You may like an Acorns Checking Account if you want to automatically save and invest spare change from your regular purchases. If you want a more straightforward account, read through our best checking accounts guide.
Pros and Cons
Acorns Banking Pros
- Can save and invest through one platform
- Earn 2.57% APY on Checking and 4.05% APY on an Emergency Fund with the Mighty Oak Debit Card (available with the $6 or $12 monthly subscription fee tiers)
- No overdraft fees
- Access to 55,000 ATMs through Allpoint ATM network
Acorns Banking Cons
- No physical locations
- No joint bank accounts
- Acorns plans have a $3, $6, or $12 monthly subscription fee
Open an Account
$3, $6, or $12 monthly subscription fee
up to 4.05% APY
None
- Round-ups are invested in real time
- Early direct deposit
- Automatically invest a percentage of direct deposits
- Includes access to other Acorns products
- May waive subscription fee if you meet certain requirements
- No foreign transaction fees
- No overdraft fees
- Mobile check deposit and check pay
- Metal debit card
- $3 to $12 monthly subscription fee
- No joint checking accounts
- No branch locations
You may like an Acorns Checking Account if you want to automatically save and invest spare change from your regular purchases. If you want a more straightforward account, read through our best checking accounts guide.
- Access to 55,000 free ATMs in the Allpoint network
- Instantly invest your spare change and save for retirement
- No minimum-balance fees, overdraft fees, and ATM fees
- A metal matte green card with a laser-engraved signature
- Bonus investments when you shop and money tips on the go
- Digital banking with mobile check deposit, check sending, and more
Overview
Acorns is an online-only investment platform that helps you save and invest. Acorns has three subscription plans, and all offer the Acorns Checking Account. The Mighty Oak Debit Card is available with the $6 or $12 monthly subscription fee tiers.
Here's a quick overview of the three subscription plans available.
| Acorns Bronze ($3 per month) | Acorns Silver ($6 per month) | Acorns Gold ($12 per month) |
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The Acorns mobile app is rated 4.7 out of 5 stars in the Google Play Store and 4.7 out of 5 stars in the Apple Store.
Contact customer support 24/7 through the live chat feature on the mobile app, visit the help center, submit a ticket through email, or call 5 a.m. to 7 p.m. PT seven days a week.
Acorns isn't a bank, but its banking services are issued by its partner banks, Lincoln Savings Bank and NBKC Bank. Both banks are FDIC-insured financial institutions.
Is Acorns Trustworthy?
The Better Business Bureau gives Acorns an NR rating because it is in the process of evaluating a pattern of complaints against the business before it issues a rating. The BBB grades companies based on responses to customer complaints, honesty in advertising, and transparency about business practices.
Acorns has no recent public scandals, so you may still decide you're comfortable keeping your money with this company.
Ways to Bank with Acorns
Acorns Checking Account
The Acorns Checking Account may be a solid option if you're looking for an online platform where you can save and invest. The Acorns Checking Account is offered through all three Acorns subscriptions, and your account is automatically tied to an Acorns Invest and Acorns Later account.
The checking account has no overdraft fees and access to 55,000 free ATMs through the Allpoint network. It also has several unique features that help you invest.
For example, when you initiate a purchase with your debit card, Acorns rounds your purchase up to the nearest dollar and invests your round-ups. You could simply link your debit card from an external account to your Acorns Invest and Later accounts, and Acorns will invest your round-ups once they total up to $5. But with an Acorns Checking Account, round-ups are invested in real-time, so you can start earning compound interest faster.
Acorns also comes with a program called Acorns Earn. Shop with an Acorns partner (partners include UberEats, Apple, and Walmart), and it will invest a set percentage of your purchase with your Acorns account.
You can sign up for Smart Deposit with Acorns Checking. When you set up direct deposits into your Acorns Checking account, the company will automatically transfer a certain percentage into your Invest and Later accounts. This can help you save and invest more quickly.
The money in your Acorns Checking Account is FDIC-insured for up to $250,000.
Acorns Mighty Oak Debit Card
If you have the $6 or $12 monthly subscription fee tiers, you'll get the Mighty Oak Debit Card with your Acorns Checking Account instead of the standard Acorns Visa debit card.
You might like the Mighty Oak Debit Card if you're looking to earn interest on your money. You'll be able to earn 2.57% APY on Checking and 4.05% APY on an Emergency Fund (the savings rate is on par with the best high-yield savings accounts). The Emergency Fund is a tool that lets you set aside money for an emergency, and it's also a feature available with the $6 or $12 monthly subscription fee tiers.
