Acorns Spend Debit Card: Everything You Need to Know


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A few months ago, Acorns announced that they would soon be adding a third service to their product offering, in addition to the original Acorns and Acorns Later accounts. Today, we finally know what that service is going to be: Acorns Spend, an Acorns-branded checking/debit card.

Are you confused? You shouldn’t be. Acorns has a company mission of making saving and investing as easy as possible for their customers, who are typically financial novices. It was only a matter of time before they found a way to help their users right at the point of purchase!

Read on to learn more about how the Acorns Spend debit card can help you save and invest more money to reach your financial goals.

What is Acorns Spend?

Acorns Spend is a newly-created checking account and debit card that Acorns is offering to its customers. As a physical debit card, customers can use it just as they would use any other debit card to make purchases.

Acorns Spend Card and Phone

Where the card stands out from others, though, is in how it is designed to encourage saving and investing. By incorporating other key features from the Acorns investment app, Acorns Spend (in theory) makes it easier than ever to make investing an automated, thoughtless process—which is a good thing. The less a person needs to think about saving or investing, the more likely they are to keep doing it over the long run.

Acorns Spend accounts are managed by Lincoln Savings Bank, FDIC, meaning that each account is FDIC-insured up to a maximum of $250,000, just like other saving and checking accounts.

Plus, the cards are just plain pretty. Not a selling point, but definitely a perk!

How does Acorns Spend work?

The original Acorns investment app was built around the idea of “round-ups”—i.e., rounding up the spare change left over after each purchase, and depositing that change into an investment account where it could earn money and add up to big bucks over the years. Users manage round-ups from within the app, by either manually approving each purchase to round up or by enabling automatic round-ups (where every purchase is rounded up automatically). These round-up funds are then set aside until a balance of $5 is reached, at which point the money is transferred from your checking account to your Acorns portfolio

Where Acorns Spend is different is in the real-time aspect of the round-ups. While the traditional Acorns user must wait until their round-up “balance” reaches $5 before the funds are transferred and invested, users of the card will have their round-up funds transferred immediately into their accounts following a purchase. Though this seems like a small improvement, over the course of a few years or decades, this can have a tremendous impact on investment growth: The longer your money is in the market, the longer it can grow.

But beyond this, Acorns Spend comes with a number of other perks designed to help customers save and invest even more money, putting it in competition with the big banks.

(As a side note, I wonder whether or not Acorns Spend comes from Acorns’ recent partnership with Paypal. I have no proof of this, but I think it’s likely, and the relationship is likely to continue impacting their product offerings.)

How Acorns Spend can help you save and invest more money: Perks and Benefits

In addition to enabling real-time roundups with each purchase, Acorns Spend comes with some additional perks and benefits. Below is a look at what some of these additional benefits include.

1. Traditional Banking Features

Though helping customers save and invest is the name of the game for Acorns, the company knows that Acorns Spend is not going to be a success unless it can truly replace the bank cards you already have. For that reason, they’ve gone all out in making sure the card has all of the traditional banking features that customers expect, including:

  • Digital direct deposit
  • Mobile check deposit
  • Check sending
  • ATM finder
  • Free bank-to-bank transfers
  • FDIC-protection on up to $250,000

2. Found Money +

Okay, so this isn’t actually the name of the program, but that’s essentially what it is. Found Money is Acorns’ unique program where, whenever an app user makes a purchase with a partner company through their Found Money portal, a portion of that purchase amount is deposited into their investment portfolio.

With Acorns Spend, that will continue, but isn’t limited to only Found Money partner companies. Instead, shoppers have the potential to earn up to 10% of a purchase, deposited right into their investment account, from local shops. Though the specifics of this aren’t yet ironed out, it sounds and feels a lot like cash-back rewards programs offered by credit card companies, which sounds promising. I personally love the premise behind Found Money, but because I don’t actually shop through any of the partner companies, I miss out on a lot of that return investment. I just prefer to shop local whenever possible, which means avoiding some of the bigger chains like Walmart. Hopefully using Acorns Spend will help me (and those like me) recapture some of that!

As I learn more about the details of this cash-back feature, I’ll update so this section.

3. Expert Knowlegde

Just like with Acorns and Acorns Later, users of Acorns Spend will have access to Grow Magazine, an online resource for all things related to personal finance. (Grow is also available directly within the app.)

But beyond this, the product launch page for Acorns Spend touts something called “Spend Strategies.” We don’t know exactly what these look like yet, but the website describes them as “easy, smart ways to save while you spend.”

I expect that these “Spend Strategies” are going to be hyper-actionable tips that consumers can use to trim their expenses. These could be direct tips about negotiating prices and making swaps for less expensive items, or they could be little nudges when the card notices, for example, that you’ve been spending more money than normal.

I’m personally really excited to see what this feature evolves into. Anything that helps people think about how they’re spending their money is a good thing in my book!

4. Zero Fees

All of these benefits wouldn’t really count for much if the card also came with exorbitant fees and pricing (like many rewards credit cards and debit cards). Luckily for customers, the card was designed to be as inexpensive as possible. Signing up is just $1 a month (see below) and virtually fee-free:

  • Unlimited free or fee-reimbursed ATMs nationwide
  • No overdraft fees
  • No minimum balance fees

How to get an Acorns Spend Debit Card

If you’re thinking about signing up for Acorns Spend, you should consider doing so sooner rather than later. There are reportedly only going to be 100,000 cards in the initial run, and more than 25,000 customers have signed up on the first day. This means that the cards are likely to all be claimed in a relatively short amount of time. Consider yourself warned!

I personally signed up as soon as I heard, claiming my spot.

Luckily, signing up is easy. All you need to do is log into either the Acorns app or online account, click on the Acorns Spend tab, and you can opt in. If you’re in the app, you’ll use your finger to submit your signature for record, which will be placed on the back of the card (just like a traditional debit or credit card).


The one downside? You may need to wait as long as November 1, 2018 to receive your Acorns Spend card. (That is the guaranteed “ship-by” date.)

Acorns Spend Fees: How Much Does Acorns Spend Cost?

If you want to sign up for Acorns Spend, then you’ll need to already be an Acorns and Acorns Later customer. In total, for access to all three products, you’ll be paying $3 per month. That boils down to $1 per month for your Acorns account (for accounts up to $1 million), $1 for your Acorns Later retirement account, and $1 for your Acorns Spend debit card.


And though the specifics remain to be seen, it does look like you’re going to get a lot for that one extra dollar a month.

You won’t actually begin being charged that extra $1/month until you have your Acorns Spend card in hand, so there’s no need to worry about signing up too early.

The Bottom Line

Though there’s a fair amount about Acorns Spend that isn’t yet fully clear, I’ve signed up to receive a card and can’t wait to receive it and begin experimenting with all of the benefits. I’m really interested to see if using the debit card actually helps me to save and invest more, or if it’s just going to be another card n my wallet. Even if it doesn’t directly impact my investing strategy, the fact that it comes with no overdraft or minimum fees and free ATM withdrawals is enough to have me excited compared to my current bank.

I’ll be updating this article as more information comes out, but let me know what you think/if you have any initial thoughts or concerns about Acorns Spend and if you plan on signing up!

About Tim Stobierski

Tim Stobierski is the founding editor of Student Debt Warriors. A freelance writer and editor with a passion for teaching people about all things personal finance, his goal is to help parents and students tackle their student loan problems so that they can live happier, healthier lives. Tim's writing has appeared in a number of publications, including The Huffington Post, The Hartford Courant, Grow Magazine, and others. His first book of poetry, "Chronicles of a Bee Whisperer," was published in 2012 by River Otter Press.

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