4 Years with Acorns: A Comprehensive Review
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- Опубліковано 29 чер 2024
- I've used Acorns for over 4 years, is it still worth it? What's changed since January of 2020? Let's talk about all the features of this investing service including everything in the $3, $5, and $9 per month tiers and what my experience was like using Acorns over the last 4 years (including the parts of the service I actually use vs those I don't.) Crucially, Acorns needs to make 7 substantial changes to stay relevant and competitive!
🐿Start investing with Acorns! Get $20 when you use my invite link: • The Best Investing App...
⏱Handy Timeline:
0:00 4 Years with Acorns
0:26 Why We Invest
1:59 Why Acorns Was Attractive
2:41 $3 Per Month Features
7:22 $5 Per Month Features
10:00 $9 Per Month Features
16:55 3 Benefits of Kids Checking Account
20:06 7 Things Acorns Needs to Change
20:28 Change 1- The Fees
23:02 Change 2- Custodial Account
23:39 Change 3- 529 Plan
25:21 Change 4- Higher APY
26:26 Change 5- More Stocks
27:11 Change 6- Bigger Bonus
28:27 Change 7- Actual Courses
29:15 My Personal Experience Using Acorns
31:34 Why I Don't Have $30k Anymore
34:00 Giving Acorns a Spreadsheet Score
37:10 Most Important Thing With Investing
37:53 Deeper Dive into Acorns
Other videos I mentioned in this video:
What is an IRA? - • What is an IRA?! (For ...
Which Type of Investing Account is Best? - • Which Investing Accoun...
Acorns GoHenry Review - • Acorns New Kids Accoun...
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Disclaimer: Any financial or investing-related topics discussed on this channel are not from a professional investment advisor and are not financial advice for you. This is for entertainment and inspirational purposes only. My opinions are not reflective of the companies mentioned in the video. Also please know that many of the links I have in video descriptions like this one are affiliate links which means I may be compensated by the company whom you do business with at no extra expense to you. Thank you for your support!
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Updated disclosure as of 4/9/24:
Paid ad. Compensation provides an incentive to positively promote Acorns. The
information and opinions presented are for informational purposes only and
represent the views of the promoter as of the date created and are subject to
change. Investment advisory services offered by Acorns Advisers, LLC, an
SEC-registered investment adviser. View important disclosures at www.acorns.com/brendan/ and Acorns.com.
I have premium which is suppose to be $9 a month fee but since i have a direct deposit in their checking of at least $250(their minimum) they waive the fee. I pay zero a month to invest! And i also have their savings that pay 5% apy
I’ve been using them since 2014…the amount of features that’s been added since then is incredible.
Thank you for evaluating this. So appreciate your in depth analysis!
You really make me pause the video and go subscribe before I even finish it!
Great Work!
Thank you for this video! I have been using Acorns for about a year. I appreciate your insight.
Real solid video. Great and informative.
Such a great video thank you so much man!!
Your videos have really helped me with improving my financial literacy, thank you very much!!!
Thanks Miguel! That’s awesome!
If you want more…
This one is meant to do that exact thing (I just made it a couple days ago) ua-cam.com/video/V3kRrXsVYCQ/v-deo.htmlsi=apabDbE2gdMHpdzC
Been using Acorns since April of 2017. The ease of the service is just hard to beat. I suggest it to anyone asking how to get their foot in the door to investing. Came here to see if it would be worth upgrading to the $9/month plan for the individual stock purchase plan and think at this point I’m going to pass due to the lack of freedom of choice. Great video.
Thanks for checking it out! (P.S. I'm editing a dedicated Acorns Later review video now, so stay tuned for that!)
If u have at least $250 of direct deposit, monthly fee will be waived! I love using acorns
Brendan, if you make an investing video for Acorns I have no doubt people will watch it.
The difference between instant round ups and the standard through an external account is that the standard method doesn’t invest the change until it adds up to $5. On the other hand, the instant round ups through Acorns checking invests the change right away.
I started using acorns 2019 then forgot about it then at the beginning of the year I'm putting in a lot more. There are some features that I'm not to excited about like you can only get certain shares. I have started also with Ameritrade that have no fees but can't buy fraction shares and Charles Schwab is taking over in May but still satisfied with Acorns. At least it has gotten a foot in the door to invest and save 😊
Great video!
Thanks!
Dayuuuuum. Another solid video Brendan. I always recommend acorns to beginners. But once they got their bearings on saving and investing I would recommend them to M1 (or SoFi). All my main banking is with SoFi and I really dig their investing side too, so that’s always another good place to move to.
Thanks! 🙏
Funny you mention SoFi, I’m working on a first look and then a review of them! (Might be a month before they are done so don’t hold your breath though!)
@@BrendanEvan Heck yeah! Excited for it!
