SoFi and Acorns offer automated investment strategies and are designed for those who want to build a nest egg. You don’t need advanced knowledge to start investing, and you can start off with a smaller account. And that’s where the similarities end between these two companies.
Which one is better?
Choose SoFi if you want control over your investments and don’t want to pay a management fee.
Choose Acorns if you’re a set-it-and-forget-it type of investor and don’t mind the cost.
Active investors who want to choose their investments and pay no management or equity trading fees might be better off with SoFi. You get to trade stocks, ETFs and options. Plus, you can even buy IPO stocks at IPO prices — a perk that not many trading platforms offer. If you want SoFi to manage your investment account, you can get that too without a management fee.
Acorns, on the other hand, is a simple investing platform with only five automated portfolios to choose from. There are no stocks, options or crypto. Depending on your investment goals, there are three subscription models: one for starting an investment account, a second for starting a retirement account and a third where you can add investment accounts for your kids.
One of Acorns’ main strengths is the round-up feature. You can link your credit card or use the Acorns debit card, and every time you buy something, Acorns will automatically deposit your spare change into your investment account. For example, if you buy groceries for $49.23, Acorns will charge you $50 total and add the $0.77 difference into your investment account. Consider this a piggy bank that grows over time.
How do SoFi and Acorns compare?
SoFi
Acorns
Benefits
Access to financial planners. SoFi’s financial planners can help map out your financial goals — at no additional cost.
Zero commission on stocks & ETFs. This is a nice perk because some brokers charge a fee for trading shares.
IPO stocks. SoFi gives you a chance to buy IPO stocks at IPO prices. This is a rare perk even among larger brokers.
Multiple investment options. You can invest in stocks, ETFs and options.
Automated investing. Acorns offers five automated portfolios. Based on your risk tolerance, you can choose one and every time you deposit more money, it will be automatically placed in that portfolio.
Round-up feature. Every time you make a purchase with a linked credit card or debit card, Acorns will automatically transfer your change into your investment account.
Kids’ investment accounts. You can open a custodial account for your kids, but it costs $12 a month.
Drawbacks
No cryptocurrency. SoFi doesn’t offer crypto trading to new members.
Limited investment options. You can’t buy or sell individual stocks, ETFs, options or crypto.
Maintenance fees. Each of the three subscription models comes with monthly maintenance fees of $3, $6 or $12
Tools and research
Access to financial advisors. Get access to financial advisors who can help you set investment goals and reach them at no additional cost.
Automated investing. You can actively trade and invest, but you don’t have to. SoFi can automatically manage your investments.
Acorns Grow. Acorns Grow is a finance blog that can help you learn more about investing.
Money basics. Similar to Acorns Grow, you get access to hundreds of articles to educate yourself on various financial topics.
Reputation and customer reviews
Reviews are mostly positive.
Customers praise the customer service, and they like that SoFi offers additional financial services aside from investing.
Customers complain about the identity verification process and how long it took. But not every customer had this issue.
Reviews are mostly negative.
Customers praise the round-up feature.
Customers complain about poor customer service. Some customers complained about having difficulties withdrawing their funds.
How to grow your SoFi and Acorns investments with credit cards
Because both SoFi and Acorns provide other financial services, you can grow your investments every time you make a purchase. Here’s how it works: SoFi offers the SoFi Credit Card, which lets you earn 2 points per dollar spent on everything you buy. When you redeem your points into an eligible SoFi investment account, each point is worth 1 cent. This turns your 2x points into 2% back. If you spend $20,000 each year with this credit card, you’d earn $400 back into your investment account.
Acorns, on the other hand, offers a checking account and a debit card. Using the debit card, you would invest all your rounded-up change back into your investment account. Plus, you can earn up to 10% back at eligible merchants, which also goes into your investment account. But unlike the SoFi card where you know you can earn up to 2% back on all purchases, the Acorns debit card offers no guarantees because it depends on whether a particular merchant participates in the program.
Bottom line
Both SoFi and Acorns are great for beginner investors who want to take a passive approach toward investing. With the help of automated investment systems, both platforms can take care of your funds. But if you want to take an active role and buy stocks, ETFs or options, SoFi is the better choice.
