UBANK
Budgeting
A comprehensive personal finance app
ITS GOOD
Raiz is a micro-investing app that allows users to start investing with as little as $5. It works by rounding up your everyday purchases to the nearest dollar and investing the spare change. Users can also set up recurring investments and savings goals to help their accounts grow over time
WHY?
Pros:
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Easy to Use: Raiz is designed to be user-friendly, making it accessible for beginners and those new to investing.
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Low Minimum Investment: You can start investing with as little as $5, making it an affordable option for those with limited funds.
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Automatic Investing: The app rounds up your purchases to the nearest dollar and invests the spare change automatically.
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Diverse Investment Options: Raiz offers a range of investment portfolios, including defensive, balanced, and aggressive options, allowing you to choose based on your risk tolerance.
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Superannuation Option: Raiz also offers a superannuation product, allowing users to save for retirement.
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Discounts and Perks: Users can access discounts on various products and services, such as airfares and groceries.
Cons:
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Fees: Raiz charges fees for account maintenance, netting, and other services, which can add up over time.
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Limited Control: Some users feel that the app doesn't offer enough control over individual investments, as it focuses on pre-built portfolios.
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Customer Service: There have been mixed reviews about Raiz's customer service, with some users reporting slow response times and difficulty resolving issues.
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Bitcoin Allocation Limit: Raiz limits the allocation to Bitcoin to 5% due to its volatility, which may not be suitable for those looking to invest heavily in cryptocurrency.
USING RAIZ
Big Title
The RAIZ Dashboard tells me the overview of my investments including changes in value.
Overall i found the app very comprehensive.
External Accounts were easy to connect and gave me a good overview of my assets.
RAIZ gave me a reasonable record of all my investments including dividends.
You are able to customize your investment preferences.
Positive Reviews
Review by D S. (Jan 2024): "Raiz is an amazing way to save up some spare money without ever knowing it's gone. You can choose how you invest, large or small amounts, and it's a brilliant company. I highly recommend Raiz!"
Negative Reviews
Review by P (Jan 2024): "Very expensive for minimal returns if you're a small investor. Fees were hidden behind flashy marketing. The product is not suitable for small investments."