Is Acorns a Scam

Hey, welcome to my Acorns Review!

Online investments are growing in popularity and many people have resulted to trying it because there's a huge possibility of earning real income from it.

The potential to earn from the internet is also increasing, so it's really not a surprise anymore if you can find something that is worth your time.

There are many applications as well that will allow you to earn money, and one of those is Acorns. If you've heard of this application before, then you must be thinking.. is acorns a scam?

If you have come here looking for answers, then you have come to the right place.

In this review, I will be discussing with you all the need to know facts as well as the pros and cons, so you can make a good decision.

Let's get started..

Acorns Overview

Name: Acorns

Website: https://www.acorns.com/

Owners: Jeff and Walter Cruttenden

Price: Depends on your budget

Launched: 2012

SAP Ratings: 30/100

Best Suited For: Beginner Investors

Summary: Acorns is an investment platform application that rounds up all the purchases you have made and then invests the difference for you.

Once you download the application, it will ask you put in your credit card information as well as you checking account, so that it can determine your spending habits.

Recommended: I do not.

What Is Acorns?

Acorns frontpage

What is Acorns?

Acorns is an investment platform application that rounds up all the purchases you have made and then invests the difference for you.

Once you download the application, it will ask you put in your credit card information as well as you checking account, so that it can determine your spending habits.

The application gets all of your spending habits through the credit card history and rounds up each of your transactions into the nearest whole number.

It will then take out the difference from that number and invest it in the account that you have set up.

If you are new to the financial world, this would probably be the best option for you to start with because it allows you to experiment with investments.

It's also great for the younger generation because it has been proven to be highly popular with the millenials as well.

To use this application however, there's a fee that you will have to pay which i will discuss more into detail later.

So far, the application has been proven to be easy to use. The real question that we should be asking however, is - if its really made money for people?

Read on and you'll find out..

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How Does Acorns Work? 

Once you download the application to your phone, you will be givent he option to choose from five optimized financial portfolios.

These will automatically rebalance your portfolio and reinvest as well.

Although if you are not keen with letting the app do all the investing for you, you can always do it yourself but this would mean that you have to be particular with the list of purchases you make and then decide from there which one of those you should round up.

Moreover, acorns will also give you the option to transfer funds from your bank account into your acorns account.

The roundups will then be invested real time with this option.

Acorns also has an IRA account, which is responsible for facilitating your savings for retirement. 

This is done by taking a portion from your savins and then setting it as a contribution.

In plain words, the recurring payment investments that you make will allow you to invest virtually any amount.

This typically starts at $5 per day, week, or month.  

After that, the funds will be distributed evenly across ETFS through acorns partner Vanguard. By doing this, your investment will then be distributed into more than 7000 stocks. 

Take note that when you are investing, you will only be spending pennies at a time, so it doesn't weigh so much on your pocket.

So to get a better idea of how this works, for example you bought something worth $2.50 the app will then round off your purchase to $3.00 and then the remaining 50 from that will then be invested. 

How Do You Grow Your Money With Acorns?

Okay, given that acorns is an investment app, is there other ways that you can earn from Acorns? 

Yes, there is..

With acorns you can also boost your account from $5 to $50,000 at any time you want if you want to make more money. 

You can also set your automated investing to a recurring schedule depending on your preference.  you can set it to a daily, weekly, or monthly schedule.

Apart from all the investing, you can also refer a friend to use the platform. 

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How Much Does It Cost To Join Acorns ?

If you decide that you want to try the application for yourself, there are two ways that you can get the app on your phone.

One is by downloading the app directly from their website, and another way is through the google store for android users, and the apple store for Iphone users.

Take note that this application requires you to put in your personal information because it will be investing some money for you, so that means you will need to put in your social security number, bank details, and other important information.

So here's the thing about this app, we know that it's free but that's only if you are a college student.

If you are not in college anymore and you decide you want to try it out, then you will need to pay.

This is how the payments work, for those accounts that have balances that are below $5000 there will be a $1.00 monthly fee and for those who have more than $5000 in their account will be paying $0.25 per year.

This amount will most likely cost less compared to what you would pay when you put your money in a brokerage or in a bank, but it's not that big an amount monthly.

It;s still payable, but the amount that you will be shelling will most likely end up being bigger. 


