Close Individual Accounts or Cancel Your Subscription

Article author
Devon
  • Updated

At Acorns, you have the ability to close individual accounts or cancel your subscription entirely. Below you can find information on how to accomplish this. *If you have any transactions processing into, or out of, any of your Acorns accounts, you will need to wait for those to finish processing before closing the account(s). You can see if you have any transactions processing by viewing the Recent Activity section of your various Acorns accounts (i.e. Invest, Later, Checking, Early). Additionally, if you close your Invest account, any pending Earn Rewards, Referral Rewards, and/or Round-Ups will be canceled.

To close individual accounts

For Mobile:

  1. After logging in to your account, tap the menu (avatar) in the upper left corner of the screen
  2. Tap "Settings"
  3. Tap "My Subscription"
  4. Tap the individual account(s) that you would like to close (Invest, Later, Checking, or Early) 
  5. Tap "Close account" and the in-app experience will guide you through the process

For Web:

  1. After logging in to your account, click on the menu (avatar) in the upper right corner of the screen
  2. Click on "Profile & Settings"
  3. Click on "My Subscription"
  4. Click on the individual account(s) that you would like to close (Invest, Later, Checking, or Early)
  5. Click on "Close account" and step-by-step instructions will come up to guide you through the process

To cancel your subscription

For Mobile: 

  1. After logging in to your account, tap the menu (avatar) in the upper left corner of the screen
  2. Tap "Settings"
  3. Tap "My Subscription"
  4. Scroll down to "Manage"
  5. Tap "Cancel subscription"
  6. Follow the instructions to liquidate and close accounts

For Web:

  1. After logging in to your account, click on the menu (avatar) in the upper right corner of the screen
  2. Click on “Profile & Settings”
  3. Click on “My Subscription”
  4. Scroll down to "Manage"
  5. Click “Cancel subscription”
  6. Follow the instructions to liquidate and close accounts

Just so you know, any pending investments that have NOT begun processing will be canceled when your account is closed (including, but not limited to, Earn Rewards, Referral Rewards, and Round-Ups). Investments that have begun processing can’t be canceled but will be liquidated and transferred to your linked primary checking account once they finish processing. You can check the Recent Activity screen to see if there are any processing investments.

*Once you request to close your account, your funds will be liquidated and returned to your linked primary checking account in 3-6 business days.

In the future, if you would like to reopen your account, you simply just need to login into your closed Acorns account and you will see a prompt to reopen the account. That information can also be found here.

Important tax information

Please keep in mind, we may send you a 1099 form for your investment activity. Most investors get one. We’ll let you know if we’re sending one when it gets closer to tax season, or you can check for it here during the next calendar year.

Acorns is not authorized to provide tax advice to customers. If you would like to know more about the tax implications of closing or withdrawing funds from an Acorns account, we suggest speaking with a tax advisor. IRS requirements dictate that we must provide a 1099 for accounts that meet certain criteria. Please consult a tax adviser to determine how the 1099 must be used for your unique tax situation.

Important notes:

  • You’ll need a verified checking account linked to your Acorns account so that we can transfer your money when closing your account.
  • If you are closing the Acorns Later IRA account, you may wish to consider a rollover. The IRS allows for one rollover per year by withdrawing your funds and placing them into another qualified retirement account. Please see our roll-over FAQ to see that process. 
  • As a financial institution, all application and account records are required by law to be retained to meet regulatory requirements. That said, your security is our top priority. We don’t sell any account information to third parties and we use bank-level encryption to ensure that all your info is as secure as possible. If you’d like more information, you can check out our privacy policy at https://acorns.com/privacy/

If you have any issues or would like to discuss your account prior to closing, feel free to contact us.

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