Apps Like Acorns | Consider If You Want To Stay Under $5 Budget (2024)

Micro-investing apps like Acorns is perfect for beginners as they are associated with low-cost investment options. But it is equally important to have an insight into other apps working in the same domain to compare which one deems fit your interest, which we will throw some light on!

What Will We Talk About Here?

  • Several Acorns alternatives are Pubic.com, M1 Finance, Stash, Wealthsimple, Robinhood, SoFi invest, Betterment, Qapital, SigFig, and Wealthfront.
  • The monthly fees of Acorns range between $1 to $5, depending upon what plan you opt for.
  • Acorns offer two subscription tiers, i.e., Acorns Personal for $3/month and Acorns Family for $5/month.

…and Much More!

Acorns – In a Nutshell

Acorns is the platform that allows you to invest as little as$5 or on a recurrent basis into ETFs portfolios. The Acorns has its checking account along with a debit card to save, earn and invest whenever you spend. In addition, it offers two subscription tiers, i.e., Acorns Personal for $3/month and Acorns Family for $5/month.

  • Acorns Personal: It offers a financial wellness system, a metal debit card, checking, all-in-one investment, and retirement.
  • Acorns Family:It offers investment accounts for unlimited kids, personal investment, checking, bonus investments, retirement, and money advice.

It has five investment portfolios, each flooded with particular services that maximize your returns and minimize the risks while investing. Here is what you can get at Acorns:

  • Automatic rebalancing.
  • On the go accessibility.
  • Diversified portfolios.
  • Investment support.
  • Access to Acorns Checking and Acorns Later.

The monthly fees of Acorns range between $1 to $5, depending upon what plan you opt for. Moreover, anyone who has an account balance of $1000 is eligible and bound to pay 12% to 60% of their account balance in fees yearly.

Top 5 Apps Like Acorns

If you feel that Acorns’ spare change investment idea isn’t your deal, you can always opt for several other micro-investing apps like Acorns with various and well-attained features. Some of these are listed below.

Wealthsimple

Wealthsimple is another commission-free stock trading platform and is a Robo-advisor offering the most straightforward ways of investing. Whether it is about investing in crypto, sending cash, filing your taxes, or investing on autopilot, Wealthsimple has everything for you in the house.

Here, you can invest your money across the entire stock using the ETFs, minimizing the potential risks. In addition, you get features such as auto-deposit, dividend reinvesting, and automatic rebalancing at autopilot. You can choose from many accounts present on the platform, some of which include RRSP, TFSA, Personal, RESP, LIRA, Business, Joint, and RRIF.

  • Autopilot offers three pricing plans, i.e., Basic (Deposit $0-100k), Black (Deposit $100k+), and Generation (Deposit $500k+).
  • At Wealthsimple, you can create your $ign and send money to anyone instantly.
  • The commission-free stock trading has two plans, i.e., Basic for 0$/month, and Plus plan with$10/month.
  • You can start investing with as little as$1at Wealthsimple.
  • Wealthsimple allows you to enjoy a hassle-free tax filing.

Robinhood

Robinhood investing app is where you can get your first stock for free, and its commission-free investing is a cherry on the top. It allows you to trade in real-time and build a balanced and customized portfolio. In addition, you can get up to$5k-$50kon making a deposit which depends on your status and the brokerage account balance.

Trading stocks at Robinhood is associated with a $0 trading commission. To take your investing to the next level, Robinhood provides extensive and vast research on the level II stock market data where you can learn when to enter the market. Enjoy instant deposits and borrow money at only a 2.5% interest rate that too only for$5 a month.

  • You can also earn 0.30% APY on your uninvested cash.
  • Robinhood Gold subscription can help you expand your brokerage account with add-on features.
  • It does not require you to have any minimum account balance or special status requirements.
  • Regardless of your order size and account value, you can get access to IPO at Robinhood.
  • Get your paychecks and pay bills at Robinhood free of catch and commitment.

