How do I close each of my Acorns Accounts?

Article author
Alexander G.
  • Updated

How to close an account

What happens to my money when I close an account?

Important tax information

There are a few different types of accounts you might have with Acorns: an Invest, Later, Checking, and/or Early account. You can close any of these accounts at any time.

Closing an investment account means we'll sell any investments in the account you're closing and transfer you the balance. 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 aren't giving them the chance to recover. And 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.

You might want to consider pausing your investments instead.

Heads up — closing one or more of these accounts doesn't cancel your Acorns subscription. You'll still be billed for your monthly subscription until it's cancelled. Here's how to cancel your Acorns subscription.

How to close an account

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 your home screen, tap the profile icon in the top left corner
  3. Tap "Settings"
  4. Tap "My Subscription"
  5. Select the individual account or accounts that you'd like to close
  6. Tap "Close account." From here, the in-app experience will guide you through the process.

From acorns.com:

  1. Log in to your account on acorns.com
  2. From your home page, click the profile icon in the top right corner
  3. Click "Profile & Settings"
  4. Click "My Subscription"
  5. Scroll down to "Change tier" and click "Close account"
  6. Select the account or accounts you want to close. From here, step-by-step instructions will guide you through the process.

What happens to my money when I close an account?

Once you've closed your account, we'll sell any shares (for Invest, Later, or 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 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 transactions processing (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.

If you close your Invest account, any pending Earn Rewards, Referral Rewards, or Round-Ups® will be canceled.

Important tax information

Withdrawing funds from your Acorns Later account could result in a penalty. There can be tax implications when you close an account. For example, you may incur a loss when you sell your investments (also called a "capital loss"). Both losses and gains can affect your taxes. You can learn more about capital gains here.

For Later withdrawals: Withdrawing funds before the age of 59.5 from your Later account could result in a penalty.

For Early withdrawals: Withdrawals must be used to benefit the child named on the account.  

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.

Your tax situation is unique, so please 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.

 

 

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