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The bottom line: You may like an Acorns Checking Account – Product Name Only if you want to automatically save and invest spare change from your regular purchases. If you want a more straightforward account, read through our best checking accounts guide.
Acorns Banking Pros and Cons
ProsCons
Can save and invest through one platform
Earn Acorns Mighty Oak Debit Card – APY with the Mighty Oak Debit Card – Product Name Only (available with the Acorns Mighty Oak Debit Card – Fees Display tiers)
Access to 55,000 ATMs through Allpoint ATM network
No physical locationsNo joint accountsAcorns plans have a Acorns Checking Account – Fees Display (Acorns Mighty Oak Debit Card – Fees Display is waivable if you have a Mighty Oak Debit Card and receive qualifying direct deposits)
About Acorns Banking
Acorns is an online-only investment platform that helps you save and invest. Acorns has three subscription plans, and all offer the Acorns Checking Account. The new Mighty Oak Debit Card is available with the Acorns Mighty Oak Debit Card – Fees Display tiers.
Here’s a quick overview of the three subscription plans available.
Acorns Personal ($3 per month)Acorns Personal Plus ($5 per month)Acorns Premium ($9 per month)
$3 monthly fee cannot be waived
Investment account with a diversified portfolio
IRA retirement
Checking account with green Acorns Visa Debit Card (Real-Time Round-Ups feature)
Acorns Earn Program accessibility
Access to financial education resources (videos)
$5 monthly fee, can be waived if you have a Mighty Oak Debit Card and receive direct deposits of $250 or more per monthInvestment account with a diversified portfolioIRA retirement Checking account with Mighty Oak Visa Debit Card (Real-Time Round-Ups feature, create an Emergency Fund, earn 3.00% APY on Checking and 5.00% APY on an Emergency Fund)Acorns Earn Program accessibility (Plus, bonus investments also matched by Acorns for up to 25%)Access to financial education resources (videos and live Q&A access with experts)$9 monthly fee, first month free; after that, waive it if you have a Mighty Oak Debit Card and receive direct deposits of $250 or more per monthInvestment account with a diversified portfolioIRA retirementKids’ investment account optionsCan add individual stocks to portfolioChecking account with Mighty Oak Visa Debit Card (Real-Time Round-Ups feature, create an Emergency Fund, earn 3.00% APY on Checking and 5.00% APY on an Emergency Fund)Acorns Earn Program accessibility (Plus, bonus investments also matched by Acorns for up to 50%)Access to financial education resources (videos, live Q&A access with experts, and educational courses)Access to GoHenry by Acorns (kids’ debit card)$10,000 life insurance policy for eligible customersNo-cost will (value up to $259)
The Acorns mobile app is rated 4.6 out of 5 stars in the Google Play Store and 4.7 out of 5 stars in the Apple Store.
Contact customer support 24/7 through the live chat feature on the mobile app, visit the help center, submit a ticket through email, or call 5 a.m. to 7 p.m. PT seven days a week.
Acorns isn’t a bank, but its banking services are issued by its partner banks, Lincoln Savings Bank and NBKC Bank. Both banks are FDIC-insured financial institutions.
Is Acorns Trustworthy?
The Better Business Bureau gives Acorns an F rating because it has received a high volume of customer complaints, failed to respond to 28 complaints filed against the business, and has three unresolved customer complaints. The BBB grades companies based on responses to customer complaints, honesty in advertising, and transparency about business practices.
Acorns has no recent public scandals, so you may still decide you’re comfortable keeping your money with this company.
Acorns Banking FAQs
Can you use Acorns as a bank account?
Yes, Acorns has an FDIC-insured checking account in all three of its subscription plans.
Is Acorns banking legit?
Acorns offers a legitimate checking account. Acorns is partnered with Lincoln Savings Bank and NBKC Bank for its checking account and debit cards. Acorns Checking Accounts are FDIC-insured for up to $250,000.
Is Acorns an actual bank?
No, Acorns is not a bank. It’s an investment platform. Acorns is partnered with banks, however, to provide banking services like a checking account and debit card.
How does an Acorns debit card work?
Acorns debit cards are linked to Acorns Checking Accounts. You can use the debit card to make purchases or withdraw money from your checking account. You may also use unique features like Real-Time Round-Ups, which allow you to invest your spare change when you make Acorns Visa debit card transactions.
How do I get a new Acorns debit card?
