Hey there, Acorns user! So, you’ve been rounding up your spare change and watching your investments grow. That’s awesome! But now, you might be wondering how to get your hands on that money when you need it.
Maybe it’s for an emergency, a big purchase, or just because you want to treat yourself. Whatever the reason, I’m here to walk you through how to withdraw money from Acorns as quickly as possible.
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What Is Acorns, Anyway?
If you’re new to Acorns or need a quick refresher, here’s the deal. Acorns is a micro-investing app that helps you invest small amounts of money effortlessly. It rounds up your everyday purchases to the nearest dollar and invests the difference into a diversified portfolio.
You can also set up recurring investments, like $5 a week, to grow your savings over time. It’s a beginner-friendly way to dip your toes into investing without feeling overwhelmed.
But what happens when you want to pull your money out? Acorns makes it pretty straightforward, though there are some things you need to know about timing, fees, and taxes. Don’t worry—I’ll break it all down for you.
Can You Withdraw Money from Acorns Instantly?
Here’s the honest truth: you can’t withdraw money from Acorns instantly in the sense of getting cash in your bank account the same second. Why?
Because Acorns invests your money in Exchange Traded Funds (ETFs), and selling those investments takes a bit of time due to market regulations.
There’s a mandatory two-day settlement period (called T+2) required by the Securities and Exchange Commission (SEC). Plus, transferring money to your bank account can take a few extra days depending on your bank’s processing speed.
However, Acorns does offer an “expedited withdrawal” option for a small fee, which speeds things up as much as possible. I’ll explain how to use this feature and what to expect.
For now, just know that while “instant” isn’t 100% instant, you can still get your money relatively quickly if you follow the right steps.
Step-by-Step Guide to Withdrawing Money from Acorns
Ready to withdraw your funds? Here’s how to do it using the Acorns app. Whether you’re on iOS, Android, or the web app, the process is simple. Follow these steps, and you’ll be on your way to accessing your money.
Step 1: Open the Acorns App
First things first, grab your phone or head to acorns.com on your computer. Log in to your Acorns account using your email and password.
If you’ve got two-factor authentication set up (which you should for security!), enter the code sent to your phone or email.
Step 2: Navigate to the Investing Tab
Once you’re logged in, look at the bottom of the app screen. You’ll see a few tabs, including “Investing.” Tap on it.
This takes you to the section where you manage your investment accounts, like Acorns Invest, Acorns Later, or Acorns Early.
Step 3: Select Your Account
Choose the specific account you want to withdraw from. For example, if you’re pulling money from your Acorns Invest account (the standard investment account), tap on that.
If you’re withdrawing from Acorns Later (a retirement account), the process is similar, but there may be extra tax considerations. I’ll cover those later.
Step 4: Access the Withdraw Option
In the account screen, look for three dots in the upper-right corner. Tap them to open a menu. From there, select “Withdraw.” This is where you tell Acorns you want to take money out.
Step 5: Enter the Withdrawal Amount
Now, type in how much money you want to withdraw. Acorns has a minimum withdrawal amount of $5, so make sure your request meets or exceeds that.
You can withdraw your entire balance if you want, but double-check the amount before moving forward.
Step 6: Choose Your Bank Account
Select the bank account where you want the money sent. You should already have a verified checking account linked to Acorns.
If not, you’ll need to add and verify one before withdrawing. This usually takes a couple of days, so plan ahead if you’re setting up a new bank account.
Step 7: Opt for Expedited Withdrawal (Optional)
Here’s where the “instant” part comes in. Acorns offers an expedited withdrawal option for a $5 fee. If you choose this, Acorns prioritizes your request, and the money may reach your bank account a bit faster—sometimes within 1-3 business days, depending on your bank.
If you skip this option, the standard withdrawal is free but may take 3-6 business days.
Step 8: Confirm and Submit
Review your withdrawal details, including the amount and destination bank account. If everything looks good, hit “Withdraw” or “Submit.”
Acorns will now sell the necessary shares from your portfolio to cover the withdrawal amount. You’ll get a confirmation email once the request is processed.
