How do I cancel my Acorns Subscription?

Article author
Justin L.
  • Updated

 

Steps to cancel your subscription 

What happens to my money when I cancel my subscription?

Important tax information  

You can cancel your Acorns subscription any time. If you cancel your subscription, you'll need to close all of your accounts and withdraw your money, which means we'll sell any investments and transfer you the balance to the linked verified primary checking account.

Why cancel, when you can get your fees waived by signing up for the Mighty Oak Card? Customers who set up a direct deposit of at least $250 per calendar month within 45 days of signing up for the Might Oak Card will receive a subscription waiver for as long as they have their direct deposit set up and meet eligibility requirements. See more info here

It's important to know that in addition to having potential tax implications, a withdrawal can "lock in a loss" — what that means is if you sell any investments during a market dip, you may be selling your investments for less than you purchased them for. Throughout history, we've seen every U.S. market downturn end in an upturn. Long-term investors who stick with it may very well give their money a better chance to recover and grow over time.

If you're not ready to withdraw your money and close your accounts, another subscription tier might be better suited for you. You can learn more about our different subscription tiers here

If you're experiencing economic hardship but want to keep investing in your future, you can learn more about Acorns Assist here.

To get your fees waived, sign up for the Mighty Oak Card here

Steps to cancel your subscription

First, make sure you have a verified checking account linked to your Acorns account so we can transfer your money. Here's how to see your linked accounts

Then, you can close the account from your Acorns app or from acorns.com.

From the Acorns app:

  1. Log in to your Acorns app
  2. From the home screen, tap the profile icon in the top left corner
  3. Tap "Settings" 
  4. Tap "My Subscription"
  5. Scroll down to "Manage" and tap "Cancel subscription"
  6. Follow the instructions to liquidate and close accounts

From acorns.com:

  1. Log in to your account on acorns.com
  2. From your home page, click on the profile icon in the bottom left corner
  3. Under "Personal Settings," click "My Subscription"
  4. Scroll down to "Manage" and click "Cancel subscription"
  5. Follow the instructions to liquidate and close your accounts

Here's more information on how to close your Acorns accounts.

What happens to my money when I cancel my subscription?

If you cancel your subscription and close your accounts, we'll sell any shares (for Invest, Later, and Early accounts) and automatically transfer the balance to your verified checking account.

If you make a request to sell your shares before 11am PT on a day the stock market is open, the request — also known as a "sell order" — is usually processed the same day. If your request was made after 11am PT on a market day or on a day the market is closed, like the weekend, Acorns will sell your shares the following market day. 

Then, we're required by federal regulations to include a mandatory 2-day settlement period before we can start processing your request. It can take 3-6 business days for withdrawals to be fully reflected in your bank account.

If you have any investment transactions in progress (for example, any Round-Ups® or Recurring Investments) for your Acorns accounts, you'll need to wait for those to finish processing before closing the accounts. Here's how to see any processing transactions.

Any pending rewards (like Earn Rewards or referral bonuses) will be canceled when you close your Invest account.

Important tax information

If you close an account, you may receive important tax forms from Acorns that you'll need for filing your taxes. We'll email you more information when it's close to tax time, or you can check for tax forms under Settings.

Withdrawing funds from your Acorns Later account before the age of 59 1/2 could result in a penalty from the IRS. If you're closing an Early account, withdrawals must be used to benefit the child named on the account.

Your tax situation is unique, you may want to consult a tax advisor or visit www.irs.gov with any questions before closing your account. Acorns doesn't provide tax advice, but if you have any questions or concerns about your account, please contact us.

 

Was this article helpful?

2 out of 7 found this helpful

Have more questions? Submit a request

Comments

0 comments

Article is closed for comments.