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Written by Cari Scribner on January 12, 2022
Category: 
FTC Disclosure

Is Acorns FDIC/SIPC Insured?

Acorns is a micro-investing app that will automatically invest your spare change. 

This automatic feature is called round-ups. When you spend money through a connected debit card, the app will round up the amount you spent to the nearest dollar.

Then, that spare change is invested in a diversified portfolio of index funds. It does not matter how small the amount is. It could be pennies, every little bit adds up.

You might be wondering if Acorns is safe to save and invest with.

In this article, we will be explaining both the FDIC and SIPC insurance associated with their different financial products.

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Is Acorns FDIC Insured?

First of all, it is important to note that FDIC insurance is for banks only, not brokerage accounts.

This would only apply to you if you use the Acorns debit card/checking account service. If you solely use the Acorns Invest feature, not the debit card, the FDIC insurance wouldn't apply.

Acorns offers clients Acorns Visa debit cards issued by Lincoln Savings Bank.

The bank is a member of the FDIC, which insures your deposits. The FDIC covers your deposits up to $250,000.

Is Acorns SIPC Insured?

Yes! Acorns is a Member of the Securities Investor Protection Corporation (SIPC).

The SIPC insures you against loss of securities such as stocks and bonds, as well as any cash you have in reserve for future investment within the brokerage.

This insurance covers up to $500,000 in securities. It also insures up to $250,000 of cash.

Always keep in mind that any financial losses you experience while investing are not insured by any government institution. SIPC insurance insures you against your brokerage losing your financial assets such as stocks and bonds.

The SIPC does not insure against losses experienced in the market.

Article written by Cari Scribner

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