Here’s a quick table summarizing the withdrawal process:
| Step | Action | Notes |
|---|---|---|
| 1 | Open Acorns app | Log in securely |
| 2 | Go to Investing tab | Find it at the bottom of the app |
| 3 | Select account | Choose Invest, Later, or Early |
| 4 | Tap three dots, select Withdraw | Access via account settings |
| 5 | Enter amount | Minimum $5 |
| 6 | Choose bank | Must be verified |
| 7 | Expedited option | $5 fee for faster processing |
| 8 | Confirm | Check details before submitting |
What to Expect After Requesting a Withdrawal
Once you submit your withdrawal request, Acorns gets to work. If you make the request before 11 a.m. PT on a day the stock market is open, it usually starts processing the same day.
Requests made after 11 a.m. PT or when the market is closed (like weekends or holidays) will process the next market day.
After Acorns sells your shares, the mandatory two-day settlement period kicks in. Then, the money is transferred to your bank account via ACH (Automated Clearing House).
Standard withdrawals take 3-6 business days total, while expedited withdrawals might shave off a day or two. Keep in mind that some banks are slower than others, so your mileage may vary.
You’ll get updates from Acorns via email, letting you know when the shares are sold and when the transfer is complete. If you run into any issues, like an error message or a delay, contact Acorns support through the app or their website.
Things to Know Before Withdrawing
Before you hit that “Withdraw” button, there are a few important things to understand. These will help you avoid surprises, like unexpected taxes or fees.
- Tax Implications: If you’ve made a profit (called a capital gain) on your investments, you’ll owe taxes on that gain when you withdraw. For example, if you invested $500 and it’s now worth $550, you’ll pay taxes on the $50 gain. Acorns will send you a 1099 form at tax time to report this. If you withdraw from an Acorns Later account (an IRA) before age 59½, you may also face a 10% penalty plus income taxes, unless you qualify for an exception (like a hardship withdrawal). Always consult a tax professional if you’re unsure.
- No Withdrawal Penalties (Usually): Good news! Acorns doesn’t charge penalties for withdrawing from a standard Invest account, as long as your account balance is over $1,000. If it’s under $1,000, there’s a $2 fee per withdrawal. Checking account transfers are always free, and there’s no limit on how many withdrawals you can make.
- Market Timing: Since Acorns sells shares to fund your withdrawal, the value of your investments depends on the market. If the market dips, you might get slightly less than expected. This is why some users prefer to withdraw smaller amounts over time rather than all at once.
- Account Status: Withdrawing money doesn’t close your Acorns account. If you want to stop investing entirely, you’ll need to follow a separate process to close your account, which you can find in the Acorns Help Center.
Tips for Faster Withdrawals
Want to speed things up as much as possible? Try these tips:
- Withdraw Early in the Day: Submit your request before 11 a.m. PT on a market day to start the process immediately.
- Choose Expedited Withdrawal: The $5 fee might be worth it if you need the money ASAP.
- Verify Your Bank Account in Advance: Make sure your bank account is linked and verified to avoid delays.
- Check Market Hours: Avoid submitting requests on weekends or holidays when the market is closed.
- Contact Support for Issues: If your withdrawal is taking longer than expected, reach out to Acorns support for help.
FAQs: How to Withdraw Money from Acorns Account Instantly
Q. Is there a fee for withdrawing money from Acorns?
A. Standard withdrawals are free, but if your account balance is under $1,000, you’ll pay a $2 fee per withdrawal. Expedited withdrawals cost $5 for faster processing.
Q. How long does it take to get my money?
A. Standard withdrawals take 3-6 business days, depending on your bank. Expedited withdrawals may take 1-3 business days, but the two-day settlement period still applies.
Q. Will I pay taxes on my withdrawal?
A. You’ll pay taxes on any capital gains (profits) from your investments. Withdrawals from Acorns Later before age 59½ may also incur a 10% penalty plus income taxes, unless an exception applies.
Q. Can I withdraw all my money at once?
A. Yes, you can withdraw your entire balance in one transaction, as long as it’s at least $5. Just be aware of potential taxes on gains.
Wrapping It Up
Withdrawing money from Acorns is pretty simple once you know the steps. While true “instant” withdrawals aren’t possible due to market regulations, you can speed things up with the expedited option and smart timing.
Just keep an eye on potential taxes and fees, and make sure your bank account is ready to receive the funds. Whether you’re cashing out for a big goal or just need some extra cash, Acorns makes it easy to access your money when you need it.
Disclaimer: This blog is for informational purposes only and does not constitute financial or tax advice. Always consult a qualified financial advisor or tax professional before making investment decisions, including withdrawals from Acorns. Investing involves risks, and past performance is not a guarantee of future results. For specific questions about your Acorns account, contact Acorns support or visit their Help Center.
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