Acorns Just Made a Massive Change! (3x more fees!)
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- Опубліковано 29 чер 2024
- Acorns just announced a massive bump in their fees! This video will outline what’s going on with Acorns, why they are changing their fees so drastically, and what our options are for the future.
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⏱Handy Timeline:
0:00 Intro
0:21 Acorns
1:27 Why increasing fees?!
2:59 What’s changing?
4:41 How to not pay more!
5:08 Our options
6:26 Custodial Accounts
7:51 My plan
8:31 Future test?
8:55 Your plan?
9:04 End
Contact me here for business purposes: Brendanbizinquiries@gmail.com
![Acorns 1-Year Review! [And My Actual Returns!]](http://i.ytimg.com/vi/yTIEZrMjDCQ/mqdefault.jpg)
![Acorns 1-Year Review! [And My Actual Returns!]](/img/tr.png)
Fidelity right now: "How you doing?"
- Free regular brokerage account.
- Fractional shares for all ETFs.
- A 1-fund portfolio of etf ITOT outperforms Acorn's most aggressive portfolio with a lower net expense ratio.
Despite the raise of the subscription fee, I still believe Acorns is a good value. The checking account doesn’t have a minimum fee and/or balance which is good. Also if you set your round ups on automatic, you get real time round ups. In other words you won’t have to wait until your pool reaches $5 or more. I won’t move my whole pay check to Acorns, but I use their checking account for restaurants, movies, etc…In other words, fun money account. So far it’s worked out great! Finally, great video! You tell it like it is and keep it real!
Thanks a bunch Chris!!
@@BrendanEvan My pleasure Brandon!
Thanks for the information
I’ve had the Family plan since it first started off. With the amount of money I have in Later and both my kids accounts I’m pretty happy so far. like you I am skeptical for the reasons why they are doing what they’re doing, but we shall see. Great info as always 👍🏼
Hey thanks! Glad to see you’re still getting something out of my videos!
I definitely agree that they are doing this to be more profitable before the IPO launch... bummer
Pump pump pump it up
OMG. I should have watched this video first. (lol) Good video. And BTW I didn't sign up for Acorns YET. It seems that one of my checking accounts has already paid over 2k in fees over the last 20 years because of not maintaining enough of a balance that the Acorns 3 Bucks a months sounds awesome. lol. Thanks Again for the content. I will watch some of your other vids.
Let me know if you want to see anything else after watching them Joe!
(I expected Acorns to have some big updates come out by now this year but maybe they are waiting for the 4th quarter of the year to roll them out)
Saved me the time of opening the app. Thanks and subbed.
Thanks Ed!
We dropped the acorns, exclusive to M1 and Vanguard now.
Hi. Great video. Had no idea bout it. Knew about the IPO but not about us paying 3 dollars stating September. I’ll love a review about the Debit card please. 🙌🙏
Debit card review coming in hot!
New subscriber! Great content. I'm binge watching your other videos. My husband and I invest in work plans. I'm interested in something like acorns as something "extra". My 10 year old is very interested in earning and saving money. I think this may be a great way to show her how money can grow. Thanks for your easy to understand information. I was a business major but Finance wasn't my favorite class. 😁
So excited that you’re here! Sounds like you guys are in an exciting time and able to lead by example with your child! Our kids are small but I look forward to having the opportunity to talk to them about finances and investing!
I only put in $10 a month in acorns. So if they charge $3 a month it kinda defeats the purpose on low amount accounts
I have a video coming out about that exact thing soon! Keep an eye out 👀and make sure you’re subscribed! ✅
Thanks!
Yikes
I just created my Acorns account thru your link. New investor and new subscriber. Thanks
Thanks Gabs!
This makes acrons an unviable product now with the basic account fees adding up to 36 dollars per year.
The reason why i sold out!! If people started bailing out of acorn they will start losing more money making them think a little
I want to know more about the Acorns Spend debit card
I’ve been an investor since 2017 I absolutely love the app
That’s awesome! Thank you for watching!
Very good
I had just saw your first vid in Acorns. This is not catastrophic news, considering possible value. I’d still sign up,
Agreed, I’m the long run it shouldn’t be a huge deal
Thank you very much for alerting me to this change. Do you have any videos explaining retirement IRAs?
I have one older one about what IRA’s are!
ua-cam.com/video/DAgZJe7QvZg/v-deo.html
Probably time to make more
@@BrendanEvan I appreciate it. I might stick with acorns if their retirement options are beneficial
No problem with that!
