Best Acorns Alternatives to Help You Grow Your Finances
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Acorns is a micro-investing app that is ideal for beginners in the early days of their journey to financial freedom. It allows you to make automatic recurring deposits, and you don't have to worry about minimums or trade fees. It lets you invest in the digital equivalent of spare change in an automated manner. But Acorns also charges a per-month fee of up to $9.
Perhaps you're looking for an investing app that doesn't dent the wallet, has more features, lets you invest in cryptocurrency and IPOs, or just allows you to follow socially responsible investing principles. Regardless, we're confident there's an app for you, and it's only a matter of presenting you with all the options.
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Overview of best Acorns alternatives
App | Best for |
Robinhood | Beginners |
Stash | Percentage of purchases given back in stock |
Fidelity | Managing all of your finances |
SoFi | IPO investing |
M1 Finance | Customizing portfolios |
Wealthfront | Passive investing |
Betterment | Robo-advisor investing |
Ellevest | Hands off-investing |
Public.com | Seeing other people’s trades |
Qapital | Long-term investing |
Reasons To Use Stash For Investing
- Get $5 to Make Your First Investment
- Invest in Stocks and ETFs with $1 or Less
- Receive Your Paycheck up to 2 Days Faster
- No Overdraft Fees or Minimum Balances
Best Acorns alternatives
Robinhood
Robinhood helped mainstream retail investing by providing commission-free trading for stocks and cryptos. Robinhood is a mobile-first company, and even though it offers a web-based platform, mobile is the go-to choice for most users. In addition to stocks and crypto, you can also trade ETF options contracts and buy fractional shares for as little as $1. Robinhood also enables a dividend reinvestment program in your account, automatically investing money earned as dividends. You don't have to worry about paying fees at any ATMs in the Robinhood network.
You can't trade fixed income, foreign exchange, mutual funds, or futures through Robinhood. There isn't a fee associated with using Robinhood or any account minimums. However, if you'd like to access Morningstar research, trade on margin, or review market data, you'll have to pay $5 per month.
Stash
You can build a diversified portfolio by investing in individual stocks, REITs, exchange-traded funds, and crypto through Stash, and it also provides options for socially responsible investing. It is geared towards rookies just dipping their feet in the investing world. Stash provides educational content and automated portfolio management. There isn't an account minimum balance, but a $5 minimum applies to Smart Portfolio, which makes automated investments on your behalf depending on your risk appetite, financial goals, and financial situation. Stash also offers a banking product that can be used to pay bills, make deposits, and write checks. You can also choose to receive your paycheck a few days in advance.
However, you can't trade mutual funds, fixed income, or forex via Stash. There are two payment tiers, charging a monthly fee of $3 and $9. The first one, called Stash Growth, puts you in the driver's seat, and you're responsible for everything. It gives you access to a robo-advisor, retirement accounts, and a managed portfolio called Smart Portfolio. The second tier, Stash+, adds a custodial investment account and the perks in Stash Growth. Both tiers come with a bank account and Stock-Back Card.
Fidelity
Fidelity has a lot going for it, but a few negatives exist. First, a little on Fidelity: it is a retirement plan provider and one of the largest brokers in the U.S. Regardless of your investment strategy, you can be sure that Fidelity has something in store for you. Investment choices include stocks (including penny stocks), options, and ETFs without charging you any account fees. You can access screeners and other research tools to help you make the right decision, and there's also educational content on offer.
On to the negatives, you can't invest in futures, cryptocurrencies, or commodities, and its web platform lacks a few features that are otherwise available on the mobile app. You can trade stocks independently; however, if you'd like a human to do that, it'll cost you $32.95 per trade. There's also a $0.65 per-contract options fee. You need $10 to start investing.
SoFi Invest
SoFi Invest has two offerings: SoFi Active Investing and SoFi Automated Investing.
No account minimum and commission-free stock and ETF trades are the highlights of SoFi Active. You can also trade up to 22 cryptocurrencies for a flat fee of 1.25% per trade and scoop up fractional shares of companies that have become household names like Amazon. You can also access educational content, historical data, and stock performance. It is suitable for active traders and anyone looking to invest in ETFs. Retirement investors should look elsewhere because there's no option to park money in mutual, bond, or index funds.
Sofi Automated doesn't charge management, advisory, or administrative fees; you can choose from 8 portfolios of low-cost ETFs. You also get unlimited access to certified financial planners. There's a $1 account minimum and no option for socially responsible investing. Sofi Automated is ideal for new investors or anyone who doesn't want to break the bank.
M1 Finance
M1 Finance isn't suitable for beginners, but pros may find it useful. Unlike many other investing apps mentioned here, M1 Finance has a rather high account minimum: $100 for taxable accounts and $500 for retirement accounts. It also has a paid subscription plan called M1 Plus that'll cost you $36 annually. M1 Plus offers a few features not available on the Basic plan, like custodial accounts, a discounted rate on margin loans, and cash back on debit card purchases.
You can invest in individual stocks, ETFs, and REITs, but not mutual funds, crypto, or forex. But automated investing is M1 Finance's biggest draw. A robo-advisor builds a portfolio for you, but the investing platform lets you control what you want to invest in. Once you've decided, you can set up auto-invest, and the system will make purchases automatically. M1 Finance doesn't charge a management fee.
