Acorn Account review

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Acorn Account
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As an Acorn Account holder you will have access to a UK based account manager to assist you with your everyday banking.

This review takes you through all the need to knows about the account. Read on to find out more about Acorn, and whether it might be the right option for you.

What is the Acorn Account?

Acorn have been providing current accounts and payment services since 2007. Accounts are highly functional and easy to open, with no credit checks, signatures or branch visits required. Your regular outgoings are taken care of by Acorn’s Account Management Team.

Acorn believes customers shouldn’t be excluded or pre-judged when it comes to personal finance. You won’t be turned away due to any aspect of previous financial history.

How does the Acorn Account work?

Finances and account preferences can be managed online by logging in to Acorn’s website. Account holders can also check their balance and load funds via telephone or SMS.

Features of the account include:

  • Account manager: A personal account manager can be spoken to directly. They will set up necessary direct debits and regular payments from your account.
  • Managing Spending: Once the correct funds have been set aside for bills, the remaining balance can be moved to the prepaid Debit Mastercard Card. This process can be automated if preferred.
  • Pay in at Barclays or at the Post Office: Take your cash and cheques to your nearest Barclays branch and pay in using your pre-printed GIRO. Alternatively you can use a personal barcode to pay cash into your account over the counter in the Post Office.
  • Rewards: Acorn’s account holders qualify for a cash-back reward scheme. Customers can earn cash rewards of up to 3.5% at more than 35 major high street retailers when you shop using your Acorn card.

Using Acorn abroad

There are fees for using your Acorn card abroad. ATM withdrawals outside the UK are charged at £3.00 plus 2.75% of the transaction value.

Acorn fees and limits

  • Monthly fee: There is a monthly fee of £14.50 is debited from your account on the 1st of every month.
  • Bank Transfer: Fee-free, at the interbank rate, in 23 currencies.
  • Secondary cardholder/joint account: A secondary cardholder can be added for £5.00 per month.
  • Withdrawal chargers and limits: There is a charge of £1.50 per withdrawal at ATM machines while a maximum of £450 per day can be withdrawn from cash machines.
  • Limits: Maximum initial load £1,250 and maximum card balance of £5,000

Is Acorn safe?

Your card will be protected with a four digit pin, which can be amended at any Mastercard ATM. Acorn’s online account service, where you can check transactions, make payments and download statements, is protected by a personalised password only you have access to.

Your money, however, isn’t protected by the FSCS. Instead, your money is held with Acorn’s bankers. This means that if something happens to Acorn Account, your money is already separate. Any money on your card is held by Wirecard Card Solutions Ltd.

Pros and cons of Acorn

While there are benefits to the acorn account, there are fees you should take into account when comparing with other pre-paid cards:

Pros

  • Easy to manage regular bills and track your spending using an experienced account manager.
  • No Credit checks. Individuals won’t be judged on their financial history.
  • earn cash rewards of up to 3.5% with Rewards Scheme.
  • Shared account may be useful for individuals sharing bills and budgeting together.

Cons

  • £1.50 per cash withdrawal.
  • Monthly fee of £14.50/£19.50 for account with two card holders.
  • maximum daily cash withdrawal limit of £450 from cash machines.
  • Expensive to use abroad with £3 withdrawal fee plus 2.75% surcharge.
  • No Smartphone app
  • While you can check your balance via SMS, there is a 15p charge per enquiry.
  • £10.00 redemption fee to redeem any funds on the account.

What other options are available?

There are plenty of other trendy digital banking options out there. Each offers a unique spin on the idea of an app driven Mastercard or online account.

You can check out some of the leading players in the prepaid card space below:

Data indicated here is updated daily
Name Product Ratings Interest (AER) Arranged overdraft Key benefits Link Representative example
We say
★★★★★
You say
★★★★★
0%
39.94% EAR variable
Interest and fee free overdraft
for first four months when you switch
Go to site
Current account switch service guarantee badge
Up to 15% cashback at a range of major retailers
Representative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 39.94% EAR variable.
We say
★★★★★
You say
★★★★★
0.05%
15% EAR variable
Seamless easy switching within 7 days
Go to site
Current account switch service guarantee badge
No fees for spending or withdrawing cash overseas - currencies are converted at Mastercard’s standard exchange rate
Representative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 15% EAR variable.
We say
★★★★★
0%
N/A
Guaranteed acceptance plus a credit building feature
Go to site
Account fee of £5.95 per month.
We say
★★★★★
0%
N/A
Guaranteed acceptance
Go to site
Current account switch service guarantee badge
Earn cashback on your purchases when you shop through the ThinkMoney rewards portal
Account fee of £10 per month or £15 per month.
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