Last Updated: Nov 18, 2022

Acorns Canada Is Not Available – Try These Apps Instead

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Unfortunately, Acorns does not work in Canada. On their website, they explain you must be a US citizen or US resident to open an account.

Wealthsimple Invest is the closest Acorns alternative for Canadians. It has a roboadvisor, roundups, and is very easy to use. Questwealth is a cheaper roboadvisor for automated investing but does not have roundups.

Is Acorns Coming to Canada?

Acorns says they are "currently working with partners and regulators abroad to offer services to additional countries and jurisdictions." However, it is not clear if or when they will be coming to Canada.

What Is Acorns?

With over 11 millions sign ups, Acorns is a passive investing app that rounds up your spare change and invests it into a diversified portfolio. People like Acorns because it make investing approachable. It requires no experience, you can invest with any amount, and you can get started without making big changes to your everyday life.

Along with automated investing, Acorns also offers banking, retirement accounts, shopping rewards, and more. It costs $3/month for the Personal plan or $5/month for the Family plan.

Acorns Key Features

  • Invest Your Spare Change. Automatically round-up your everyday purchases into an investment account so you can build your portfolio on autopilot.
  • Automated Investing -  Acorns is a roboadvisor meaning that your money is managed by computer algorithms rather than humans. The benefits include passive investing, lower costs, automatic rebalancing, and you can choose from 5 portfolios that are diversified across 7,000 stocks and bonds.
  • Different Account Types - Based on your goals, you can open an account for retirement, savings, chequings, or for your kids.
  • Debit Card - Earn bonuses when you shop at 15,000 shops that Acorns has partnered with. 
Acorns App Screenshots

Acorns Alternatives for Canadians

The closest Acorns alternative is Wealthsimple Invest which has roundups, automated investing, and is offering a $25 cash bonus when you fund your account.

The cheapest Wealthsimple Invest alternative is Questwealth but does not have roundups.  

1. Wealthsimple

  • Most Popular Canadian Roboadvisor
Wealthsimple Roboadvisor

Like Acorns, Wealthsimple is a roboadvisor with a roundup feature to invest your spare change. It has many of the same features like automatic deposits, automatic rebalancing, and dividend reinvestment. The management fee is 0.40% or 0.50% if your portfolio is above $100K.

Additionally, Wealthsimple has self-managed stock investing, cryptocurrencies, a prepaid Visa card, and many other financial tools that you can explore. With over 2.5 million clients, it's grown into a very popular fintech app for Canadians.

2. Questwealth

  • Best Low-Cost Roboadvisor
Questwealth

Questwealth is not exactly like Acorns because it does not have roundups. It is, however, an easy to use roboadvisor that helps Canadians build a diversified investment portfolio without having to spend hours researching individual stocks. It's run by Questrade, a broker with over 20 years of experience in Canada and $30 billion of assets under management.

Questwealth has a management fee of 0.25% or 0.20% after $100,000 which is lower than Wealthsimple's 0.50% and 0.40% fee. Questrade also offers self-directed investing accounts with access to thousands of Canadian and US stocks. Although Questwealth is cheaper than Wealthsimple, the downsides are it has a weaker user-experience and not as many features like roundups.


FAQ

🌐 What Countries Is Acorns Available In?

Acorns is only available in the United States at this time. Here is the official link if you want to check it out.

🇨🇦 What Is The Best Acorns Alternative in Canada?

The closest alternative to Acorns in Canada is Wealthsimple Invest. It has roundups, diversified portfolios, and more. The best low-cost roboadvisor, however, is Questwealth. The fees are 2x less than Wealthsimple but you won't get the same user-experience or roundup features.

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