If you’re not sure whether these two are a good fit for your needs, compare other automated trading systems. Those who want to actively participate in the market and choose their own stocks or crypto may want to compare brokers.
INVESTMENTS ARE NOT FDIC INSURED • ARE NOT BANK GUARANTEED • MAY LOSE VALUE
Other fees, such as exchange fees, may apply. Please view our fee disclosure to view a full listing of fees.
Investing in alternative investments and/or strategies may not be suitable for all investors and involves unique risks, including the risk of loss. An investor should consider their individual circumstances and any investment information, such as a prospectus, prior to investing. Interval Funds are illiquid instruments, the ability to trade on your timeline may be restricted. Brokerage and Active investing products offered through SoFi Securities LLC, Member FINRA (www.finra.org) /SIPC(www.sipc.org).
There are limitations with fractional shares to consider before investing. During market hours fractional share orders are transmitted immediately in the order received. There may be system delays from receipt of your order until execution and market conditions may adversely impact execution prices. Outside of market hours orders are received on a not held basis and will be aggregated for each security then executed in the morning trade window of the next business day at market open. Share will be delivered at an average price received for executing the securities through a single batched order. Fractional shares may not be transferred to another firm. Fractional shares will be sold when a transfer or closure request is initiated. Please consider that selling securities is a taxable event.
Options involve risks, including substantial risk of loss and the possibility an investor may lose the entire investment Before trading options please review the Characteristics and Risks of Standardized Options
Advisory services are offered by SoFi Wealth LLC, an SEC-registered investment adviser.
Utilizing a margin loan is generally considered more appropriate for experienced investors as there are additional costs and risks associated. It is possible to lose more than your initial investment when using margin. Please see https://www.sofi.com/wealth/assets/documents/brokerage-margin-disclosure-statement.pdf for detailed disclosure information
SoFi Plus members can schedule an unlimited number of appointments with a financial planner during periods in which the SoFi Plus member meets the eligibility criteria set forth in section 10(a) of the SoFi Plus Terms and Conditions. SoFi members who are not members of SoFi Plus can schedule one (1) appointment with a financial planner. The ability to schedule appointments is subject to financial planner availability. SoFi reserves the right to change or terminate this benefit at any time with or without notice. Advisory services are offered by SoFi Wealth LLC, an SEC-registered investment adviser. Information about SoFi Wealth’s advisory operations, services, and fees is set forth in SoFi Wealth’s current Form ADV Part 2 (Brochure), a copy of which is available upon request and at www.adviserinfo.sec.gov.
Probability of Member receiving $1,000 is a probability of 0.026%; If you don’t make a selection in 45 days, you’ll no longer qualify for the promo. Customer must fund their account with a minimum of $50.00 to qualify. Probability percentage is subject to decrease
Robo Advisor: Automated investing is offered through SoFi Wealth LLC, an SEC-registered investment adviser. 0.25% fee is based on your account value. The wrap program fee may cost more or less than purchasing brokerage, custodial, and record keeping services separately.
Terms and conditions apply*. For 401k rollovers, existing SoFi IRA members must complete 401k rollovers via this link For SoFi members without a SoFi IRA, a SoFi IRA must first be opened, and 401k rollover must be completed utilizing Capitalize via this link. SoFi and Capitalize will charge no additional fees to process a 401(k) rollover to a SoFi IRA. SoFi is not liable for any costs incurred from the existing 401k provider for rollover. Please check with your 401k provider for any fees or costs associated with the rollover. For IRA contributions, only deposits made via ACH and cash transfer from SoFi Bank accounts are eligible for the match. Click here for the 1% Match terms and conditions.
SoFi Plus members are eligible for a 1% match on recurring deposits received into a SoFi InvestⓇ account. For complete SoFi Plus eligibility, please see the SoFi Plus terms.
