Oportun vs. Acorns: An Easy Choice Based on Your Financial Goals

Financial technology has made it easier than ever for you to reach your goals on autopilot. Oportun and Acorns are two popular apps, both helping you reach your financial goals in various ways, including automatic savings, investing, personal loans, credit cards, and more.

These two apps are very different, so it’s likely easy to decide which is right for you, depending on your financial needs and goals.

In this Oportun vs. Acorns comparison, you’ll learn about each app’s features and how they both could help you when it comes to your finances. You’ll learn the key benefits of each app and how to decide which makes the most sense for your lifestyle and financial goals.

Oportun (Digit) vs. Acorns

Oportun and Acorns are both financial services apps that offer a variety of ways for users to reach their financial goals. While they used to be quite similar, the two have less in common since Oportun acquired Digit and changed its offerings.

Minimum investment	Not applicable	No minimum to open an account, but you must have money in your account to start using it
Management fees	$5 monthly subscription	$3 per month for a Bronze account; $6 per month for a Silver account, $12 per month for a Gold account
Account types available	Oportun savings account, Oportun personal loan, Oportun credit card	Acorns Invest investment account, Acorns checking and savings account, Acorns Later retirement account (Traditional IRA, Roth IRA, or SEP IRA), and Acorns Early custodial account
Features	Automatic savings for set goals within specific timeframes, no minimum credit score on loans and credit cards	Automatic investing with Round Ups, diversified portfolios, automatic retirement contributions, metal debit card, shopping offers
Distributions	Not applicable	Withdrawals from retirement accounts before age 59 ½ require taxes and penalties Traditional IRAs require withdrawals starting at age 72 or 70 1/2 if you were 70 1/2 before Jan. 1, 2020; Roth IRAs don’t require withdrawals until after the account holder has died
Taxes	Not applicable	Qualified IRA contributions are tax-deductible
Best for...	Borrowing and automatic saving	Automatic investing
	Visit Digit	Visit Acorns Paid Non-Client Promotion FinanceBuzz doesn’t invest its money with this provider, but they are our referral partner. We get paid by them only if you click to them from our website and take a qualifying action (for example, opening an account.)

When to go with Oportun

Oportun, formerly known as Digit, is a financial services company that helps users reach their financial goals through several different products, including personal loans, automatic savings, and a credit card. Here are a few situations you may want to consider Oportun:

• You have specific savings goals
• You need a personal loan
• You’re rebuilding your credit

Reach your savings goals on autopilot

While both Oportun and Acorns have savings features, Oportun is particularly well-suited to reaching specific goals. Its Set & Save feature allows you to set your goals on autopilot.

You’ll set your goal in Oportun, link your bank account so the app can get to know your spending habits, and the platform will automatically transfer money when it makes sense to help you reach your goal (or goals — you can set an unlimited number).

Set & Save is free for the first 30 days — or the first year, if you’re a loan customer — and $5 per month after that.

While Acorns does have a savings feature and the ability to automatically set money aside in your emergency fund, it’s not as robust as Oportun’s Set & Save feature.

Personal loans with no credit history required

Another product Oportun offers is both secured and unsecured personal loans starting at just $300. Oportun’s loans are best suited for borrowers with less-than-ideal credit. You aren’t required to have a minimum credit score or a positive credit history, but you’ll pay a higher interest rate than you would with a more traditional lender.

For example, when I got a rate quote for a borrower in Wisconsin, I wasn’t asked for my credit history but was given a rate quote of 35.95% on a $5,000 personal loan. If you have decent credit, you could find a much lower rate elsewhere.

Acorns doesn’t offer loans, so if you need to borrow money and you’re deciding between these two companies, Oportun will be the winner.

Rebuild your credit with Oportun’s credit card

Oportun’s final product is its Oportun Visa Credit Card. You can get a credit line of up to $1,000 to use worldwide. Because there’s no credit history required, it’s a good option for someone building (or rebuilding) their credit.

Oportun’s credit card offers 1% cash back on your purchases, as well as an additional 0.5% back on your payments. For example, for every $1,000 you spend and then pay back, you’ll get $15 in rewards. Your cash back is applied as a statement credit in the next billing cycle.

