Log in Join
Acorn Account

Acorn Account review

Take the stress out of your finances with hassle free banking.

No reviews yet. Write a review
Avatar

By

Charlie Barton

Updated

Fact checked

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 you need to know 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 has 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 or via the Acorn app. Account holders can also check their balance and load funds via telephone or SMS.

Features of the account include the following:

  • Account manager: A personal account manager can be spoken to directly. They will set up the 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. This process can be automated if you prefer.
  • Online insight tool: Helping you to see what you’re spending where and where you can make cutbacks.
  • Pay in at Barclays: Take your cash and cheques to your nearest Barclays branch and pay in using your pre-printed GIRO.

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.
There is no overdraft facility on the account.

Acorn fees and limits

  • Monthly fee. There is a monthly fee of £14.50, which is debited from your account on the first of every month.
  • Secondary cardholder/joint account. A secondary cardholder can be added for £5 per month.
  • Withdrawal charges and limits. There is a charge of £1.50 per withdrawal at ATMs while a maximum of £450 per day can be withdrawn from cash machines.
  • Limits. Maximum initial load is £1,250 and the maximum card balance is £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 Financial Services Compensation Scheme (FSCS). Instead, your money is held in a segregated account with Acorn’s chosen banking providers.. This means that if something happens to Acorn, your money is already separate. Any money on your card is held by the card issuer’s (Fair Payments Limited) chosen banking provider.

Pros and cons of Acorn

There are some pros and cons you should take into account when comparing with other prepaid 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.
  • A shared account may be useful for individuals sharing bills and budgeting together.

Cons

  • £1.50 per cash withdrawal.
  • Monthly fee of £14.50 or £19.50 for an account with two card holders.
  • Maximum daily cash withdrawal limit of £450 from cash machines.
  • Expensive to use abroad with a £3 withdrawal fee plus a 2.75% surcharge.
  • While you can check your balance via SMS, there is a 15p charge per inquiry.

Our verdict

With no credit checks or signatures required, it’s easy to open an Acorn current account online.Plus, if you’re looking for a more personal touch when it comes to managing your finances, Acorn’s UK-based account managers might swing it for you.

However, the £14.50 monthly account fees and £1.50 cash withdrawal charges seem pretty high. So even though it might be quick and easy to open an account, make sure you spend the same, if not more, time weighing up the pros and cons beforehand.

FAQs

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

More guides on Finder

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Go to site