Acorns is a financial technology platform designed to simplify investing and saving for users. It offers a micro-investing service that automatically rounds up everyday purchases to the nearest dollar, investing the spare change into diversified portfolios.
Likewise, users can also set up recurring investments and access features like a debit card with cashback rewards and retirement accounts. With a user-friendly mobile app, Acorns aims to make investing accessible for everyone, encouraging financial literacy and long-term saving habits. Its mission is to help users grow their wealth effortlessly while focusing on financial goals.
This article will uncover Acorns’ availability and expansion plans in Europe and provide alternative solutions.
Is Acorns available in Europe?
Unfortunately, Acorns is not yet available in Europe and it’s currently available exclusively for US residents. According to their website, Acorns “Acorns is only available to US citizens or other lawful residents who are currently located in the United States. You must be 18 or older to sign up for an Acorns account.”.
As the world of digital banking evolves, European residents looking for sophisticated and user-friendly banking platforms have a variety of options. Acorns has gained popularity in the United States for its innovative features, transparent operations, and a strong commitment to social and environmental responsibility. However, Acorns is not available in Europe.
This article explores the best Acorns alternatives accessible to Europeans who wish to benefit from innovative digital banking services. We will look at the best neobanks and fintech platforms that cater to the unique needs and preferences of European users, offering features such as low fees, seamless transactions, and comprehensive mobile banking solutions.
Whether you are a seasoned user or just getting started, keep reading to learn about the best options for managing your finances efficiently.
Acorns Alternatives in Europe
In this section, we will be discussing 3 alternatives that share comparable features with Acorns in Europe:
- Wise
- Revolut
- N26
Wise
Wise, formerly known as TransferWise, is a leading fintech company that has evolved into a neobank, primarily focused on providing international money transfers and multi-currency account services.
Initially founded in 2011, Wise was created to address the high fees and markups associated with traditional foreign exchange services. Today, it offers customers the ability to hold, convert, and manage funds in over 40 currencies through its multi-currency accounts, making it an ideal choice for individuals and businesses dealing with cross-border transactions.
Likewise, Wise has gained a reputation for its user-friendly mobile app, efficient international transactions, and commitment to cost transparency, positioning itself as one of the most trusted names in cross-border financial services.
However, if you still have doubts about Wise being the right fit for you, just click here and find out more!
Revolut
Revolut was founded by Vlad Yatsenko and Nikolay Storonsky, former financial engineers, with the aim of creating an intuitive platform for international money transfers. Since its inception, the company has experienced significant investment, with a valuation of $1.7 billion after raising $250 million in 2018.
In addition, Revolut’s name reflects its ambition to revolutionize banking services, and its success is evident from its vast customer base and a presence in 152 cities with 152 payment options and money transfer solutions in 30 currencies.
Key features
- Account options: Revolut offers 5 different plans for current accounts (also business and junior accounts), providing you with a tailored plan for your needs.
- Savings interest rates: Up to 4.75% annual interest on your savings (depending on the plan).
- Minimum Deposits: There is not a minimum amount required to start an account.
- Asset Classes: You can invest in Stocks, Commodities and Crypto
- Funding Options: You can fund your account with Revolut from Europe through bank transfers, credit / debit card payments or via OnlineBanking apps.
- Additional Costs: Besides the monthly plan, there are also transfer fees, ATM withdrawal fees and currency exchange rates (everything depending on your plan).
- Platform: Designed for user convenience and efficiency, providing a comprehensive suite of financial tools in a single, intuitive interface. The app supports various functions including banking, budgeting, investing, and currency exchange.
- Security: Revolut Bank UAB, is authorised by the European Central Bank and the Bank of Lithuania. All European customers’ funds are protected by the Lithuanian State Company “Deposit and Investment Insurance”. As a result, Revolut customer deposits in Europe are insured up to a maximum of EUR 100,000.
However, if you still have doubts about Revolut being the right fit for you, just click here and read our full in-depth 2024 review!
N26
N26 was founded by Valentin Stalf and Maximilian Tayenthal, driven by the vision of creating a seamless and modern banking experience. Since its inception, the company has attracted significant investment, reaching a valuation of $3.5 billion after raising $570 million in its 2019 funding round.
In addition, N26’s name reflects its ambition to redefine the banking landscape, and its success is evident from its large customer base and presence in 25 countries. With its intuitive mobile app and focus on transparency and convenience, N26 continues to expand its offerings, making it a leading choice for digital banking solutions.
Key features
- Account options: N26 offers 4 different plans for current accounts (also business accounts), providing you with a tailored plan for your needs.
- Savings interest rates: Up to 4% annual interest on your savings (depending on the plan).
- Minimum Deposits: There is not a minimum amount required to start an account.
- Asset Classes: You can invest in Crypto
- Funding Options: You can fund your account with N26 from Europe through bank transfers, credit / debit card payments or via OnlineBanking apps.
- Additional Costs: Besides the monthly plan, there are also ATM withdrawal fees and other fees with everything depending on your plan.
- Platform: Designed for user convenience and efficiency, providing a comprehensive suite of financial tools in a single, intuitive interface. The app supports various functions including banking, budgeting, investing, and currency exchange.
- Security: As a fully-authorized financial institution, N26 operates as a fully lincensed German Bank. That means having the same security regulations as any other bank. It also means your funds are protected up to €100,000 by the German Deposit Protection Scheme. In fact, N26 policies are designed to ensure the protection of personal information.
However, if you still have doubts about N26 being the right fit for you, just click here and read our full in-depth 2024 review!
Final Thoughts
Although Acorns is not accessible in Europe, there are still plenty of other options available to assist people in achieving their financial objectives. There are local and global solutions available, each catering to a different desire and set of financial goals.
Having said so, always remember that choosing the best neobank depends on your personal goals and financial situation, so it’s essential to stay informed about the latest developments and explore the ever-expanding range of financial tools available.
We hope we helped you in your search for the Best Alternatives for Acorns in Europe.
Why use a digital bank?
Affordable fees and attractive pricing
With their digital-first approach and reduced operating costs, neobanks often offer highly competitive fees compared to traditional banks. Many neobanks minimize or eliminate fees for services like account maintenance and transactions, and some even provide enhanced interest rates on savings and loans. This cost-efficiency appeals to individuals and businesses focused on maximizing financial value without the typical expenses of traditional banking.
Quick account setup and hassle-free onboarding
Opening an account with a traditional bank is often a slow, paperwork-heavy process. Neobanks streamline this experience by using technology to offer a quick, fully online onboarding. Some even provide instant approval, allowing users to start banking within minutes. This efficiency and ease make neobanks an attractive option for people who want fast, paperless access to financial services.
Intuitive design for easy navigation
Advanced budgeting and financial tracking tools
Neobanks often come equipped with advanced financial tools built right into their apps, giving users insights into spending patterns, budgeting help, and real-time transaction categorization. For businesses, this translates into improved financial control and clear visibility over cash flow. With features like expense tracking and financial analysis, neobanks empower individuals and businesses to make informed, data-driven financial decisions, setting them apart with their strong focus on financial management.
Responsive support and community involvement
Neobanks focus on customer satisfaction with quick, accessible support through multiple channels like in-app chat, email, and even social media. Traditional banks can sometimes have slower, more bureaucratic service, but neobanks use technology to deliver faster, more tailored responses. Many also build a sense of community through online forums and events where users can exchange tips and insights, fostering a collaborative approach to banking.