Members can only earn the 1% match for periods in which a recurring deposit is received into a SoFi InvestⓇ account and the member meets the SoFi Plus eligibility criteria. "Recurring deposits" refer to ACH transfers scheduled with a frequency of weekly, every two weeks, or monthly into either an Active SoFi InvestⓇ account or a SoFi Wealth Automated Investing account. Regular deposits set up from a SoFi Checking & Savings account using Autopilot are eligible for the bonus. One-time transfers are excluded from the bonus. If funds are withdrawn and later redeposited manually into the SoFi InvestⓇ account, the manual deposit will not be eligible for the bonus. Offer can be combined with SoFi Invest 1% IRA match.
Funds must remain in the SoFi InvestⓇ account for two years to be eligible for the bonus. If the deposit is removed prior to the end of the two-year Eligibility Period, SoFi, at its discretion may remove the corresponding proportion of the 1% Match from the member’s account. For instance, if $1,000 was deposited receiving a $10 rewards points match and $500 was withdrawn in a subsequent month, SoFi may remove $5 in rewards points from the bonus. SoFi reserves the right to liquidate securities to pay for the removal of the Match bonus. Further, SoFi may bill this to a receiving firm in the event of an account transfer.
Bonus amounts are calculated on the total net recurring inflows (incoming recurring ACH transfers less outgoing transfers) per calendar month. For example, if a member has a recurring Invest deposit of $1,000 on 11/4/2024 and withdraws $500 on 11/15/2024 and makes no other deposits or withdrawals to their SoFi InvestⓇ account for the month, they will earn 500 rewards points, equal to 1% of $500 net monthly inflows. If a member loses SoFi Plus eligibility at any point throughout the month, they will earn the 1% match only on recurring deposits received while they were a SoFi Plus member. All withdrawals in the calendar month (regardless of Plus status) will count against the bonus. For example, if a member has a recurring Invest deposit of $1,000 on 11/4/2024 as a SoFi Plus member, loses SoFi Plus status on 11/10/2024, and has another recurring Invest deposit of $1,000 on 11/12/2024, they would earn $10 in rewards points (1% of the $1,000 that was deposited while they were a SoFi Plus member).
Bonuses will be paid out as rewards points within two weeks of the end of the calendar month. Members must enroll in SoFi Member Rewards to redeem rewards points, but not to be eligible for the bonus. Rewards points are subject to the SoFi Member Rewards terms. Bonus will not be paid out on SoFi InvestⓇ or SoFi Wealth accounts that are closed or pending closure.
SoFi Invest encompasses two distinct companies, with various products and services offered to investors as described below: 1) Automated Investing and advisory services are provided by SoFi Wealth LLC, an SEC-registered investment adviser ("SoFi Wealth"). Brokerage services are provided to SoFi Wealth LLC by SoFi Securities LLC. 2) Active Investing and brokerage services are provided by SoFi Securities LLC, Member FINRA/ SIPC. Clearing and custody of all securities are provided by APEX Clearing Corporation. Individual customer accounts may be subject to the terms applicable to one or more of these platforms. For additional disclosures related to the SoFi Invest platforms described above please visit SoFi.com/legal. Neither the Investment Advisor Representatives of SoFi Wealth, nor the Registered Representatives of SoFi Securities are compensated for the sale of any product or service sold through any SoFi Invest platform. Please note that the Active Invest platform is self-directed, therefore all monies transferred to your SoFi Active Invest will not be automatically invested.
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Finder is not an advisor or brokerage service. Information on this page is for educational purposes only and not a recommendation to invest with any one company, trade specific stocks or fund specific investments. All editorial opinions are our own.
Kliment Dukovski was a personal finance writer at Finder, specializing in investments and cryptocurrency. He's written more than 700 articles to help readers compare the best trading platforms, understand complex investment terms and find the best credit cards for their needs. His expert commentary has been featured in such digital publications as Fox Business, MSN Money and MediaFeed. He’s also well-versed in money transfers, home loans and more — breaking down these topics into simple concepts anyone can understand. In another life, Kliment ghostwrote guides and articles on foreign exchange, stock market trading and cryptocurrencies.
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A beginner-friendly investing platform with fractional shares and no commissions on stocks and ETFs.
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