Acorns Review 2024 [Guide for College Students and Recent Grads]

You can learn about investing 

The Acorns app is a great way to learn the basics of investing. You can see how the stock market works and how investments perform.

The app is very user-friendly and easy to navigate

Even if you have no experience with investing, you’ll have an easy time seeing your account activity, reviewing performance and increasing your investment knowledge.

There are no fees for withdrawals or deposits

One of the great things about the Acorns app is that you can withdraw your money at any time without any fees. This is great if you need to access your money for an emergency or unexpected expense.  (There may be tax implications associated with selling holdings in your portfolio.  Please consult a tax advisor with questions regarding your personal tax treatment.)

The Cons of the Acorns App

While the Acorns app does have some great features, it’s not perfect and may not be the right investment app for you. Here are the major cons of the Acorns app.

There are subscription fees for using the app

Of course, there are some fees associated with  your Acorns account. And while those monthly subscription fees are relatively low ($3 or $5 per/month depending on the tier you choose), they can add up if you’re only using Acorns to invest a small amount.

Your investment options are limited

On the Acorns app, you’re only able to invest in a limited number of investment options. You’re not able to choose individual stocks, which means you have less control over your money. However, Acorns has recently made it possible to invest in a bitcoin-linked ETF!

You don’t get personalized investment advice

The Acorns app doesn’t offer much in terms of personalized investment advice.  If you’re new to investing, you might not know where to start, which investing strategies are suitable for your goals, or how much risk you should take on. In which case, you may want to speak to human financial advisors.

There’s no tax-loss harvesting

Acorns accounts also don’t offer tax-loss harvesting, which is a way to reduce your taxes by selling investments that have lost money and using those losses to offset any capital gains you might have.

So, Is Acorns a Good Investment App for College Students and Young Adults?

There really isn’t one definitive answer to this because it depends on your individual circumstances. If you’re someone who is just starting out and wants to get your feet wet in the world of investing, Acorns may be a great way to do it. The app makes investing super simple and easy to understand.

However, if you’re looking for more features and customization, you might want to look into other ways of investing, such as traditional brokerage firms.

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