Thanks for the heads up man. This is so frustrating because I don't have a job yet and I just started investing in acorns 3 weeks ago. What the hell. I guess I just have to pull it. At the rate of $5 a week, $36 annual fee is a HUGE chunk of my investments.
Go for sticking with the 1 dollar amount, there’s a link for people just like us, it sucks that others in the future won’t be able to use it but take the opportunity if you can that others would love to have.
There are many free replacement brokerage accounts.
- Public
- SoFi
- Fidelity
@@jellyg.8961 The work isn't that much. Just pick a Total USA ETF and invest into it once per month. No account fees and lower expense ratio than Acorn's most aggressive portfolio.
- VTI
- SCHB
- ITOT
When they tried to do this I emailed them and got the old price still 😁
But(t) :D
Agree, the change is too soon. Was already comfortable with Lite. I'd want to know about the debit card too. Thanks for sharing your thoughts on these changes.
😆
New subbie here! So if I don’t want the debit card or the IRA am I still stuck with these things? Or do they give you the option to opt out and continue to use the basics and still charge $3 per month?
Hey thanks! You definitely don’t have to use those features if you don’t want. I don’t use the IRA.
Every thing can't be free I agree I like low to no fees. I have move money in and out of M1 being the slowest to get my money back. Robin Hood being the fastest and acorn in the middle. Fidelity was slower then Robinhood but maybe faster then acorn. I like acorn I use there program so I get a kick back every time I go to the gas station. its so simple set and for get.
Yes do the debit card for the acorns app please
what are your thoughts about sofi ?
Wow!! Thanks for the heads up Brendan!!!
I've not recieved the email with this news yet but I am deeply disappointed and annoyed. 😡
From $12 to $36, that's a big difference and cuts into the amount of profit that this account would make me. For a starter account like mine, it's not worth it. I started using it in February and have been very happy with it thus far.
I Will try to figure out how to withdraw or transfer my account to another brokerage but if I am unable to, I think I'll just end up withdrawing and pay whatever small amount of taxes that are owed next year....
Definitely annoying. Do you know where you’ll move to? I’d get that all set up first if you decide to make a switch!
@@BrendanEvan I have a webull account on the side where most of my investment money is at, may end up moving it all there.
I haven't heard of any alternatives similar to acorns or I would like to switch to something like it.
@@BrendanEvan I’m thinking to move to M1
@@kristafreiland5779 What are the benefits of M1?
@krista As time goes on I like M1 more and more!
Thanks for the video! I was considering using this service. I would like to see a video on the debit card and what your thoughts of it are.
Thanks! I ordered the card and will be testing it out!
@@BrendanEvan I ordered mine too. Got it a month ago. Be happy to tell you my thoughts on acorns spend checking account.
I am sticking around with Acorns, been with them for 8 months and having that IRA account comes in handy since I don’t have to search around and it’s all in one place
Same here
Same here
What would the advantages be of using Acorns over having a Roth IRA if both charge $3 per month and both choose your investments for you (other than the Roth only charges that $3 once you reach $10k, up to $49k?)
Thanks for asking Norma!
Acorns is the service that you use to access things like a Roth IRA or taxable brokerage etc.
You can have a Roth IRA through a bunch of different investment services like Vanguard, M1 Finance, Acorns, etc. Just depends on which one you like the most!
@@BrendanEvan Ah, okay. Thanks.
Hi Brendan … what app do you recommend for investing 7-10 year mark Non retirement account?
I enjoy using M1 more and more! That’s where our money is going that has the 7-10 year timeframe too.
Perhaps you should make a video on the best apps to park different types of money i.e. mid term investment with gain versus retirement… and timeframes short term, 2-3 yr etc
That’s a good idea! Thanks Krista!
What about me. I haven't picked any tiers. I've just been using the one time investment option. Will they automatically bump me up.
You have to pick a tier, there’s no way around that! So if you’re using it you’ve chosen one of them by default. I assume it’s the $1 one so yeah we are getting bumped up!
Also annoyed with this change. I was recommending to friends who want to get started but now with this new fee, not worth it with that high a fee. I am considering closing it and just moving it to another free platform. I do really like the way it is setup but $3 a month is a lot more. I should just take my profit and reinvest elsewhere I think. Market is still doing well (up 18% on my acorns) so might just take my gain and reenter. Market does feel unpredictable right now too so always have a hard time deciding when to go in.
You could also tell them you want to stay at the $1 level!
So are we forced into using all three or will they let us stay in just investing?
You’re not forced to use them! I only use the investment feature right now
I opt out of the upgrade.
