Software · head to head
Charles Schwab vs Acorns
The short version
- Each has a real cost: Charles Schwab broker-assisted trades cost $25 and automated phone trades cost $5 in addition to the standard $0 online commission, per the App Store listing for Schwab Mobile; Acorns a flat monthly subscription regardless of balance, so $3 a month on Bronze is a heavy percentage on a small account
- They diverge on capability: Charles Schwab covers Commission-free trading, Acorns covers Round-up investing.
Where they differ
Only the attributes on which Charles Schwab and Acorns actually diverge.
| Attribute | Charles Schwab | Acorns |
|---|---|---|
| Pricing model | transaction | subscription |
| Founded | 1971 | 2012 |
Identical on both: starting price (On request), free tier (No), platforms (Web, IOS, Android), user rating (Not yet rated), category (Unknown).
What each one covers
Drawn from each product's published feature list. An absence here means we hold no record of it - not that the product lacks it.
Only in Charles Schwab
- Commission-free trading
- Retirement planning
- Wealth management
- Research tools
- Investment accounts
Only in Acorns
- Round-up investing
- Automated investing
- Portfolio management
- Recurring investments
- Credit cards
- Debit cards
Both cover
- Bank accounts
- Web support
- IOS support
- Android support
What people use each for
The jobs each tool is most often brought in to do.
Charles Schwab
- Budget Managementnot Acorns
- Expense Trackingnot Acorns
- Investment Trackingnot Acorns
Acorns
- Automated investing of spare change from everyday purchasesnot Charles Schwab
- Retirement saving through Acorns Later IRA accountsnot Charles Schwab
- Checking and high-yield savings alongside investingnot Charles Schwab
- Custodial investing and debit cards for children through Acorns Earlynot Charles Schwab
- Earning cashback that is invested rather than bankednot Charles Schwab
Where each one falls short
Documented limitations, not opinions. Every one is a constraint you would hit in normal use.
Charles Schwab
- Broker-assisted trades cost $25 and automated phone trades cost $5 in addition to the standard $0 online commission, per the App Store listing for Schwab Mobile
- Options trades carry a $0.65 per-contract fee on top of the $0 online commission, per the App Store listing for Schwab Mobile
Acorns
- A flat monthly subscription regardless of balance, so $3 a month on Bronze is a heavy percentage on a small account
- The emergency savings account and the 1 percent IRA match need Silver at $6 a month
- Custom portfolios, Acorns Early for children and Money Manager are Gold tier only at $12 a month
- There is no free tier
Pricing, plan by plan
Charles Schwab
On request- Individual BrokerageFree
- Commission-free trading
- Research tools
- Schwab Advisor Services$undefined/month
- All Brokerage features
- Wealth management
- Personal advisors
Acorns
On request- Lite$4.99/month
- Round-up investing
- Automated portfolio
- Plus$9.99/month
- All Lite features
- Checking account
- Dollar-based investing
- Premier$19.99/month
- All Plus features
- Premium investing
Which should you pick?
Choose Charles Schwab if
- You need commission-free trading.
- You work on Web, IOS, Android.
- You also want retirement planning.
Choose Acorns if
- You need round-up investing.
- You work on Web, IOS, Android.
- You also want automated investing.
Questions people ask
- Is Charles Schwab or Acorns better?
- Neither clearly leads. Charles Schwab starts at On request and Acorns at On request, and user ratings are close enough to be indistinguishable. Choose on capability and platform support.
- Which is cheaper, Charles Schwab or Acorns?
- Charles Schwab starts at On request and Acorns at On request.
- Does Charles Schwab or Acorns run on more platforms?
- Both run on Web, IOS, Android, so platform support will not decide this one for you.
- What is Charles Schwab best used for?
- Charles Schwab is most often used for budget management, expense tracking, investment tracking. Of those, budget management and expense tracking are not what Acorns is typically brought in for.
- What can Charles Schwab do that Acorns cannot?
- Charles Schwab covers Commission-free trading, Retirement planning, Wealth management, Research tools. Acorns covers Round-up investing, Automated investing, Portfolio management, Recurring investments. Both handle Bank accounts, Web support, IOS support, Android support.