Acorn App Review 2023 : Is it worth it ?

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By Andrew Betty

A full detailed guide on Acorn App Review 2023 in australia with features,pros,cons,comparision,reviews,customer ratings,how to use,referral program and Everything You Need to Know about Micro-Investing app in Australia.

In this digital age, it has become increasingly important to find ways to save money and invest wisely. One such app that has gained popularity for its innovative approach to savings and investment is the Acorn app.

In this article, we will provide a detailed review of the Acorn app, exploring its features, pros, cons, and how it can help you save more money in Australia. Whether you’re a seasoned investor or just starting your journey to financial stability, Acorn app might be the solution you’ve been looking for.

What is the Acorn App?

Acorn app is a micro-investing platform that aims to make investing simple and accessible to everyone. It was founded in 2012 and has since become one of the leading financial apps in the market. The app connects to your bank accounts and credit cards and rounds up your everyday purchases to the nearest dollar, investing the spare change into a diversified portfolio.

How Does Acorn Work ?

To get started with Acorn, you’ll need to download the app and create an account. Once your account is set up, you can link your bank accounts and credit cards to the app. Acorn will analyze your spending patterns and round up each transaction to the nearest dollar. For example, if you spend $4.75 on a coffee, Acorn will round it up to $5.00 and invest the extra $0.25.

Features of Acorn App

1. Round-Up Feature

The round-up feature is the core of Acorn’s platform. It helps you save money effortlessly by investing your spare change from everyday purchases. The small amounts may seem insignificant, but they can add up over time and grow into substantial savings.

For example, if you buy a coffee for $3.50, Acorns will round that up to $4 and invest the $0.50 in your account.

2. Acorns Later

Acorns Later is a retirement savings account option offered by Acorn. It allows you to invest your money in a tax-efficient Individual Retirement Account (IRA) to secure your financial future.

3. Found Money

Acorns partners with various brands, such as Amazon, Airbnb, and Nike, to offer you cashback rewards when you shop with them through the Acorn app. These rewards are directly invested in your Acorn account.

4. Acorns Spend

Acorns Spend is a checking account feature that comes with the Acorn app. It offers a debit card, no minimum balance, and no overdraft fees. This feature integrates seamlessly with your investment account.

5. Automatic deposits

You can set up automatic deposits to add money to your Acorns account on a regular basis. This is a great way to save money without even thinking about it.

6. Referral program

You can earn a bonus when you refer a friend to Acorns.

7. Educational resources

Acorns offers educational resources to help you learn about investing.

How to Use Acorn App Effectively

1. Setting Up Your Account

To get started, download the Acorn app and create your account by providing the necessary details.

2. Linking Your Bank Accounts

Link your bank accounts and credit cards to Acorn to enable the round-up feature.

3. Choosing Investment Portfolios

Select an investment portfolio that aligns with your risk tolerance and financial goals.

4. Managing Your Round-Ups

Keep track of your round-ups and monitor your investments regularly to assess progress.

5. Automatic Deposits

You can also set up automatic deposits to add money to your Acorns account on a regular basis.

Pros/Likes of Using Acorn App

Acorn app

1. Easy to Use

Acorn’s user-friendly interface makes it easy for anyone to start investing, regardless of their financial expertise.

2. Automated Saving Deposits

The app’s automated round-up feature ensures that you save and invest money without even thinking about it.

3. Diversified Investment Options

Acorn offers a range of investment portfolios with different risk levels, allowing you to choose the one that suits your financial goals.

4. Educational Resources

Acorn provides educational content and tips on saving, investing, and financial management to help users make informed decisions.

5. Low fees

 Acorns has low fees, which means you keep more of your money.

6. Social features

Acorns has social features that allow you to connect with friends and see how they’re doing with their investments. This can be a great way to stay motivated and on track.

Cons/Dislikes of Using Acorn App

1. Fees and Charges

Acorn charges a monthly fee of $3 , which can eat into your returns, especially if you have a small investment.

2. Limited Control Over Investments

Since Acorn invests your money automatically, you have limited control over where your funds go.

3. Minimum investment: 

There is a minimum investment of \$5 to open an Acorns account.

4. Not FDIC insured

Acorns is not FDIC insured, which means your money is not guaranteed by the government.

Tips to Save More Money with Acorn App

1. Increase Your Round-Ups

Consider increasing the round-up multiplier to save and invest more with each transaction.

