≡ Menu

Customer Reviews


Acorns App Review… Will “Rounding Up” Really Make a Difference?

Here’s an interesting fact, according to the BBC, the famous Trevi fountain located in Rome, Italy has nearly $4,000.00 dollars in mixed “coin” currency thrown into it each and every day!

“Multiply that by 365 days a year and we’ll now our talking!”

Problem is…

Not many folks “own” a world-famous tourist attraction, and even if we did, few of those would have the tradition or throwing loose change into them.  So, why are we talking about the Trevi fountain?

Well that’s simple…

We talk about the Trevi fountain so that you can understand that even “small” amounts of money, if “consistently saved” over time will eventually become larger amounts of money pretty quickly.

But who wants to…

Collect coins all day?  And how often do people even use cash anymore anyways?

Aren’t most folks usually using a credit or debit card instead of cash to buy what then need nowadays?

We think so…

And so, did the folks who created the Acorns App.  You see, the folks who created the Acorns app created a process whereby because their users are able to “collect” and “save” their loose “change” rounding up any purchases that are made using your debit card to the nearest dollar!  And then, it takes that money that has been collected and “invests” it for you!

Pretty cool, right?

We’ll we thought so, which is why we choose to take a closer look at the Acorns app and write this brief review so that you can get a better idea if you think it might be something that can work for you.

So, what is the Acorns App?

In short, the Acorns app is a money saving app that was launched in Australia that collects your spare change and not only that, it invests it!

Founders of Acorns

Walter Cruttenden founded Acorns in Australia. He’s a financial markets innovator and was previously the CEO of Roth Capital Partners. That’s pretty impressive; and probably means your money is in the right hands!
His Co-founder, Jeff Cruttenden (Walter’s son), is the one who saw the potential of “rounding up” one’s purchases and using that money to be “invested” and decided to create an opportunity for those interested.  As a result of this idea, Jeff Crutterden, has been listed as one of Forbes top “30 under 30”.

So how does it work Acorns work?

Just like all investments, you need to choose how aggressive you want to be. If you want low risk, you’ll typically only have the “chance” to earn a low return. If you’re a little riskier you might go for moderately aggressive, which of course increases the risk of such an investment.

Acorns will show you a pie chart that illustrates investments. If the thought of investing scares you because it sounds like a lot of work, think again! It’s really not that bad!

That said however…

If the thought of investing scares you because you don’t want to lose any money, well then perhaps the Acorn app isn’t right for you.  Because remember, all “investments” regardless of how big or small will carry the risk of loss.

Which brings us…

To the point in this review where we should point out that we here at TermLife2Go aren’t financial advisors or money managers.  All we are is a bunch of life insurance agents who happen to be really good at helping folks qualify for life insurance.

Now how does that have…

Anything to do with saving money or investing money?  Not much, but over the course of helping tens of thousands of people qualify for life insurance, we here at TermLife2Go have learned quite a bit about money and how people earn it, save it and want to protect it.


Because our primary goal here at TermLife2Go is to help people insure the financial security of their loved ones, reviewing an app like Acorns make total sense to us.  But just remember, the ultimate decision on whether or not the Acorns app is right for you can only be decided by you.

Now with that said, let’s get back to our review and start talking about what it costs to use the Acrons app.

Does it cost money to use Acorns App?

Yes. While it is free to download the app, you will have to pay about $15 per year to keep it active. However, if you have a portfolio that’s worth more than $5000, then you will have to pay a percentage: 0.275%, which is something you’ll need to consider when determining if Acorns is right for you.

Is using Acorns to invest your spare change cheaper than a stock broker?

Yes! Of course is it – and by a lot.

How does money get in your Acorns App account?

You connect Acorns to some of your accounts and specify which bills you want to “round up”. For example, if you buy gas for $22.25, you can have it round up to $30 and invest the .75. Or say you get a morning coffee for $2.70, then you can invest the .30.   And over time, depending on how frequently you use your debit card, your account can really begin to add up.

Drawbacks of Acorns.

The only real potential drawback that we can see to using an app like Acorns aside from the fact that all investments can potentially lose money is that there is a “fee” associated with using it.

And while the fee may seem nominal, if you are really only depositing spare change from a few purchases every month, then it might not be as cheap as you think.


If you really think about it: if you are only investing around $10 a month and $1 goes towards a fee, that’s a 10% service charge!  But, if you are investing $100 or more a month, that that fee really isn’t all that big of a deal.

So, basically…

You should look at the amount you will probably wind up investing using Acorns and then decide if it makes economic sense to use it or not. Because at the end of the day, its important to remember that not every “app” is right for everyone.  This is why we have a Top 20 Money Saving App because we know not every app is going to be ideal for everybody!

The good news is…

That if you’re actively trying to save money, that’s half the battle to becoming financially solvent and not having to worry about what bill may be in the mail or what “expected” cost may be just around the corner!

For more information about how you can either increase your monthly income or find additional ways to save money, we would encourage you to take a look at these articles as well:

Which brings us back to…

“Why is a company like TermLife2Go writing about “Apps” that help save people money, what’s in it for them?”

To which we respond, in make perfect sense for us to write about money saving apps because at the end of the day, we want all of our clients to live a life absent having to stress about money or the financial security of their loved ones.  So, if using the Acorns app helps you do this, great!  Mission accomplished.

And, if after saving…

A bunch of money, you now want to purchase a life insurance policy, even better!  (Interested in knowing what it would cost, just click here Term Life Insurance Quotes)  But one thing that you can rest assured with is that we here at TermLife2Go are not compensated in any way by the folks who own Acorns which is why it doesn’t matter to us one way or another if you choose to use the Acorns app.

So, let us know what you think by commenting in the comment section below.

0 comments… add one

Leave a Comment

TermLife2Go Mission

To empower our customers through knowledge and expertise so our clients secure the best and most appropriate insurance coverage available providing peace of mind to our clients and their loved ones.

About TermLife2Go

Our licensed professionals have over two decades worth of experience and will help you choose the best life insurance company for the lowest price based on your specific needs and lifestyle. Find out more about us here.