Raiz is a micro-investing app that allows users to invest in a portfolio of ETFs (exchange-traded funds) through spare change ’roundups’ (every time you tap your card for a purchase it will round the purchase up to the nearest dollar and invest the spare change), recurring investments, rewards and lump sum deposits.
Although it’s primarily an investment app, it also has features that are helpful for saving. Not only can you utilise the micro-investing or recurring deposit features as a tool to save via investments, but it also has a free ‘My Finance’ feature within the app that provides personalised insights into your spending. This feature can categorise your spending into things like food or utilities and breaks it down on a month-to-month basis.
The investment platform of Raiz might come with fees ($2.50/month for accounts under $10,000 and 0.275% per year for accounts $10,000 or more) but it costs nothing to simply use the savings feature.
There is also a feature called Raiz Kids - where you can select a portion of your balance to be distributed among your children (under 18 years old) to help them along on their own savings journey.
With more than a million downloads across all of Australia, Raiz is one of the more popular budgeting and savings apps out there. When you're ready to get serious about investing, our financial planning team can create a diversified portfolio aligned to your goals. We use independent research, analysis and ratings to support our recommendations, to ensure your assets are in good hands at all times. Speak to us today about how we can help with your investment plan.