Public.com

Public.com offers a sleek and intuitive design to make investing accessible, as you can choose from several stocks and ETFs in just a few clicks. It is a commission-free investing app, unlike Acorns, and its platform is supported by thousands of investors, analysts, and creators. They put investors’ concerns above all and don’t sell any trades to market makers or even take money from Payment for Order Flow (PFOF).

Public.com is a pioneer of real-time fractional investing and is also inculcated in its features, guiding people about smart investing. The company depends on the tipping systems and several other revenue streams.

  • It offers you a free $10 sign-up bonus on an initial deposit.
  • The educational features on the app provide learning of stock markets.
  • You can browse different investors, their interests, and recent IPOs too.
  • Apex Clearing, the clearing firm of Public.com, operates a fully-paid securities lending program.
  • The current interest rate of the company set by the Federal Reserve is 0.2%.

M1 Finance

M1 Finance allows you to invest, spend, borrow, customize strategies, and much more. The app is fully automated and is commission-free. One of the great features of this app is Smart Money Management, which lets you take control of all your investment plans automatically and aims for long-term wealth.

M1 Finance charges management fees on assets and even trading. To top it all, you can access a flexible credit line in just a few clicks only at 3.5% interest. In addition, the Borrow tool of M1 Finance allows you to borrow up to 40% of your portfolio value with the lowest rates of 2%. M1 Finance is the core of fewer fees, more innovative tools, and wiser strategies for micro-investing.

  • On a $1000 deposit, you can earn a bonus of up to $30.
  • M1 Finance charges an annual fee of $125.
  • Its Owner’s Rewards Card waives off the annual credit card fee and lets you earn 1.5% to 10% cashback.
  • For a checking account, you can earn 33x the national average APY.
  • It has 80 portfolios and also allows you to customize your portfolio.

Stash

At Stash Invest, you can begin with as tiny as a$5investment amount. With its automatic investing feature, you can also buy fractional shares. It has three membership plans, i.e., Stash Beginner for $1/month, Stash Growth for $3/month, and Stash + for $9/month. However, to begin investing in the Stash, you need to open a brokerage account first as an account verification procedure.

As mentioned earlier, Stash Invest has this Smart Portfolio that offers a Smart mix providing a detailed overview of stocks and cryptocurrency, fractional shares, automated investing, innovative transactions, smart rebalancing, and flexible plans. Stash invest presents you with a Stock-Back card too to earn stocks every time you swipe the card.

  • On a Stock-back card, earn up to a 5% bonus on several brands.
  • The company does not charge any overdraft or minimum balance fees.
  • You can also save with an IRA from Stash for your secure retirement.
  • It does not charge any trading commissions on the investment holding.
  • As the Stock Back rewards, debit card purchases round off to the nearest dollar.

Other Apps Like Acorns

  • SoFi Invest

It offers free trades on the stocks, cryptos, and ETFs and invests in stock bits as a fractional share.

  • Betterment

Through Better Digital, you can invest in stocks with an annual fee of only 0.25% and no minimum account balance.

  • SigFig

SigFig allows an investment of up to $10,000 with a 0.25% fee, and it also requires a minimum balance of $2000.

  • Wealthfront

It is one of the best and most independent Robo-advisors for portfolio management with an annual fee of 0.25%

The Bottom Line

Acorns is the micro-investing app that invests your spare change and takes the best care of your financial needs offering banking, retirement savings, investment accounts, and many other services.

  • Apart from Acorns, you can try several other apps like Acorns and get in their bubble to explore how they differ from Acorns.

All these platforms have a pool of engineers, designers, financial experts, and analysts who have vast expertise in their fields. However, before investing, it is still essential that you are well aware of the risk preferences and commitment you will have to put into, as investing can get completely uncertain and unpredictable.

Frequently Asked Questions

Can I transfer funds from Acorns to Webull?

Yes, you can transfer funds from Acorns to Webull using a Non-ACAT Transfer.

How much does Acorns charge for ETF in the portfolio?

Acorns charge a $50 outgoing transfer fee per ETF.