2. Take Advantage of Found Money

Shop with Acorn’s partner brands to earn cashback rewards that will be invested in your account.

3. Set Up Recurring Investments

Besides round-ups, set up recurring investments to grow your savings faster.

4. Set a savings goal

What do you want to save for? A down payment on a house? A new car? Retirement? Having a specific goal in mind will help you stay motivated.

5. Track your progress

See how much money you’re saving each month and how close you are to your goal. This will help you stay on track.

6. Be patient

It takes time to save money and reach your goals. Don’t get discouraged if you don’t see results immediately. Just keep at it, and you’ll eventually reach your goals.

7. Choose a low-cost investment portfolio.

Acorns offers a variety of investment portfolios to choose from. Choose a portfolio that has low fees.

Read This Also : 15 Best Money Saving apps in Australia 2023

How to Negotiate Lower Interest Rate Loan in Australia : 5 STEPS Guide

Acorn App vs. Traditional Saving Methods

Acorn’s innovative approach to savings and investment sets it apart from traditional saving methods, offering convenience and automation that standard methods lack.

Security and Privacy

Acorn uses bank-level security to protect your data and employs encryption to safeguard your financial information.


Acorns has a referral program that allows you to earn a bonus when you refer a friend to Acorns. The bonus amount varies depending on the current promotion, but it is typically $5 for each friend who signs up and invests $5.

To refer a friend to Acorns, you can share your referral link with them. You can find your referral link in the Acorns app under the “Referrals” tab.

Once your friend signs up and invests $5, you will both receive a bonus. The bonus will be deposited into your Acorns account within 30 days.

Here are the steps on how to refer a friend to Acorns:

  • Open the Acorns app.
  • Tap on the “Profile” icon in the top left corner.
  • Tap on “Referrals”.
  • Copy your referral link.
  • Share your referral link with your friend.
  • Your friend signs up for Acorns and invests $5.
  • You both receive a bonus.
  • Here are some tips for referring friends to Acorns:
  • Share your referral link on social media.
  • Email your referral link to your friends.
  • Tell your friends about the Acorns referral program.
  • Offer to help your friends set up their Acorns accounts.

The Acorns referral program is a great way to earn some extra money and help your friends start saving and investing. So if you’re a fan of Acorns, be sure to share your referral link with your friends!

Accorn app customer Ratings and Reviews

Acorns has an overall rating of 4.7 out of 5 stars on the App Store and Google Play. Here are some of the customer reviews for Acorns:

Positive reviews:

“I love Acorns! It’s a great way to save money without even thinking about it. I’ve been using it for a few months now and I’ve already saved up a few hundred dollars.” – Apple App Store

“Acorns is a great way to get started with investing. The app is easy to use and the fees are low. I’ve been using it for a few years now and I’m happy with my results.” – Google Play

“Acorns is a great way to save for the future. I love the round-up feature and the automatic deposits. It’s a great way to save money without even thinking about it.” – Apple App Store

Negative reviews :

“I’ve been using Acorns for a few months now and I’m not really seeing any results. I’m not sure if it’s because I’m not investing enough money or if the fees are too high.” – Apple App Store

“I had a problem with my Acorns account and I couldn’t get in touch with customer support. I tried calling and emailing them, but I never heard back.” – Google Play

“I’m not a fan of the monthly fee. I think it’s too high for what you get.” – Apple App Store

Overall, Acorns has positive customer reviews. However, there are some users who have had problems with the app or with customer support. If you’re considering using Acorns, I recommend reading the reviews carefully before you sign up.


Acorns is a great option for people who want to start investing but don’t have a lot of money to start with. The app is easy to use and makes it simple to save money without even thinking about it. If you’re looking for a way to save money and invest for the future, Acorns is a great option to consider.

Frequently Asked Questions (FAQs)

Is Acorn available outside of Australia ?

Yes, Acorn is available in multiple countries, including Australia.

Can I withdraw my money anytime?

Yes, you can withdraw your money at any time without any penalties.

Does Acorn charge any hidden fees?

Acorn is transparent about its fees, and there are no hidden charges.

Is my personal information safe with Acorn?

Acorn takes data security seriously and employs advanced encryption to protect your information.

Can I use Acorn even if I’m not tech-savvy?

Absolutely! Acorn’s user-friendly interface makes it easy for anyone to use, regardless of their tech skills.

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