The Acorns Mighty Oak Debit Card is available with Acorns’ Acorns Mighty Oak Debit Card – Fees Display tiers. You’ll need to deposit $5 into an Acorns Checking Account so that you can start using your card. Both new and existing Acorns customers can sign up for the Mighty Oak Debit Card.
Acorns Banking Reviews
Acorns Checking Account
The Acorns Checking Account – Product Name Only may be a solid option if you’re looking for an online platform where you can save and invest. The Acorns Checking Account is offered through all three Acorns subscriptions, and your account is automatically tied to an Acorns Invest and Acorns Later account.
The checking account has no overdraft fees and access to 55,000 free ATMs through the Allpoint network. It also has several unique features that help you invest.
For example, when you initiate a purchase with your debit card, Acorns rounds your purchase up to the nearest dollar and invests your round-ups. You could simply link your debit card from an external account to your Acorns Invest and Later accounts, and Acorns will invest your round-ups once they total up to $5. But with an Acorns Checking Account, round-ups are invested in real-time, so you can start earning compound interest faster.
Acorns also comes with a program called Acorns Earn. Shop with an Acorns partner (partners include UberEats, Apple, and Walmart), and it will invest a set percentage of your purchase with your Acorns account.
You can sign up for Smart Deposit with Acorns Checking. When you set up direct deposits into your Acorns Checking account, the company will automatically transfer a certain percentage into your Invest and Later accounts. This can help you save and invest more quickly.
The money in your Acorns Checking Account is FDIC-insured for up to $250,000.
Acorns Mighty Oak Debit Card
If you have the Acorns Mighty Oak Debit Card – Fees Display tiers, you’ll get the Acorns Mighty Oak Debit Card – Product Name Only with your Acorns Checking Account instead of the standard Acorns Visa debit card.
You might like the Mighty Oak Debit Card if you’re looking to earn interest on your money. You’ll be able to earn 3.00% APY on the Checking Account and 5.00% APY on the Emergency Fund (the savings rate is on par with the best high-yield savings accounts). The Emergency Fund is a tool that lets you set aside money for an emergency, and it’s also a feature available with the Acorns Mighty Oak Debit Card – Fees Display tiers.
You may also get the subscription cost waived with the Mighty Oak Debit Card if you receive direct deposits of $250 or more per month.
How Acorns Banking Compares
Acorns Banking vs. Betterment Banking
Acorns and Betterment are both online platforms that focus on helping customers invest. Unlike Acorns Checking, your, Checking will not help you invest through Betterment — instead, it’s designed to be a more traditional checking account.
However, Betterment does have a feature called the two-way sweep, which determines how much extra money you have in your Betterment Checking account and moves it to your Betterment Cash Reserve Account – Brand Name Cash Reserve account (a type of savings account) so it can earn interest.
Unlike Acorns, Betterment Checking is free to use. Your decision between an Acorns Checking Account and Betterment Checking Account will probably come down to whether you want a traditional checking account or one that helps you invest.
Betterment Cash Reserve Review
Acorns Banking vs. Stash
Like Acorns, Stash is an online micro-investing company that has created a checking account to help users invest smarter.
A Stash Banking offers Stock-Back rewards. If you make a purchase at Amazon, for example, then Stash invests 0.125% of your purchase in a fraction of an Amazon stock. If you spend money with a company that doesn’t have a partnership with Stash, then Stash invests in an ETF related to the industry you spent money with. You can access a Stash bank account at $3 or $9 per month plans.
If you think you’ll use ATMs a lot, you might prefer Acorns Checking. You also might prefer Acorns if you are interested in the Mighty Oak Debit Card. Available through the Acorns Mighty Oak Debit Card – Fees Display subscription plans, the Mighty Oak Debit Card notably lets you earn Acorns Mighty Oak Debit Card – APY APY. The monthly subscription fee is also waivable if you have the Mighty Oak Debit Card and meet certain monthly direct deposit requirements.
Why You Should Trust Us: How We Reviewed Acorns Banking
At Personal Finance Insider, we rate products on a scale from zero to five stars. We used our bank account methodology to review the Acorns Checking Accounts, specifically looking at factors like minimum opening requirements, monthly services fees, overdraft protection services, ATM network/fees, customer support availability, mobile app ratings, and ethics of the company. Since the Mighty Oak Debit Card is linked to the Acorns Checking Account, we also considered similar features to determine our rating.