote from Liberty Mutual ($5-10)
If you go through the Acorns app or website, look for Liberty Mutual in the found money section. You will have the option to request a home or auto insurance quote. You can earn $5 for each quote, thus earning up to $10 in free money. (Note: The home quote is not available where I live, so eligibility for this found money may depend upon where you live.)
You are under no obligation to purchase the insurance, you get $5 invested per quote into your Acorns Core Account. The best part? This offer is good once per month. Therefore, you can earn $5 or $10 per month in found money from Liberty Mutual. This will more than cover Acorns monthly fee (see below for more info on fees).
Get free money from John Hancock Vitality ($5)
Get a free life insurance quote from John Hancock Vitality and $5 will be deposited into your Acorns Core Account. You are under no obligation to purchase life insurance and only need to get the quote to receive the money.
Get free money from Haven ($5)
Haven is a life insurance company that will give you $5 to invest in Acorns when you get a life insurance quote from them. The only obligation is to tap the button in your app, input your info, and get the quote. You are under no obligation to purchase life insurance from them in order to get the free money deposited into your account.
Get free money signing-up for BillShark ($10)
BillShark is a company that will assist in lowering you rmonthly bills by negotiating your rates for expenses such as cable tv, internet, wireless phone, and security companies. Sign-up for BillShark through Acorns, complete registration and share a bill to be negotiated on your behalf and $10 will be deposited into your Acorns Core Account.
Get free money from Bestow ($5)
Bestow is a life insurance company that will give you $5 in free money deposited into your Acorns Core Account by going through the Acorns app, tapping “Get a Quote!” and inputting your information to get a free life insurance quote. As with the other insurance companies, there is no obligation to buy a policy and you will get $5 just for getting a quote.
If you sign-up for Acorns and use all of the found money above you will get $40 from Acorns (plus the $5-$10 per month getting a Liberty Mutual quote each month). Please note that the $5 sign-up bonus is credited almost instantly whereas the found money deposits can take 60 to 120 days to credit. You should be notified within 72 hours that you have earned the found money and it will show as pending in the “Found Money” section of your account.
Other Acorns Features
In addition to its Core Account, Acorns also offers IRA accounts including traditional IRAs, Roth IRAs, and SEP-IRAs (for self-employed people). Acorns’ IRA accounts are called Acorns Later. Acorns Later accounts are tax advantaged retirement accounts. You should check with a tax professional to ensure you are eligible to contribute to an IRA account.
Acorns Spend is a checking account with a debit card. Round-ups are deducted right away. You may also be eligible to earn “Found Money” at local merchants using your Acorns Spend card. Acorns Spend offers unlimited ATM reimbursements, no minimum balance, and no overdraft fees. Unfortunately, Acorns spend costs $3 per month which is a high fee to pay considering the number of low fee accounts that are available.
Acorns Gift Cards
If you want to give the gift of investing to a friend or family member, you can buy Acorns gift cards. You buy a gift card worth $25 or more, and the recipient uses it to invest in an Acorns account.
How Much Does Acorns Cost?
Acorn costs anywhere from $1 per month to $3 per month.
A basic Acorns Core Account is $1 per month of 0.25% annually for balances over $1 million. College students with an .edu address get 4 years of Acorns Core account free.
Acorns Core plus Acorns Later (Acorns’ IRA account) is $2 per month.
Acorns Core plus Acorns Later plus Acorns Spend (Acorns’ checking account) is $3 per month.
I think the found money and sign-up bonus features still make Acorns worth signing up for. If you get to a point where you are not earning more than $1 in found money per month, then you can always close your Acorns account with no fees (you will, however, be responsible for paying whatever capital gains taxes may apply to your earnings).