Raiz | Earn, Save & Invest

I have my money invested over multiple apps including Raiz, Spaceship and Commsec. Raiz is in my opinion the best app of the lot as the custom portfolio allows you to invest across multiple ETFs in a very simple way by simply distributing your money across them according to the percentage you allocate to each ETF. This lets you dollar cost average over time unlike CommSec where you’re encouraged to buy in lump sums intermittently. I use CommSec for investing in more niche thematic ETFs, but Raiz is the best for investing in the well known market tracking ETFs. I also wouldn’t read too much into the 1 star reviews here, a lot seem suspicious or just by people who haven’t actually read and understood what the app is about. If your investment goes down, it’s not Raiz’s fault, it’s the market moving, anyone with an ounce of financial knowledge should realise this. My initial investment was up 7% quite quickly but has come back down due to rever sell offs globally and that’s okay as I’m in for the long term, it’s not Raiz’s fault. Excellent app and I highly recommend it.

This is by far the best concept and App going around aimed to help you save in the most efficient, simplistic and beneficial way. The App is simple to use and provides loads of meaningful details to give you greater insights into your financial position and the progress you are making towards your goals. You will be surprised how quickly your savings will grow by just investing loose change. Raiz does all the work for you and you can set it up in a way that you don’t have to do anything other than enjoy watching your savings grow. From rounding up the loose cents in transactions to setting up regular contributions and having the option to deposit one off additional funds, you are well covered to reach your financial objectives. When it’s time to withdraw your savings (which you can do at any point) you process this through the app in a easy process. This concept and app is a game changer!!

This is such a brilliant idea for anyone, but particularly those who have very little money and nothing to save, kids who have their first bank account and those who are just generally terrible at saving. My husband and I are shockers and this has been the first time we have ever saved anything - because it's so easy, how could you not? You actually create a savings account by spending, which is what stops most people saving in the first place. It's also great for those who can't save because they literally have nothing left to save after all the bills are paid, and though many people say 'there's always something you can cut back on' for many people this is actually not true and they are living in poverty, and for those it's great to set it to automatically take the roundups and forget about it. We've been using it about a year I think and are about to reach $1000, with roundups, and a weekly deposit of $7. On top of that, the fact that it's not just saving, it's actually investing has been a great, gentle introduction to the share market and has led me to become quite interested and begin to learn more about investing in shares and take a small step in that direction. Even if you have a share portfolio or other savings and investment plans I still say, do it, every bit helps. It's a fantastic idea to set up for your kids when they have their first bank account too.