Reasons To Use Stash For Investing
- Get $5 to Make Your First Investment
- Invest in Stocks and ETFs with $1 or Less
- Receive Your Paycheck up to 2 Days Faster
- No Overdraft Fees or Minimum Balances
Wealthfront
You can invest in individual stocks, cryptocurrency funds, ETFs, and REITs through Wealthfront. Still, there's a $500 account minimum, and the company charges 0.25% of assets under management as an annual fee. Portfolio customization tools at your disposal let you build an ETF should you choose to do so. The company rebalances your investments on your behalf, and you can also consider ESG factors before deciding. On the flip side, there's no online chat option available if you'd like to get help on something, and there are no human financial advisors to help you make the right decision.
Betterment
Betterment offers investment management options for new investors and those with a lot of deployable cash. The company offers an income-focused portfolio and many socially responsible investment portfolio choices. You can also access a checking account and a high-yield cash reserve account. There's also a human financial adviser should you need any assistance.
You can invest in ETFs from 13 asset classes, technology funds, and fractional shares. The account minimum is $0 for the Digital tier, but it goes up to $100,000 for the Premium plan. The higher tier gives you unlimited access to financial advisors. Turning to the management fees, Betterment charges 0.25% of AUM annually for Digital and 0.4% for Premium.
Ellevest
Ellevest doesn't enforce an account minimum or advisory fees, but you must pay management fees. You can invest in mutual funds and ETFs; ESG options are also available. Ellevest is focused on women and considers career breaks and salary gaps. It is suitable for beginners. Its cash management account lets you round up savings deposited into your savings account.
Ellevest costs $12 monthly, which includes investing and educational resources. It also offers financial planning services and one-on-one sessions with experts. Ellevest Private Wealth Management is designed for individuals with $1 million or more for investment, and the fees will be based on the total assets under management.
Public Investing
Wouldn't it be nice to see which stocks others (specifically
Shaquille O'Neal!) are scooping up? That's the idea behind Public Investing. This micro-investing app lets you peek at other people’s trades, so you're always in the know. Not limited to celebrities, average Joes can share their stock picks and trade financial advice. Public lets you buy fractional shares. There's no account minimum, and the company doesn't charge trading fees or commissions on stocks and ETFs. But this is where the positives stop.
Public.com has limited account types, and you can only open an individual brokerage account; there are no options for an IRA or a joint account. You can only invest in ETFs, stocks, and crypto, and while it works for beginners, professional investors may have to turn elsewhere if they'd like more investment options. Public.com also doesn't have a screener tool or charting capabilities.
Qapital
Qapital is, first and foremost, a savings app. It helps you set up savings goals and then automate the savings process. Qapital encourages you to rein in spending and use the money you have saved toward investments. When you open a Qapital account, you're asked about your risk tolerance and goal. Depending on what you choose, the system will make investment recommendations. However, the investment portion is very limited. You can't buy and sell or choose your investment; that's all done by the app. What investment option do you have? Only ETFs. If you'd like to invest in stocks or you're looking for an investment where you're in control, it's best to look at other options.
Qapital requires a minimum of $10 account if you're going to start investing. Pricing-wise, it's $3 a month for the Basic plan, $6 per month for the Complete plan, and the Master will cost $12 monthly. Once you subscribe to a plan, your 30-day free trial will begin. Only the Complete and Master plans let you invest.
Reasons To Use Stash For Investing
- Get $5 to Make Your First Investment
- Invest in Stocks and ETFs with $1 or Less
- Receive Your Paycheck up to 2 Days Faster
- No Overdraft Fees or Minimum Balances
Summary of best Acorns alternatives
App | Account minimum | Trading commission | Investments |
Robinhood | $0 | $0 | ETFs, stocks, options, cryptocurrency, fractional shares |
Stash | $5 to start investing | $0 | Stocks, REITs, ETFs, crypto |
Fidelity | $10 to start investing | $0 | Stocks (including penny stocks), options, ETFs |
SoFi Invest | $0 for Active Investing, $1 for Automated | $0 | Stocks, ETFs, fractional shares, IPOs for Active Investing, ETFs for Automated |
M1 Finance | $100 for taxable accounts, $500 for retirement accounts | $0 | Individual stocks, ETFs, REITs |
Wealthfront | $500 for investment accounts | $0 | Individual stocks, ETFs, crypto funds |
Betterment | $0 for Digital plan, $100,000 for Premium tier | $0 | ETFs |
Ellevest | $0 | $0 | ETFs, mutual funds |
Public Investing | $0 | $0 | ETFs, stocks, crypto |
Qapital | $10 to start investing | $0 | ETFs |
The bottom line
There's no such thing as the best investing app. Ultimately, it all comes down to factors controlled by each individual — how much money you can invest, whether you are a beginner or a pro, how you plan to go about portfolio allocation, your financial goals, diversification goals, etc. While everyone will answer these questions differently, we're hopeful the investment apps listed here will serve as a good starting point for you. Many of these apps are available for Android and iOS and have low fees. Once you choose an app, stay on it for a few months to get a feel for it. Of course, as your investment journey progresses, your taste will change, too, and you'll get better at financial planning. At this point, you can begin to experiment with other such apps.
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Writer
Jasir Jawaid is Joy Wallet's Assistant Editor. He has more than 13 years of experience as a journalist covering Wall Street, equities, financial policy and regulation, and cryptocurrency and blockchain.
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