How to Close an Acorns Account: Highlights
• There are multiple methods to close an Acorns account.
• To avoid a monthly fee, the required subscription at Acorns should also be canceled.
• An account can be closed and a subscription canceled on either Acorns’ website or mobile app.
Acorns offers checking and investing accounts. The exact procedure to close an account will depend on what type of account you need to get rid of and what your budget is.
Free Method to Close an Acorns Account
To close a robo or checking account at Acorns at no cost, you simply need to log into the website or
mobile app and head to the link to close an account. On the website, head to the dashboard and click
on the Profile & Settings link in the bottom-left corner. Doing so will generate a page with various
links to settings and so forth. Under Personal Settings, there’s a link for My Subscription.
Click on
this link to generate the page with a list of all accounts held at Acorns. Each open account will
have a green Active button to indicate that it is open. Click on this button to get a drop-down menu
with an option to close the account. Click on this link and follow the on-screen instructions to
close the account.
If the account being closed is a securities account (a robo account), Acorns will sell everything in the account and transfer the resulting cash balance to the external bank account linked at Acorns. Keep in mind that selling securities or withdrawing cash could produce a Form 1099 during tax season, depending on the circumstances and the tax structure of the account.
Besides the website, the Acorns mobile app can also be used to close an account. To take this route, open the app and go into the settings menu, which is indicated by the head and shoulders in the upper-left corner. Under here, tap on the Settings link. On the next page, tap on My Subscription. On the following page, find the account you want to close and tap on the green Active button. Follow the on-screen instructions to close the account.
Acorns Promotion
Get $20 when you open an Acorns account with this referral link.
How to Cancel Acorns Subscription
Closing an account at Acorns only closes the account. It does not cancel the monthly subscription, which carries a fee. To avoid this fee, you need to cancel the subscription. To do this, go back to the list of accounts on either the website or mobile app and scroll down to the section to manage the subscription. Here, there is a link to cancel the subscription.
Best Free Alternatives
Read detailed Robinhood vs Charles Schwab comparison.
Other Acorns Closing Methods
Besides the method above to close an account, there are two other options:
Closing with a Full Transfer:
You can transfer an Acorns securities account to another investment firm. Doing so will close the account at Acorns. Obviously, the account will live on at the second firm, so this method won’t work if you want to liquidate the account and receive the cash balance.
The advantage of closing by transfer is that the ETF shares don’t need to be sold. Fractional shares, however, will be converted to cash, and this cash balance will be transferred to your linked bank account. This technically is a cash withdrawal and could have tax consequences in some cases.
Heads up: in order for Acorns to close the account, the transfer does need to be a full transfer and
not a partial one.
Internal Transfer:
If you have two accounts with the same tax arrangement, such as two Roth IRAs, and you want to close
one of them, you can perform an internal transfer, which moves all assets from one account into the other. The outgoing account will be closed by Acorns. To do this type of transfer, simply contact Acorns to request it.
Fees for Transferring or Closing an Acorns Account
Closing an Acorns account via internal transfer or through the close button costs nothing. The
investment firm does charge $35 per ETF for a transfer to an external securities firm. Note well that
this fee is per ETF, so if your account has five ETFs, the total transfer cost will be $175.
Charles Schwab will
reimburse up to $100 of the transfer fee
if your transfer is at least $10,000.
Updated on 12/28/2025.
Chad Morris is a financial writer with more than 20 years experience
as both an English teacher and an avid trader. When he isn’t writing
expert content for Brokerage-Review.com, Chad can usually be found
managing his portfolio or building a new home computer.
|