Acorns is a financial tool that claims to enable users to invest spare change and other small amounts. Per the Acorns help center, You can easily cancel your Acorns subscription through the steps below:
- Log into your account
- Click on the menu avatar
- Click or tap on “Settings.”
- Find “Profile & Settings” and tap on it
- Select “My Subscription”
- Go to “Manage” from the drop-down and click “Cancel subscription.”
- Follow the instructions provided.
This will only cancel your subscription and not close your account.
How to Close Your Acorns Account
If you would like to unsubscribe and close your account as well, here is a guide on how to close your account.
Using Android or a Computer
- Log into Acorns in a web browser or through the app
- Find your profile avatar, usually at the top right, and click it. A drop-down menu will pop
- Click on settings at the top of the new expanded menu
- Click on “Personal Settings”
- Click the “Subscription” link
- Find the “Close My Account” link in red if you use the standard account. If you upgraded to any plan, click “Contact Support” and “Close my Account.” An Acorn representative will reach out through email in less than two business days.
- Confirm you would like to close your account by clicking on the “Yes, Continue” link. Before finalizing the canceling action, you might be asked to confirm your billing information and bank account balance. On closing your accounts, your funds will be sent to your primary funding source in less than a week.
Using iOS
- Open the app on your iPad or iPhone
- Tap on the menu *three horizontal lines” at the top left corner
- Choose “My Settings” from the menu
- Find “Manage My Account” and tap on it. Information on your account details will appear
- At the bottom, tap on “Close Account.” You will be asked to enter a reason for closing your account if you use the standard account. If you have upgraded, the app will pop up contact information for the support team. Follow the instructions to contact the support team for instructions on how to proceed.
- Tap “Next”
- Confirm by tapping “Close Account.” You might need to confirm billing information and bank account details to finalize your cancellation. Funds in the account will be sent to your primary funding source in a maximum of six business days.
Note: Closing your account does not cancel your subscription. So, you will continue to incur monthly subscription charges until you cancel the subscription. Also, if there were any transactions processing, you will have to wait until they finish processing before the accounts can be closed.
Acorns Support Number
If you encounter any problems closing your account, you can reach the Acorns support team at 855-739-2859. Their customer service is available on call every day from 5 am to 7 pm. You can also use the chat feature on their website 24/7 if you need urgent help.
Why Cancel Acorns Subscription?
If you have used Acorns and it has not met your needs or expectations, or you have simply outgrown it and want to cancel your subscriptions, here is a guide to take you through.
There are four reasons why most customers choose to cancel their Acorns subscriptions. First, they soon realize it is not ideal for long-term investing. Most people don’t recognize that the Acorns accounts are taxable. So, if you are using the account to invest for a long-term goal, you will incur taxes, and withdrawal charges. Most people compare this and see other options, like using 529 plans which don’t charge a penalty for withdrawals, could be a better option.
Second, their subscription fee is expensive. If a brokerage account charged you 5% monthly on your contributions, you would consider it a scam. Interestingly, Acorns costs around the same per month when you do the math. If the round app for every transaction is $0.50, you could be investing $20 in Acorns every month, and they charge a $1 monthly subscription fee.
Third, while we said the Acorns might not be ideal for the long-term, it is neither ideal for short-term investing. Most people invest money they don’t need for at least five or ten years. This is a long time to invest money in a low-interest plan. Usually, it is best to get maximum value from your investment, and there are better options to consider, like a high-interest savings account. As you invest, remember to have an emergency fund you can dig into in case of unexpected expenses.
Lastly, the Acorns account could be giving you a false sense of accomplishment. Usually, the Acorns advertisement makes their subscribers believe they are making a huge impact on their future and claims to be inspiring people to save with minimal effort. However, you can do much better through other savings plans, and most people cancel their subscriptions when they realize this.
How to Withdraw Your Money After Canceling
You will not need to withdraw your money after canceling your subscription. After cancellation, any pending investments that haven’t been processed will be canceled, and any funds in your account will be deposited in your primary funding account automatically as soon as three days and a maximum of six business days. The same happens when you close your account.
How to Delete Your Acorns Account
Once the funds in your account have been transferred to a verified checking account that you previously linked to Acorns, you can proceed to delete your account.
Acorn Monthly Fee
Acorns advertise itself as a low-fee option, but is it? There are two membership plans: the personal plan for $3 a month and the family plan for $5 a month. While they seem cheap, they are pretty expensive on an annual percentage basis.
Do People Lose Money through Acorns?
Acorns is insured by the SIPC and FDIC. However, it is a financial service platform like any other and is subject to market changes and fluctuations. Therefore, depending on the prevailing market, your account may lose money.
Can I Pause My Acorns Account?
No, you cannot pause your subscription. However, you can pause your transfers through the following process:
If you are using the web:
- Log into your account
- Find the menu avatar, and tap on it. it is at the top left corner
- Tap on the “Settings” section
- Tap the “Linked Accounts”
- Find the “Allow Transfers” button and toggle it off
- Confirm the action
If you are using the web.”
- Log into your account
- At the top right, click on the menu
- Go to “Profile & Settings” and click on “Linked Accounts.”
- Turn off the “Allow Transfers”
- Confirm your action
Note that this will not prevent monthly subscription charges billing. It will also not cancel or pause transactions that were already in progress. Recurring investments you had previously chosen will be re-initiated when you resume.
Bottom Line
While Acorns offers a passive and simple investing solution that could attract new investors, their rates are more expensive. Besides the high monthly fees, the subscribers could lose their money to market fluctuations depending on the investment made. Therefore, it may not be the best investment solution. Why spend more on unsure investments and hefty subscription fees when there are other low-cost investments with guaranteed returns?