If you’re an Acorns user, you may be wondering about the withdrawal fee. In this article, we’ll cover everything you need to know about Acorns withdrawal fees, including how much they are, when they apply, and how to avoid them.
What is Acorns?
Acorns is a popular investing app that allows users to invest their spare change. The app rounds up your purchases to the nearest dollar and invests the difference in a diversified portfolio. It’s a great way to start investing without having to worry about large minimum investments.
How Much is the Acorns Withdrawal Fee?
Acorns charges a $3 withdrawal fee for standard withdrawals. This fee applies to both partial and full withdrawals. If you opt for an expedited withdrawal, there is an additional fee of $5.
When Does the Acorns Withdrawal Fee Apply?
The Acorns withdrawal fee applies whenever you withdraw funds from your account. This includes both partial and full withdrawals. It’s important to note that the withdrawal fee is per withdrawal, so if you make multiple withdrawals, you’ll be charged multiple fees.
How to Avoid the Acorns Withdrawal Fee
Fortunately, there are a few ways to avoid the Acorns withdrawal fee. The first is to wait until you have at least $5,000 in your account before making a withdrawal. Acorns waives the withdrawal fee for accounts with a balance of $5,000 or more.
Another way to avoid the withdrawal fee is to use the Acorns Spend debit card. If you use your Acorns Spend card to make purchases, you can withdraw up to $500 per day from an ATM without incurring a withdrawal fee.
Other Fees to be Aware Of
In addition to the withdrawal fee, there are a few other fees to be aware of when using Acorns. The app charges a monthly fee of $1 for accounts with a balance under $1 million. There are also fees for certain investment portfolios, ranging from 0.15% to 0.50% per year.
The Acorns withdrawal fee is a small price to pay for the convenience of being able to invest your spare change. By waiting until you have at least $5,000 in your account or using the Acorns Spend debit card, you can avoid the fee altogether. Just be aware of the other fees associated with the app, and make sure they don’t outweigh the benefits of using Acorns.