Acorns App Review | Legit Investment App or Scam?

Acorns App Review | Legit Investment App or Scam?


If you don’t understand the industry’s ins and outs, investing may appear extremely difficult to understand and even a little daunting to many of us. Acorns uses a ground-breaking mobile app to streamline and demystify this procedure. The app was developed to eliminate any mental barriers or anxiety associated with investing.  

In this Acorns review, we will focus on finding out whether the app is legit or not. Does Acorn deliver promised return on investment? Can you earn money with Acorns? How much does the membership cost? These are some of the questions that we will be answering in the sections that follow. 

At LegitWorkOnlineForReal, our mission is to help online entrepreneurs and job seekers find legit online job opportunities. We do this by offering useful information through our detailed and unbiased reviews. We do not get paid to write these reviews – it’s purely a voluntary initiative. 

We have broken down the review into the following sections:

  • When was it started?
  • What is Acorns all about?
  • What does it cost to join Acorns?
  • How does Acorns App Work?
  • Can you make money with Acorns?
  • What we liked about the app
  • Good vs. bad qualities 
  • What are internet users saying about the app?

When Was It Started?

Acorns was founded in 2012 by Walter Wemple Cruttenden III and Jeffrey James Cruttenden. As of this writing, Acorns is still a privately held company. 

Acorns’ current CEO is Noah Kerner, and the organization is considering going public through Pioneer Merger Corp., a publicly traded SPAC. Acorns is valued at about $2.2 billion, thanks to the deal.

Several institutional investors, like BlackRock and PayPal, venture capitalists and angel investors, as well as well-known individuals like Dwayne Johnson, Ashton Kutcher, Alex Rodriguez, Jennifer Lopez, and Kevin Durant, support Acorns.

What Is Acorns All About?

Acorns is a mobile app that “rounds up” your spending to the nearest dollar and then proceeds to invest the difference on your behalf. All you have to do is link your checking account or credit card with Acorns and they will do the rest for you. 

As such, it is true to say that Acorns is a micro-savings app that helps make investing a seamless process since you will only spend pennies while at it. The app majorly targets tech-savvy millennials because the entire experience is managed via a smartphone. That notwithstanding, the company recently unveiled a web version for desktop and laptop users as well. 

This Acorns review will focus on how you can make money with the app – read on!

What Does It Cost to Join Acorns? |Membership 

There are essentially two types of Acorns accounts: personal and family accounts. On the one hand, an Acorns personal account monthly subscription costs only $3. This plan comes with a checking account, an investment account, and a retirement account. 

On the other hand, an Acorns Family Account subscription costs $5 and includes custodial accounts for your children and everything offered in the personal account tier. 

Acorns does not impose deposit and account minimums. Additionally, there are no commission fees or withdrawal charges. To open an Acorns account, you will need the following: 

  • Social security number
  • Government-issued ID
  • Account balances 
  • Income and transaction history 
  • Account transactions and checking account information

How Does Acorns App Work?

Investing has never been easy. If it were, then everyone would be doing it. Actually, statistics show that 1 in every 3 Americans is afraid to invest. This is what makes Acorns’ “Round-Up” feature so popular. The example below will explain how it works:

Assume you have bought a Pair of Reeboks for $60.50. The app will round up the figure to the next whole dollar and then invest the balance ($0.5) for you. The app’s convenience is that you will not even have to think about it. 

Round ups from all your transactions will be automatically invested in a diversified portfolio depending on your investment goals and level of risk tolerance. Acorns’ portfolios range from conservative to aggressive. The former mostly entails bonds, while the latter mostly involves real estate and stocks. 

Another important feature is the Round-Up Multiplier, which multiplies your round-ups by the amount you choose (2X, 3X, 10X). This happens for every transaction. If you make a $4.20 purchase and the multiplier is set at 3X, the $0.80 difference is multiplied by 3 to $2.40. This is the amount that will get invested from that transaction. 

Can You Make Money with Acorns?

Acorns helps you develop the culture of investing early – without even having to think or worry about it. With this app, you stand to make money from automated investments and all purchases made with Found Money partners. 

You can also earn dividends from your investments, but they are often small amounts. Acorns invests in seven asset classes:

Your acorns account balance will often fluctuate with the market, and it’s subject to performance losses. In summary, the app is ideal for long-term wealth building, but not for short-term saving. 

What We Liked About Acorns

  1. The membership subscription plans are affordable

Acorns helps break the old myth that you have to be rich to start investing. With just $3 for a personal account or $5 for a family account per month, you are set to start building wealth. 

  1. You do not have to worry about Wall Street Complexities

We also loved the fact that Acorns helps eliminate the complexities associated with investing. Once you have purchased your membership subscription, completed your profile and linked your financial account, you leave the rest to Acorns. 

Good vs. Bad Qualities 

Like with all investment apps, Acorns comes with its share of upsides and downsides. Here are the advantages and disadvantages of the Acorns App:


  • It is a painless way to save and invest 
  • Eliminates the complexities of investing 
  • Allows you to start investing with no money 
  • The accounts are easy to set up 


  • It is a bit expensive for small accounts 
  • You can lose your money if you invest in risky assets 
  • Not recommended for short-term savings

What Are Internet Users Saying About Acorns App?

Acorns’ users have written both positive and critical reviews online. While some benefit from having the investments done for them, others don’t like not having control over their investments. As we have mentioned in the previous section, there are both pros and cons. 

The app has a 2.2/5 stars rating from 249 reviews on and a 4.6/5 stars rating from 248k reviews on Google Play Store. Below are some of the comments written by Acorns’ users:




Acorns is a legit mobile investment app. Monthly subscription fees range between $3 and $5 depending on whether you choose to go with a personal or family account. The app is ideal for millennials and less experienced investors who may not have a lot of money to risk.

With this app, you can establish good habits of passive investing, which is part of every smart long-term investment approach. Though great at long-term investing, you can’t rely on Acorns App for regular income. If you are looking for an online income stream that will help you meet your monthly bills, you should check out other legit online business opportunities that we have reviewed here at LegitWorkOnlineForReal. 

We hope that this Acorns App review has been helpful. If so, please feel free to share your comments and experience with us in the comments section below. Thank you and see you in our next review. 

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