Acorns remains one of the top choices among savings apps due to its ease of use. Once set up, there’s little to no effort required on your part.
Minimum Balance Requirement: $0 for savings account
Fees: $3 or $5 per month based on the service level
What We Love About It:
Connect a debit or credit card to your account, and Acorns will round up your purchases to the nearest dollar and invest the difference into one of several ETF portfolios.
The fee is a reasonable $3 per month for Acorns Personal, which includes an investment account, an individual retirement account (IRA), a metal debit card, and more. You have the option of opening one of three IRA types: traditional, Roth, or SEP, and can also roll over an existing 401(k) or IRA.
This tier also offers an FDIC-insured checking account with no additional fees, fee-free access to thousands of ATMs, and early access to direct deposits.
Acorns adjusts your portfolio based on your targeted retirement age (calculated as age 59 ½), becoming more conservative as you near that age. This is something to consider when choosing the app.
For $5 per month, you can upgrade to Acorns Family, which includes the features of the first tier and investment accounts for children.
Who it’s Best For: If you want automatic investments while spending, without the hassle of managing it, and if you’re looking for hassle-free retirement investing, Acorns is the app for you.
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