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Is acorns an actual bank

Is acorns an actual bank

ferio252

[Its a checking acct. linked to an actual bank so it's FDIC insured.](https://www.acorns.com/support/spend/what-is-my-actual-bank-as-an-acorns-spend-customer-/) You get an account and routing number, can use any ATM as you get reimbursed any fees but there are no physical locations you can go to. It's not free and is $3 a month.


Inyoureyes1975

It’s not *any* ATM. You must use one in the Allpoint system. Around me that means going to a Walgreens, CVS or Target.


Lopassss

So when I get fully verified I’ll get a routing number and account number etc?


Tall_Advance774

You can set up direct deposit as well


Tall_Advance774

Yes


JohnSevigny99

In terms of name alone, there is no bank called Acorns. Your investments and accounts live at Lincoln Savings Bank, of which Acorns is one of multiple brands. Because Acorns is not a bank it can’t provide FDIC protection, etc. But Lincoln Savings Bank, with whom you’re actually doing business, does protect your money. Given that Acorns itself acts as a pass-through arm of Lincoln, it pays no state or federal taxes.