Acorns doesn’t offer credit cards.

If you need more information, read our Oportun review.

When to go with Acorns

Acorns is primarily an investing app that can automatically invest money for you in multiple types of accounts using automated exchange-traded fund (ETF) portfolios. It also offers both checking and savings features that include a debit card and high yields. Acorns may be the right choice in these situations:

• You’re looking for an investing account
• You’re saving for long-term goals
• You want a full-service bank account

Easy, automated investing

Acorns is an investing app that can automatically invest money for you in multiple ways, including its unique Round Ups feature, recurring contributions, and shopping offers. The platform automatically builds an ETF-based portfolio for you based on your financial goals.

Acorns’s investment accounts come with useful features like automatic recurring contributions, automatic portfolio rebalancing, and automatic dividend reinvestment. Acorns offers the following three plans for its investing and banking accounts, ranging from $3 per month to $12 per month.

Though Oportun previously offered investment accounts, including both taxable brokerage and retirement accounts, it no longer does.

Reach your long-term goals

Though Oportun is a great option for saving for short and medium-term savings goals, it’s less ideal for long-term goals. Luckily, Acorns has several account types that can help you with that.

Acorns offers three investment account types:

• Acorns Invest: This is a taxable brokerage account that offers both Round Up investments and automatic recurring investments. Acorns Invest is available with any paid Acorns account.
• Acorns Later: Acorns offers three different types of retirement accounts: a traditional IRA, Roth IRA, and SEP IRA. In addition to making it easy to contribute yourself, you’ll also get a 3% match from Acorns if you have Acorns Gold. Acorns Later is available with any paid Acorns account.
• Acorns Early: If you have kids, you can set up a custodial account for them using this feature. You’ll set up and manage the account, and then it becomes theirs when they turn 18. Other friends and family can also gift funds directly into the account. Acorns Early is only available with Acorns Gold, which is $12 per month.

Everyday banking features

Though Oportun has a savings feature, it doesn’t have an everyday banking feature. For that, consider Acorns. Acorns offers a Mighty Oak checking account with 2.57% (as of 12/19/24) APY, a tungsten metal debit card, early payday, and no fees or account minimums. Its Mighty Oak Card Emergency Fund savings account has a 4.05% (as of 12/19/24) APY and includes the ability to automatically set aside money in your emergency fund.

You can get banking features with any of Acorns’s accounts, but certain features, including interest earnings and automatic emergency fund savings, are only available with Acorns Silver for $6 per month or Acorns Gold for $12 per month.

If you need more information, read our Acorns review.

What both savings apps excel at

Financial apps like Oportun and Acorns are designed to help you save money. These common goals create a lot of similarities between both apps. Here are a few ways both Oportun and Acorns excel:

• Reach savings goals: Both Oportun and Acorns can help you reach your savings goals, whether it’s through Oportun’s automatic savings goals or Acorns’s investment accounts.
• Easy access: You can access the Oportun and Acorns apps straight from your compatible device or log into your online account on a computer. With availability on both iPhone and Android devices, it’s easy to keep track of your financial goals whether you’re at home, at work, or on vacation.
• Low cost: Your savings and investment goals may end up being hundreds or thousands of dollars. Fortunately, Oportun and Acorns have low-cost subscription plans.
• FDIC insured: Oportun savings accounts and Acorns’s checking and savings accounts are FDIC insured up to $250,000. This is the same level of insurance you’d find at traditional banks.

FAQs

Bottom line

Oportun and Acorns are two popular financial services apps that can help you reach your goals. Both provide simple and straightforward ways to save and/or invest, but one is probably much better suited for your situation. Oportun is best for anyone with fair or poor credit who needs to access a loan or credit card. It’s also best for someone with multiple savings goals who wants to set up automatic transfers to reach those goals.

On the other hand, Acorns is best for someone who wants more comprehensive banking services, including both checking and savings. It’s also best for anyone who wants to invest in either a taxable brokerage, retirement, or custodial account.

For more financial solutions, consider some of the best brokerage accounts and savings apps available. Many of these accounts offer customized and personalized investment options to help you reach your goals. In addition, they’ve all been hand-selected by the FinanceBuzz team because of the value they provide.