👍
I want to see the debit card move
When I subscribed I never saw the 1 dollar tier.
Yeah those were the good ole days
I started Acorns a couple months ago and it is easy to use but I really don’t know what I’m doing or what’s going on. Seems like I’m putting my $ in there and for all I know they’re just taking my $. However, I plan on staying long term so hopefully I’ll see profits. I didn’t know about the change so I’m assuming I’m paying more but all I’m doing is $5 every week, plus round up to the dollar, and I just started a Roth IRA with Acorns for $10 per week. Was that a mistake? Have no idea what I’m doing. I don’t want to have to fool with taxes I just want to leave it alone for 10 yrs and then take some money out. 🤷🏼♂️
Tony, yes investing can be super confusing at first. Maybe this video will help clear things up a bit: What EXACTLY Happens to Your Money When You Invest: ua-cam.com/video/U0xqegvIq7E/v-deo.html
Best leaving ur money in and touching it later way later
Are they still doing the individual stock purchase option this year?
I assume so but they are running out of time!
If your on the $1 plan your grandfathered in you can stick to it you don’t even have to email you just don’t change plans but honestly the $3 dollar plan is way better I love the spend account it’s metal I love the real time round ups I love it
I'm staying but I want to know more about the debit card!
Let the testing begin!
The spend card is dope. I would recommend.
Sweet! Thanks! I will be trying it out when they switch me
The spend card actually kind of sucks. No disrespect. I have been using it for a month now consistently and the Money from the spend account takes FOREVER to transfer in and out of the account (couple days) It is an actual burden to have money in there especially when you need it. The atm fee free feature is cool, but that's really the only perk. You need to have a good chunk of money in spend to actually get the most out of it (cashback), which defeats the purpose of investing your money. if you want to actually have that money accessible in your spend account to transfer in and out without having to travel to the closest atm to withdraw it, then you're not going to keep a whole lot of it in spend because it would take forever to process and a burden to withdraw. In addition, you cannot transfer money from invest account into your spend account or from your spend to invest account. You also cannot deposit cash into any atm using your card.. everything needs to be digital (which takes forever). The card itself is cool but after of month of trying it, i'm canceling my subscription. $3 is too much for a card that doesn't do its job when you need it too. I understand it's not a bank account and that it also comes with a retirement account but the upgrade is really only mostly for the card. There are other apps like stash that offer this same subscription at a much better value and options.
@@lovegodessmls28 it does take a few days to transfer, but I use it more to give myself an allowance and and the rest of my money stays in my main account to pay my bills and save for investments. It just takes some getting used to. It’s a great tool for budget control.
Debit cards are slowww
@@brucelee9658 I do agree with that. I use my spend checking account for restaurants and my main account for my monthly budget and investments.
I started 4 months ago and now this happens. What other robo advisor do you recommend?
I actually stopped using robo advisors because they typically charge a fee based on the percentage you have invested. So the end dollar amount will be A LOT more than Acorns once you have more than a few thousand dollars invested.
The investing app/service I’ve been using the most lately is M1 Finance! Here’s a video I made about it just recently!
M1 Finance 2-Year Review (The Good, The Bad, and The Rating) ua-cam.com/video/F9sDWrxbLfo/v-deo.html
@@BrendanEvan very informative 🧐
I think the acorns fees are cheapest in the long run, percentages really add up and can eat away profits, but a low flat rate sounds pretty good to me! (Correct me if I’m wrong lol)
Have you thought about investing in sofi there no monthly fee and it’s free to invest
I’ve heard of it!
When does this roll out? I don't pay any subscription fees or didn't even choose when I signed up?
It already has! And you definitely pay something, it’s not free unfortunately!
@@BrendanEvan well my goal is Modernly aggressive. With $60 a weekly so it should not effect me that much I hope. Round up at 2X going to 3X or 10x once I pay off my car lol.
Haven’t got this email
YOU CAN OPT OUT. You have to request to stay in the $1 service.
That’s right!
Good cuz I had a bad feeling about them.. just saw this video know I have to look for a new app with a very low fees or 0 fees..
Thanks for watching! Have you seen M1 Finance yet?
Can anyone here tell me the difference between the new $1 assist and the $3 they said it’s an option now
My videos outline the differences! Watch this one and the review of acorns from earlier this year!
I have a question,I’m new in here 🔥👍🏻. All this apps are taxes free ? Or how it works when we like to take money from the account.
Definitely not tax free. And no app is. Unless it’s a scam. You get taxed on the profits you take out of the account. Not all of it, just the profits.
