Signing up for an Acorns investment account is a relatively easy process. It starts with signing up on the web or downloading the app for free from iTunes, Amazon, or Google Play. The app is available for iPhone or Android mobile devices.
The three-step signup process starts with entering a PIN access code, which you will use when you log into the app in the future. Creating an Acorns account is currently available only to U.S. citizens.
1. Choose a Round-Up Account
Your main Round-Up account is the one you will monitor; choose which transactions you want to round up and invest the change. Choose from the most popular banks, including Chase, Bank of America, Citibank, Wells Fargo, U.S. Bank, USAA, etc. If your bank isn’t listed, click the “Next” button and type your bank’s name in the search bar.
Then you’ll be prompted to log into your bank using your online sign-in credentials. Next, click the account you’d like to use in your round-ups. You can connect to more than one account if you’d prefer.
2. Connect Your Checking Account
Your checking account is different from your Round-Up account (this was confusing to me at first, too) and is the account from which funds will be transferred into your Acorns account. Connect an existing checking account from the list and sign in using your online credentials, or input your routing and account numbers manually from a different bank.
It took several minutes for my Chase Bank account to sync using my online ID and password. And don’t worry about connecting your banking information, because Acorns encrypts and protects all of the data with bank-level security.
3. Create an Investment Account
You’ll be asked to type in your first and last names, phone numbers, and birth dates and to choose a security question/answer. Then it’s time to fill in your address and check if you’re a U.S. citizen or not.
The next screen prompts you to fill in your employment information, net worth, yearly income, and your reasons for investing. The answers to these questions will help Acorns generate customized advice and a recommended portfolio created by its team of experts, including a Nobel Prize-winning economist.
You can choose from five different reasons for investing:
- Long-term investment
- Short-term investment
- Major purchase
- Children
- General
Finally, you need to fill in your Social Security number, which, according to the app, is used for ID verification, tax reporting, and fraud prevention.
Once you check all the signup boxes in green, click the “Get Started!” button.
4. Start to Invest With the Acorns App
Logging into the Acorns app allows you to view your portfolio, check your index funds’ performance, see what the market is doing, and much more.
Jeff Cruttenden, the co-founder and COO of Acorns, says:
We focus less on beating the market and more on index portfolios where we can capture the market and keep fees low.Jeff Cruttenden
It’s important to note returns are not guaranteed, and it’s possible to lose principal. Acorns invest in the stock and bond markets and is both FDIC insured and SIPC insured.