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How do you make money on Acorns?

Acorns Phone

Now we get to the interesting part, how do you actually make money on this platform?


1. automate and add a consistent but small amount of money into your account each month 

Since accorns will be taking out your spare change, most people who are on this application do not know that it's not just spare change that they can invest.

you can always opt to put in a bigger contribution and the application will be responsible for investing that amount for you - or you can do it manually.

you can set up your own account and then start investing small but consistent amounts each month automatically, which you can then combine with your automatic deposits. This will earn you bigger money.

Take note that you will be paying a monthly fee to use this application, so you'll want to make the most out of it so that it will be worth your time.


2. Boosting up your round ups 

As i've mentioned, Acorns will use the spare amount in whatever item you purchase through your credit card. With this option, you can round up even further by boosting your spare change amount.

so if your normal amount would be 50, you could always go up to 55 cents. You can invest as much as $5.50 in a single transaction. This is great especially if you are looking to save money at the same time. 

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Is Acorns Accredited By The BBB?

Based on the screenshot i have attached, it's clearly indicated that Acorns is not accredited by the Better Business Bureau (BBB). 

When deciding to download and start investing in an application or anything that has to do with your money and personal information, it is very important to consider looking for the business on the BBB website.

this will help you determine the legality of the business. In the screen shot it also says that the application has been running for 8 years already, so this could be a good thing.

However, there seems to be a bad rating, so you may also want to look into that and see for yourself if you want to download the application or not based on the reviews. 

What I Like About Acorns / The Pros

1. There's no charge to join

This is a good thing, because most investment applications will require you to pay a monthly fee or make you invest a huge wad of cash just to invest. On acorns, you do not need to pay for any charges when you open an account.

2. You only need a minimum of $5 to start investing

Compared to other investment apps, sometimes the starting investment will cost $1000 and above to start. With acorns, all you need is $5 and you'll be able to start investing from there.

3. The application is easy to use

Another thing I like is the fact that the application is easy to understand and to navigate. Personally, I do not have much experience when it comes to investments so being able to use an application that is easy to understand while I am getting started is a huge plus.

What I Dislike About Acorns / The Cons

1. Limited investment options for experienced investors

if you are an experienced investors and you want to start using this application, there won't be much options for you to choose from. This app is not very friendly when it comes to advanced users, but will be best for those who are just starting out.

2. There's no human interaction

Like every other application, sometimes its hard to get in contact with the customer service which is a little annoying. If you come across a problem, it can't be solved right away so this is a red flag for me. 

3. Not the best option for those who are looking to earn big

The whole point of investing is to grow your money over time. If you're looking to get big money quickly from this app, you won't be able to reach it. Acorns is ideally for those who are just trying to get their feet wet with investments.

Is Acorns a Scam?

Is Acorns a Scam?

Based on the information we have discussed so far, it's pretty obvious that the Acorns app is not a scam and it's a real company. However, I wouldn't recommend this if you are trying to earn wads of cash.

it's a good application to try though is you are curious about investing and want to get started with a small amount first before you get your hands dirty. It's a good stepping stone.

But if you are looking to make something big, this won't be your best option. I would recommend trying affiliate marketing, because it's a better business model compared to applications like this.

Personally, I think affiliate marketing is better because there's no pressure and it's easy to do. No need to recruit people, no need to buy anything, all you really have to do is promote.

So, you should definitely look into it! 

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How I Made Thousands Online In 1 Year?

By reading my review on Acorns, you should know by now that I am not a big fan of MLM, and that's not because I hate them or anything.

Personally, I had a very bad experience with MLM thus why I am not recommending it to anyone.

However, there is a business model I do recommend, and it's called affiliate marketing.

The reason why? let me tell you why.

  • You don't need to purchase any products to make money.
  • You don't need to recruit people to actually make money.
  • You can promote more than 1 product.

And the best thing is, it is completely FREE to get started with.

If you don't like it, no problem. But why wouldn't you try something that's RISK-FREE in the first place?

I was a manager at a phone shop while I was doing this as my side hustle, and now, I can work beside the infinity pool whenever I want . (but don't do that...sunburn xD)

From employee to boss

I'm not that special, I know you can do it, too.

If you want to know about my secrets and how I turned my life around in less than one year, click here.

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About the author 

Natasha Taylor

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