I got grandfathered in to the $1 a month plan after I signed up in 2020. 😮💨
Don’t change a thing!
nice video one thing you did forget to mention that if you direct deposit $250 or more a month into the acorns checking account they wave the subscription fees at this time
This is true
Doesnt accept my partial payment direct deposit. Tsk
Did you earn something after pulling out your money previously?
Good morning Brendan, hope all is well, I've been getting more and more into investing, I like to thank you personally for all these fantastic resources. I have 1 question for you? if I start to contribute to my later account with Acorns, how does my later money gets invested? do I have set another portfolio? or everything is combined? Thank you in advance.
Based on the Acorns FAQ page, it looks like they invest it based on your preferences and age:
"Your Acorns Later portfolio is selected based on your age and the time until you reach age 69.
Over time, Acorns adjusts your portfolio to help you stay on track toward your investment goals. For example, as you grow closer to retirement age, we may consider more conservative investments since your money may have less time in the market.
In other words, we’ll automatically rebalance your portfolio as you age - all in the background of life!"
Here's the link: www.acorns.com/later/
You can still do the $1 monthly account, that has not changed.
I stay for the emergency account and the round ups…….Ive had my roundups set to 3x for so long I can’t remember😂Plus I’ve been putting in 300 bucks a month since 2015 when I first started the using the app. I don’t see myself not using the app
That’s good I just started to invest with acorns again I’m 26 I used a few years ago for a while but pulled my money and didn’t come back but I’m back to stay . How is your account looking now that’s gotta be decent return ? I am also starting with 300 a month to invest into acorns I will do aggressive account as well
Are you in the green with them? Looking to get in myself $300 a month and round ups. Good luck
How much does it cost each month that's what I need to know
Can I transfer out of Acorns into another wallet for other investments?
I really like the app.
The only value that differentiates them is the financial incentives set-up between parents and children. The rest are junk benefits. If I round up 62 cents 30 times per month that only comes to (0.62 x 30 x 12) $223 per year. That is appealing only for children saving & learning as they spend.
You can just do direct deposit and not worry about the monthly payments
Another good feature with mighty oak, if you direct deposit 250 a month the $5/month is waived.
You inspired me to make this short proclaiming the free-ness to the world:
ua-cam.com/users/shortsm9EwhEQqfIM?feature=share
Thank you
This isn't true for the $9 a month option?
Great vid, I’m not sure if you went over this or not, but isn’t the fee monthly fee waived when you have direct deposit set up on the mighty oak card. And if so, how would that reflect in your overall score?
Yup! I don’t think it changes the score since I’m not convinced everyone is/should be depositing $250 per mo. I prefer my method of dropping in a little over $2k and having the interest cover the cost anyway 😆
Yes, that is correct. I have have a direct deposit of at least $250 a month, the fee is wavied. That's what I did and Acorns sent me an email confirming this.
What were the taxes like at the end of each year? I've never had a taxable broker account and I'm just curious how much I will owe based on what I invest. Very new to this so sorry if it's a dumb question lol.
Yeah it’s an important question!
It totally depends on what you do while you invest, how often you buy and sell, and the rest of your tax situation. But since it’s Acorns you’re not day trading a bunch cuz it’s not possible.
The very generalized and abbreviated answer is: you get taxed on profits you take. So if you have $10k invested and over the course of the year it increased in value by $1k, then you sell those investments to buy burritos and racecars, you might want to plan on getting taxed on that $1k profit. Of course consult your accountant or tax pro for a real answer.
@@BrendanEvan OK thank you! Always wanted to invest in stocks in some way but because of my lack of knowledge it always seemed so intimidating. Just seems so easy to lose money. I think Acorns might be the perfect way for my to dip my toe in the water with investing money. Great video btw, helped me out a lot in learning about this!
Direct deposit of $300 per month to the checking acct will waive the $9 member fee.
I believe its $250 per mo
I’m about transfer from to wealth front
I'm an expat living abroad and was looking into this app. Unfortunately you can't sign up for it without providing a US phone number. Do you know if there's a way around this?
Have you reached out to Acorns support?
@@BrendanEvan I haven't. Don't want to draw attention to the profile I stated setting up in case this is an intentional road block in the system.
Roundup does not work on credit card that’s why I left Acorns
Do they do a hard pull on your credit??
No
Did you go full aggressive or moderate aggression
I’m full aggressive
they moved the UGMA option from the $5 option to the $9 option? not worth it.
Not unless you get it for free: ua-cam.com/users/shortsm9EwhEQqfIM?feature=share
Great video I agree with everything you say I pay 9 dollars a month and it’s not really different from the 5 I didn’t know that thank you for the info
Thanks for watching!
Hello ., You can help us enter the acorns account again, we tried to do so, it does not allow us to call customer service and we have not received a response either.
I can’t. I don’t work for Acorns and can’t provide customer service. Also it’s probably illegal for me to have access to anyone’s account info.
😂