@@BrendanEvan ohh okok . That’s what I was trying to ask jajaj thank you man 🙏🏻
Nothing is taxed free
Oh man let me tell you what happened yesterday it was about six or 7 o’clock I got a note in my email stating that my Acorns checking account my acorn spend account has been closed they have closed down at times two times in fact my Acorns account or I’m sorry I shouldn’t say close but locked it two times
Why?
@@BrendanEvan I don’t know and I have made purchases with that acorns debit card and I love it and now it’s closed and they will not reopen it
@@BrendanEvan They didn’t say all they said was that they had to close my Acorns spend account I only have one dollar in my account so I asked him why and they didn’t give me a exclamation regarding why
Do the Acorns card review. Pretty prreease
You got it! It’s happening in 2022!
I haven't done anything and my account shows that I'm on the "Legacy Lite Tier" for $1. No changes
Wow that’s interesting! 🤔
@@BrendanEvan I've been with Acorns since 2019. Two years already. I'm probably grandfathered in
What is the best investing app for students?
Personally I don’t think student status changes things as an investor. Based on your other comments I’d lean towards M1 Finance personally
Mine says I’m on legacy lite for a 1 a month 🤷♂️
You’re good to go Mike! $1🙌
It's not even a big deal honestly, people act like the fees are taken out of your investment account, it gets taken out of your bank account that's linked to your acorns account. Your investment account is not even touched. I'd still recommend this. I've seen nothing but gains from my experience at least.
Dig the positive attitude!
That’s what I said too!
Staying
Thanks man. I just delete my Acorns.
+Fidelity Taxable +IRA +Vanguard ETFs +$1 fractional shares
Yup, closed mine. For me it was a cheap investment trick like putting your pocket change in a jar but with tiny returns. I have investment accounts with E-Trade and more checking accounts than I need and no kids. No bonus for me. Returns aren’t that great. Adios Acorns.
Thanks for watching!
@@BrendanEvan just subscribed 😀
You rock 🙌🙌🙌🙌
Do the Acorns Card!
Ok! I think a battle royale is needed!
@@BrendanEvan may the best card win!
Cardlympics 2021
does acorn allow fractional shares?
Yes definitely!
@@BrendanEvan hey another question man i an tryna start out investing but these fees arent really helping. I know its cheap but its just giving me a headache especially with the taxes and stuff. So you think if i use robin hood but dont fall for their day to day ups and lows that its gonna be the same result?
If you invest in the same exact things yes you would get the same result. But if you buy a few individual stocks instead that’s WAY more risk
I don’t know what I’m going to do. Using a debit card and not just using cred and paying it off each month leaves a bunch of cash back on the table, so I’m not really tempted by the debit card. 3$ just seems so much in management fees though. Like if M1 had the ability to skim off the top of an account like acorns does, I would be all in on M1 because then I would be investing in the specific stocks and indexes I want. It’s all just so annoying.
I might just pull the money, tell acorns thanks for all the fish, and focus on M1, as cool as the round-up capability is. 😔
You can always set up a regular deposit to M1 if you want to keep it going at a similar rate to Acorns. Figuring out what that average weekly round up was and set it up to mimick that would be doable. And you could even pick the same exact investments as Acorns was using. Write down the ETF’s and their proportion and you’ll be basically making your own Acorns!
The round-up is just such a cool feature.
To me this is a no brained. I'm canceling my Acorns account and I also have no idea why everyone is caring or asking for their debit card. There are so many more viable options
Where are you moving to Jade?
@@BrendanEvan M1 Finance
Definitely gonna miss the 1 buck plan but hello to the 3 buck plan
It is what it is
If you buy VOO on M1 finance with it's 0.03% expense ratio, you'll pay $3 a year for every $10K invested. The fees these robo advisers charge are not as low as you may think. I believe it's okay to start with one of them if you are new to investing, but most people should graduate to managing their own investments over time.
You have the $3 monthly fee on acorns and you still have the cost of the mutual fund acorns picks for you. So you have the monthly 3, plus the percentage of the mutual fund you are invested in. DIY.
36 dollars a year is a lot if you're only dividend investing
People hate the fees!
I'm not happy and will be clicking the economic hardship
That works! Thanks for watching!
I will stay bro I just Wanna say my money and let me know how that goes when leaking yo acorn card to each okay.
Bring back local found $$$!
The last time I found money it was in the couch cushions
@@BrendanEvan hahaha!! The last time I found money was lose change in my back pack.