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Acorns Spend account review

Use your Acorns debit card to invest spare change and earn bonus investments, but it costs $3 to $5 a month.

finder.com’s rating: 3.6 / 5.0

★★★★★

The Acorns Spend account comes with a tungsten metal debit card that lets you invest spare change from purchases in real-time and earn up to 10% in bonus investments when you shop at select retailers. But it costs $3 to $5 a month and lacks a separate interest rate for savings.

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From $3 per month

Fee

N/A

APY

$0

Minimum deposit to open

Details

APYN/A
FeeFrom $3 per month
Minimum deposit to open$0
ATMsOver 55,000 fee-free ATMs nationwide and around the world
ATM transaction fee$0
Out-of-network ATM fee$0
Foreign transaction fee0%
Overdraft fee$0
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Review by


Cassidy Horton is a writer for Finder, specializing in banking and kids’ debit cards. She’s been featured on Legal Zoom, MSN, and Consolidated Credit and has a Bachelor of Science in Public Relations and a Master of Business Administration from Georgia Southern University. When not writing, you can find her exploring the Pacific Northwest and watching endless reruns of The Office.

Expert review

The Acorns Spend account is best for anyone who needs a new checking account and is thinking about investing with Acorns. You get access to three different accounts when you sign up: one for investing, one for retirement and one for checking. All three accounts sync together to let you make transfers seamlessly, invest spare change from debit card purchases and earn extra investment money when you shop with select retailers.

But for a company that’s marketing itself as an all-in-one money management solution, we’re surprised to see there’s no savings component. If you want to keep some money in a high-yield savings account for emergencies or short-term purchases, you still need to open a savings account with a separate institution.

If you went with an investment platform with a true cash management account, you’d get extra FDIC insurance beyond the $250,000 limit and a separate interest rate for savings, among other perks.

How do I open an Acorns Spend account?

Follow these steps to open your Acorns Spend account, which automatically includes an Acorns Invest and Acorns Later account for no additional charge.

  1. Click Apply now.
  2. Select the Spending tab.
  3. Select Get Started.
  4. Enter your email address and password, read and agree to the terms and conditions and select Create account.
  5. Link to an existing bank account and select Next.
  6. Follow the prompts to complete your application and set up your account.

You’ll get your Acorns debit card in the mail within 10 business days of account approval.

Eligibility

You’re eligible for an Acorns Spend account if you meet these criteria.

  • At least 18 years old
  • US citizen or resident
  • US residential address
  • Valid Social Security number
  • Existing bank account

Required information

Have this information ready when you apply for Acorns Spend.

  • Full name
  • Date of birth
  • Home address
  • Social Security number
  • Log in information for your external bank account

How much does it cost?

You need to be part of the Personal or Family plan to get the Acorn Spend account. This table highlights how much it costs.

PlanMonthly costFeatures
Personal$3
  • Investment account
  • Retirement account
  • Spend checking account
Family$5Everything in the personal plan, plus:
  • Investment account for kids
  • Retirement account
  • Family financial advice

What are the benefits of an Acorns Spend account?

The Acorns Spend account is FDIC insured through Lincoln Savings Bank. It comes with a robust digital app that notifies you each time you make a purchase with your card, so you always know how much you’ve spent. You’ll also enjoy these perks.

  • Minimal fees. There’s no minimum balance required to open an account. Plus, you’ll enjoy no overdraft fees or foreign transaction fees.
  • Smart deposits. Turn on this feature and Acorns will automatically set aside money from each paycheck as soon as it hits your account.
  • Debit card perks. Enjoy real-time round-ups to your investment account, plus up to 10% in bonus investments when you shop with select brands.
  • Seamless account management. Get a holistic view of your money and quickly transfer funds with all your investment, retirement and bank accounts in one mobile app.

What should I look out for?

The Acorns Spend account has these drawbacks.

  • Invest account required. You must have an active Acorns Invest account to open Acorns Spend. If you don’t already have an investment account, you can open one at the same time you open your Spend account.
  • Unavoidable monthly fee. You’ll pay $3 or $5 a month for Acorns, but this is a flat fee that covers your investment account, retirement account, checking account and potential kids’ accounts. Most traditional banks charge at least $5 for checking only, making Acorns relatively inexpensive.
  • Lacks certain features. Unlike most accounts offered by investment platforms, this one doesn’t come with a savings feature or the ability to earn interest.
  • No joint accounts. You can’t open an Acorns Spend account with a partner or family member.

If you’re not in the market for an investment and retirement account, consider these checking account options.

Acorn’s ATM network and fees

You’ll get an Acorns Visa debit card that gives you free access to over 55,000 ATMs around the globe. Acorns won’t charge a fee if you use an ATM outside of this network, but you may be subject to charges by the operator.

Compare Acorns Spend with other checking accounts

Use this table to see how this Acorns checking account compares to similar accounts. Sort the table by APY, ATMs, fees and more to find the right one for you.

Name Product APY Minimum deposit to open ATMs Out-of-network ATM fee
Aspiration Spend & Save Account
Finder Rating: 3.8 / 5: ★★★★★
Aspiration Spend & Save Account
Up to 1.00%
$10
55,000 free in-network ATMs
$0
Deposits are fossil fuel-free and insured by the FDIC. Enjoy a spend and save combo account with unlimited cash back rewards and a $100 bonus when you spend $1,000 in your first 60 days.
Citibank® Account Package
Citibank® Account Package
0.50%
$0
No access to ATMs
$2.50
Earn a $300 bonus after opening new eligible checking and savings accounts and completing required activities.
HSBC Premier Checking
Finder Rating: 2.7 / 5: ★★★★★
HSBC Premier Checking
0.01%
$0
Free to use at all ATMs in the US
$0
Get a 3% cash bonus in the first six months (up to $600) or $450 welcome bonus when you open your account with qualifying activities. Must open HSBC Premier checking account through offer page by June 30, 2021, and set up qualifying direct deposits into the new account. Conditions apply. Deposit products are offered in the US by HSBC Bank USA, N.A. Member FDIC.
Chime Spending account
Finder Rating: 4.7 / 5: ★★★★★
Chime Spending account
N/A
$0
38,000 fee-free ATMs nationwide
$2.50
Get rid of fees with this financial app offering consumer-friendly accounts. Chime can also help you save easily and access your paycheck faster.
Axos Bank Essential Checking
Finder Rating: 5 / 5: ★★★★★
Axos Bank Essential Checking
N/A
$0
ATM fees reimbursed at any ATM nationwide
No fees. Unlimited domestic ATM fee reimbursements.
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How do I deposit or withdraw my money?

There are five ways to access money in your Acorns checking account.

  1. Direct deposit
  2. Check deposit in the mobile app
  3. Transfers to and from an external checking account
  4. ATM
  5. Cash back at a retailer

How to contact Acorns customer service?

There are two ways to contact Acorns customer service.

  • Email. Send a message to support@acorns.com.
  • Contact form. Fill out the contact form on its website.

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Read the full methodology of how we rate checking accounts.

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