Is Acorns a recommended investment app?

Asked 4 years ago

Someone mentioned to me that they are a bit expensive when it comes to service fees and in-app purchases etc. What are they like and how much do they charge? Should I use Acorns?

Acorns Investment app

Andia Rispah Igobwa

Monday, April 12, 2021

Acorn merges the Robo advisor model and the automated savings tool, making it easier for you to build a nest egg. But its monthly fee of $1, $3, or $5 is either good or bad, depending on your account balance. It may sound cheap, but it can be expensive for investors with small balances. It is also steep, considering there are so many other free brokerages out there.
However, Acorns is all-rounded financial wellness investing app that makes it easy for you to invest and save. Micro saving is their primary driver, but it does more than helping you invest your small change.
You can also invest for retirement, set up a custodial investment account for your kids, and set up a checking account, among other services. 
Acorns is also available as a web-based version for portable and desktop users.