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Acorns vs Charles Schwab

Acorns is an investment app that automatically invests your spare change. Good for young investors to get into the habit. How does it compare to Charles Schwab? Read our comparison chart below.

Acorns is geared towards young investors who have trouble saving. This investment app automatically rounds up and invests your spare change whenever you make a purchase. The service fee starts at $3/month for accounts. There is no minimum to open.

While Charles Schwab offers stock and ETF trades at $0 commission and options trading at $0 commission + $0.65 per contract. There is no minimum deposit, no maintenance fee, and no inactivity fee.

Compare Acorns with Charles Schwab, side-by-side. Read on for an in-depth look, including ratings, reviews, pros and cons.

 Acorns
 Visit SiteLearn More
 

Acorns

Charles Schwab

SPECIAL OFFER
$10 Sign-Up Bonus - Learn More

Read Acorns Review

SPECIAL OFFER
$0 Commissions on Online Stock, ETF, and Options Trades - Learn More

Read Charles Schwab Review

 

Benefits and Features

Savings
No
 
Stock TradingPart of service fee. No add-on trading fees.$0 commission on U.S. stocks and ETFs
Options Trading
No
$0 + $0.65 per contract
Annual Fee
  • $3/mo for Acorns Personal (includes personal taxable account, IRA, and checking account)
  • $5/mo for Acorns Family (includes everything in Personal plus investment accounts for kids)
 
Cryptocurrency Trading
No
 
Minimum Deposit
$0
$0
Checking
Yes
 
Mutual Fund Trading
No
$0 for no-transaction-fee funds $49.95 for all other funds
Commission Free ETFsA selection automatically chosen by Acorns2,000+ across asset classes and fund companies, $0 commission through Schwab ETF OneSourceā„¢.
Phone Support
Yes
 
Live Chat Support
No
 
Email Support
Yes
 
Human Advisors
No
 
Robo Advisor
Yes
 
Assets Under Management
$4.7 Billion
 
Tax Loss Harvesting
No
 
Goal Tracker
Yes
 
Automatic Deposits
Yes
 
Broker Assisted TradesAcorns automatically invest and trade for you
$25.00 service charge
Customer Service 
24/7
Good ForBeginners; Passive investors; Those who have trouble saving/investing on their own 
Inactivity FeeNone, but you will keep paying the monthly fee
None
Maintenance Fee
Monthly fee for the service
$0
Online Platform
Yes
 
iPhone App
Yes (4.7 stars, 760k ratings)
 
Android App
Yes (4.3 stars, 156k ratings)
 
BankingIncluded in Acorns Personal ($3/mo). Free metal debit card, no minimum balance, no overdraft fees, and 55,000+ fee-free ATMs nationwide.
Yes
Mobile App
Yes
Yes
Desktop App 
Yes
Two-Factor Authentication
Yes
 
Futures Trading 
$2.25 per contract
Locations
No
300 locations
Online Community
No
Yes
Seminars
No
Yes
Virtual Trading
No
No
Fractional Shares
Yes
 
Taxable Accounts
Yes
 
401k Plans
No
 
IRA Accounts
Yes
 
Roth IRA Accounts
Yes
 
SEP IRA Accounts
Yes
 
Trust Accounts
No
 
529 Plans
No
 
 

CreditDonkey® Reviews

 Acorns
Annual FeeStarStarStarEmpty StarEmpty Star
Minimum DepositStarStarStarStarStar
Customer ServiceStarStarStarEmpty StarEmpty Star
Mobile AppStarStarStarStarHalf StarStarStarStarHalf StarEmpty Star
Ease of UseStarStarStarStarStarStarStarStarStarEmpty Star
Stock TradingStarStarStarStarHalf Star
Options TradingStarStarStarHalf StarEmpty Star
Mutual Fund TradingStarStarStarStarEmpty Star
Online PlatformStarStarStarStarStar
BankingStarStarStarStarStar
Commissions and FeesStarStarStarEmpty StarEmpty Star
ResearchStarStarStarStarStar
Pros & ConsPros:
  • No minimum investment
  • Invest with spare change
  • Cash-back program
Cons:
  • Fees are high for small balances
  • No tax benefits
  • Limited investment options
Pros:
  • Vast selection of commission-free ETFs and mutual funds
  • 2 platforms (one for beginners and one for advanced traders)
  • 24/7 customer service including online chat
Cons:
  • Commission costs on mutual funds outside of the commission-free funds
  • Robo-advisor option requires a minimum investment of $5,000
Bottom LineInvestment app that automatically invests your spare change. Good for young investors to get into the habit... Read full reviewGood choice for beginning and advanced investors looking to invest in ETFs and mutual funds or investors that require extensive research... Read full review
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Blank fields may indicate the information is not available, not applicable, or not known to CreditDonkey. Please visit the product website for details.

Acorns: Pricing information from published website as of 09/28/2020.

Charles Schwab: Pricing information from published websites as of 11/14/2021.

Which is Better: Acorns or Charles Schwab?

Still need help deciding which investing is better? Read the in-depth reviews below. You may also be interested in comparing Acorns or Ally Invest.

In short: Acorns' mobile app and ease of use are notable. In particular, the ease of use is outstanding.


Articles on Acorns

Acorn App Review

Acorns automatically invests your spare change. But can it help make you money? Find out if this app is safe and legit.

Is Acorns Legit

Acorns lets you invest spare change from every purchase. But is it safe to use? Learn just how secure the micro-investing app is.

How to Make Money Using Acorns

Acorns "rounds up" everyday purchases and invests it for you. What's the catch? Read this review to find out how to make money using the app.

Articles on Charles Schwab

Charles Schwab Review

Charles Schwab is one of the oldest names in the world of investing. With low fees, no account minimums, and robust research tools, it's a good brokerage for all levels of investors.

Comments

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