Alternatives
Betterment Cash Reserve
no monthly service fee
4.00%
$10
- Competitive APY
- $10 minimum deposit
- No minimum balance requirements
- No monthly service fees
- No transaction limits
- FDIC insured for up to $4 million
- Create savings goals
- The "two-way sweep" moves extra money from checking to cash reserve to help you save
- No physical branch locations
- Mobile check deposit is limited to certain customers
- You can only deposit up to $1,500 in paper checks per day
- No way to deposit cash
Betterment has strong checking and cash reserve accounts. However, Betterment won't be a good fit if you need to deposit cash, or need to deposit checks but don't qualify.
Betterment Cash Reserve Account- By linking to a Betterment Checking Account (Member FDIC), you can set up the "two-way sweep," which helps you save automatically, earn more interest, and set up overdraft protection
- You can use mobile check deposit if a) you've been a Betterment customer for at least 30 days, and b) you have received at least $500 in direct deposits in the last month
- Interest compounds daily, pays monthly
- FDIC insured through partner banks
Acorns and Betterment Checking Account are both online platforms that focus on helping customers invest. Unlike Acorns Checking, your, Betterment Checking Account will not help you invest through Betterment — instead, it's designed to be a more traditional checking account.
However, Betterment does have a feature called the two-way sweep, which determines how much extra money you have in your Betterment Checking account and moves it to your Betterment Cash Reserve account (a type of savings account) so it can earn interest.
Unlike Acorns, Betterment Checking is free to use. Your decision between an Acorns Checking Account and Betterment Checking Account will probably come down to whether you want a traditional checking account or one that helps you invest.
Stash
$1
$3 or $9 per month depending on plan
- $1 to get started; Round-Ups invests spare change from purchases
- Accounts include a Stock-Back card, online banking options, and life insurance
- Smart Portfolios invests your money into custom ETFs that align with your risk tolerance and goals
- Monthly fees are high for custodial investment accounts
- Limited IRA selection
- Awards and recognition: Stash was named Best No Bulls*t Investing App by PopSugart in 2024 and USA Today and Statista's Top 500 Best Finanical Advisory Firms in 2023
Like Acorns, Stash Invest is an online micro-investing company that has created a checking account to help users invest smarter.
Stash Banking offers Stock-Back rewards. If you make a purchase at Amazon, for example, then Stash invests 0.125% of your purchase in a fraction of an Amazon stock. If you spend money with a company that doesn't have a partnership with Stash, then Stash invests in an ETF related to the industry you spent money with. You can access a Stash bank account at $3 or $9 per month plans.
If you think you'll use ATMs a lot, you might prefer Acorns Checking. You also might prefer Acorns if you are interested in the Mighty Oak Debit Card. Available through the $6 or $12 monthly subscription fee subscription plans, the Mighty Oak Debit Card notably lets you earn 2.57% APY on Checking and 4.05% APY on an Emergency Fund APY.
Why You Should Trust Us
At Personal Finance Insider, we rate products on a scale from one to five stars. We used our bank account methodology to review the Acorns Checking Accounts, specifically looking at factors like minimum opening requirements, monthly services fees, overdraft protection services, ATM network/fees, customer support availability, mobile app ratings, miscellaneous features, security, and ethics of the company. Since the Mighty Oak Debit Card is linked to the Acorns Checking Account, we also considered similar features to determine our rating.
We use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.
FAQs
Can you use Acorns as a bank account?
Yes, Acorns has an FDIC-insured checking account in all three of its subscription plans.
Is Acorns banking legit?
Acorns offers a legitimate checking account. Acorns is partnered with Lincoln Savings Bank and NBKC Bank for its checking account and debit cards. Acorns Checking Accounts are FDIC-insured for up to $250,000.
Is Acorns an actual bank?
No, Acorns is not a bank. It's an investment platform. Acorns is partnered with banks, however, to provide banking services like a checking account and debit card.
How does an Acorns debit card work?
Acorns debit cards are linked to Acorns Checking Accounts. You can use the debit card to make purchases or withdraw money from your checking account. You may also use unique features like Real-Time Round-Ups, which allow you to invest your spare change when you make Acorns Visa debit card transactions.
How do I get a new Acorns debit card?
The Acorns Mighty Oak Debit Card is available with Acorns' $6 or $12 monthly subscription fee tiers. You'll need to deposit $5 into an Acorns Checking Account so that you can start using your card. Both new and existing Acorns customers can sign up for the Mighty Oak Debit Card.