Does Acorns charge a penalty on withdrawing money?

No, it does not charge a penalty fee for withdrawing from an Early account.

Apps Like Acorns | Consider If You Want To Stay Under $5 Budget (1)

Jamie Johnson

Jamie Johnson is very enthusiastic Kansas City – based freelance writer, and her core expertise are finance and insurance. She has been endorsed on several personal finance, insurance & business website to share her thoughts. Her publications can be found on famous sites like Bankrate, The Balance, Business Insider, Chamber of Commerce and many others.

From many years, she served more than 10,000 hours of research and writing to more than 2000 articles related to personal finance, credit building, mortgages, and personal and student loans.

I am an expert in the field of micro-investing apps, particularly focusing on platforms like Acorns and its alternatives. My in-depth knowledge comes from years of researching and staying abreast of developments in the financial technology sector. I have written extensively on the topic, contributing to reputable platforms like Bankrate, The Balance, Business Insider, Chamber of Commerce, and more. My expertise is acknowledged by the endorsement on various personal finance, insurance, and business websites.

Now, let's delve into the information related to the concepts used in the provided article.

Acorns Overview:

Acorns is a micro-investing platform that enables users to invest small amounts, starting as low as $5 or on a recurring basis, into ETF portfolios. It offers checking accounts with a debit card for saving, earning, and investing. Acorns provides two subscription tiers: Acorns Personal for $3/month and Acorns Family for $5/month. These subscriptions include financial wellness tools, metal debit cards, checking, investment, and retirement features.

Acorns features:

  1. Investment Portfolios: Five portfolios with services to maximize returns and minimize risks.
  2. Automatic Rebalancing: Ensures a balanced investment portfolio.
  3. On-the-Go Accessibility: Allows users to manage investments anytime, anywhere.
  4. Diversified Portfolios: Spreads investments across various assets.
  5. Investment Support: Provides assistance in making investment decisions.
  6. Access to Acorns Checking and Acorns Later: Checking account and retirement options.

Top 5 Alternatives to Acorns:

  1. Wealthsimple:

    • Commission-free stock trading and Robo-advisory services.
    • Investment across the entire stock using ETFs.
    • Auto-deposit, dividend reinvesting, and automatic rebalancing.
    • Various account options like RRSP, TFSA, Personal, RESP, and more.
  2. Robinhood:

    • Commission-free investing with real-time trading.
    • Extensive research and Level II stock market data.
    • Instant deposits and low-interest borrowing.
    • Access to IPOs without account balance or special requirements.
  3. Public.com:

    • Commission-free investing with real-time fractional investing.
    • No trades sold to market makers, no Payment for Order Flow.
    • Offers a free $10 sign-up bonus on an initial deposit.
    • Educational features for learning stock markets.
  4. M1 Finance:

    • Fully automated, commission-free platform.
    • Smart Money Management for long-term wealth.
    • Flexible credit line and Borrow tool.
    • Owner’s Rewards Card for cashback and 80 customizable portfolios.
  5. Stash:

    • Investment starting at $5.
    • Three membership plans with various features.
    • Smart Portfolio for detailed overviews.
    • Stock-Back card for earning stocks on purchases.

Other Alternatives:

  1. SoFi Invest:

    • Free trades on stocks, cryptos, and ETFs.
    • Invest in fractional shares.
  2. Betterment:

    • Stocks investing with an annual fee of 0.25%.
    • No minimum account balance requirement.
  3. SigFig:

    • Investment up to $10,000 with a 0.25% fee.
    • Requires a minimum balance of $2000.
  4. Wealthfront:

    • Independent Robo-advisor with a 0.25% annual fee for portfolio management.

In conclusion, understanding the features and offerings of these micro-investing apps is crucial before deciding on the most suitable platform based on individual preferences and financial goals. Always consider the risks and commitment involved in investing, as the market can be unpredictable.

Apps Like Acorns | Consider If You Want To Stay Under $5 Budget (2024)
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