Acorn Account review

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

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 There is a charge of £1.50 per withdrawal at ATMs while a maximum of £450 per day can be withdrawn from cash machines.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.

Customer service information for Acorn

Acorn customer reviews

Acorn doesn’t score highly on review site Trustpilot. It currently has a score of 2.4 out of 5 from just 24 reviews, giving it a “Poor” rating (updated January 2024).

Many reviewers have commented on the high fees and premium rate phone number to contact customer service. However, others have said their queries were dealt with quickly.

There are currently no Acorn reviews on Google Play or the App Store.

Frequently asked questions

• Where is my money kept and is it safe?

  Customers’ funds are held securely in a segregated account with Acorn’s chosen banking providers (Barclays, NatWest or the Bank of England). The maximum balance you can have in your billing account is £50,000. Funds held on the card (maximum balance of £5,000) are held by the card issuer’s (Fair Payments Limited) chosen banking provider (Barclays, NatWest).

• If Acorn isn't a bank, what is it?

  Acorn is an Authorised Payment Institution (API) and is authorised and regulated by the FCA. It operates under the Payment Services Regulations. The key operational difference is that Acorn is not licensed to use its customers’ money for any purpose. It cannot be lent to other customers or used in any way.

• Can I switch my current account and how long does it take?

  Direct debits, standing orders and wages/benefits can be switched using the Current Account Switch Service. The switch is done over the phone and will take place within seven working days.

• Does Acorn pay interest?

  No, Acorn doesn’t currently pay any interest.

• Are my deposits with Acorn protected by the Financial Services Compensation Scheme?

  No, as Acorn isn’t a bank, any money you deposit with it won’t be covered by the FSCS. Instead, your money is held in a separate account by a chosen banking provider – this means that if anything happens to Acorn, you should still get your money back.