Acorns is a particularly great app for micro-investments as it puts your spare change to use. For instance, if you buy a coffee for $2.30, Acorns rounds that up to the nearest dollar and makes an investment worth $0.70 with the difference. Many of these small investments add up over time to build something significant for you. Let’s take a closer look at why Acorns is one of the best small investment apps on the market right now.
Even among the top investment apps, Acorns really is a standout. It has a smooth green interface that makes you feel at home from the moment you open the app. From here, it’s straightforward to review your previous investments and make some more. It’s not just aesthetics, either; this is perhaps the most user-friendly investment app on the market. Acorns takes the work out of investing and does it all for you automatically.
Acorns takes your money and automatically invests it into a range of different companies, making it among the best auto investment apps. You can choose how risky you want your investments to be through five different tiers.
The most conservative option is to put a large proportion of your money in short-term government bonds. From there, you can choose to get gradually riskier with your investments, with the next tier investing mostly in large multinational companies. A more conservative approach is more likely to see your money slowly but surely grow, whilst a riskier approach could make you a lot more money, but you could also lose it all.
We think this is one of the app’s strongest selling points, as there is little need for you to be concerned about micromanaging your stocks, making it among the best investment apps for first time stock buyers.
Acorn’s fee structure is as straightforward as you can get, with three tiers: Lite, Personal, and Family. The Lite subscription costs $1 per month and is aimed at those who want to make spare change investments.
The Personal account costs $3 per month and as well as an investment account, you’ll also receive a retirement account to help you to focus on long-term investment goals that you can enjoy later in life. Personal account holders also receive a bank account, which is a useful option if you want to keep all of your finances on one platform.
You can help your children secure their future finances by opening a Family account for $5 per month. It’s a great way to get their finances moving, and it’s the reason we consider Acorns to be one of the best investment apps for families.
Acorns doesn’t offer mind-blowing incentives like we saw with Ally. However, there’s a $10 sign-up bonus to encourage you to get your portfolio up and running. All you have to do is create your Acorns account, make an investment worth as little as $5, and answer a few questions about yourself. Once you’ve done that, you’ll receive $10 in your account courtesy of Fond, a partner of Acorns.
Bear in mind that Acorns isn’t really designed for big investors. Instead, it focuses on beginners and small-scale investors, making it one of the best investment apps for spare change.
The customer service experience at Acorns isn’t as strong as what you’d find with other investment companies. There’s no live chat support, which is usually our preferred method of contact. Phone times are limited from 6:00 a.m. to 7:00 p.m. PST; there’s no 24-hour hotline available.
That said, service response times are good and team members are usually very amicable when you speak to them. Indeed, we still consider Acorns one of the best beginner investment apps, even if its support offer isn’t top-notch.