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Raiz
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- 5 reviews
Not very impressed with Raiz..
They are very easy and straightforward when taking funds from me, however the complete opposite can be said when you're trying to get the funds.... That is your money! It's been an endless back and forth 'verification process' communication via email, one email says one thing, the other is saying completely different...
I don't see how I can make anything noticeable over time using Raiz. Not at all
- 3 reviews
- 8 likes
THINK TWICE
I tried it for 6 weeks with a moderately aggressive investing profile. I put $3k in, lost $68 on the markets, got $6 in round offs (and I shop a lot), $29 in fees.... It's not worth it to me.
Even without the loss to markets I'd be behind. Raiz relies on the markets to lift your earnings, right now they're crap so forget it. If you're relying on round offs to make you some money ... ESPECIALY FORGET IT .
Raiz is a business with overheads, they all get paid first, then you. I think it's a trendy product that has no intrinsic value.
Easy to get out of though, that's one positive.
- 3 reviews
- 3 likes
Inability to make changes
I recently tried to change the bank account associated with the Raiz account. One of the many things they asked for to make the change was a selfie ‘REALLY’. All the other accounts I had to change were easy, but Raiz was just too hard, so closing it down 1 July. Hardly made any money anyway after they had taken their monthly fee.
Recommendation is don’t bother.
- 10 reviews
- 9 likes
Raiz is terrible - fees are too high, they don’t let you close your account, they take fees without asking
Raiz charges you fees without your consent. They won’t tell you they are charging fees - I was recently charged $3.50. And for what? Listen to the barefoot investor-do not use
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- 5 reviews
- 2 likes
All 1 star review worths to read before you join
Seriously, read the 1 star reviews here. All true. I experienced them all that’s why I closed my Raiz almost a week ago.
It didn’t tske long for them to get money out of your bank but their transfer process takes long time. Almost a week now, i still haven’t got my money back.
Fee of 3.50 does not appear in your raiz statement.. all the sudden i realised they had taken fee while I didn’t make money from my “investment” to cover the fee.
Don’t get into their trap!!!!!
- 10 reviews
- 9 likes
Fraud company
they took five thousand from my account with any authorisation. What a fraud organisation this is, stay away from this dodgy, fraud. Bunch of morons living off someone's money like pests do
- 8 reviews
- 3 likes
- Verified
Very useful app for helping to save money
I have been using Raiz for over a year. I have found it a very helpful way to save money. Over the first year I used the app, I have managed to save a few thousand dollars.
I use both the round up function, recurring investments and also Raiz Rewards. I must highlight Raiz Rewards. This is a great way to get free cash-back for my online shopping.
Highly recommend.
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A great way to help me save for a rainy day
Love using Raiz to save some money for the future. Easy to use and transparent with their low fees. Just don't ride the daily ups and downs of the market!
Great investing app!
I use Raiz Invest for Round-ups and recurring investments. They get invested automatically and I don't even have to know anything about financial markets. Perfect for building my holiday fund!
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- 15 reviews
- 12 likes
Great way to invest with some unique features.
To preface my review, I've been using Raiz since it launched in February/March 2016 (back then it was known as Acorns). This will also be a long review as there is quite a lot to cover, so buckle in! If you want a general summary skip to the end and read the TL;DR.
***Introduction***
I personally am of the firm belief that *anyone* can become a millionaire, all it takes is discipline and more importantly, time. Investing in a diversified set of stocks over a period of thirty to forty years can help people to grow their wealth so that one day ...
Read morethey'll have an adequate nest egg for retirement (or money for a house, car etc.) and Raiz is a great app for people to dip their toes into investing. As one of the earliest fintech apps on the Australian market Raiz has, in my opinion, built a good brand and a strong following. They also offer a superannuation product but I don't use it so this review is mainly about their standard investment offerings. ***How it works*** Basically you sign up via the website or app, fill in your details and then choose a portfolio of Exchange Traded Funds (ETFs) to invest in. ETFs are basically baskets of stocks that you can buy and sell on the stock market just like stocks, except each ETF can hold dozens of individual stocks and as a result give you instant diversification -- it's comparable to investing only in Apple or investing in Apple, Samsung, LG, AMD AND McDonald's all at once, because as your mother always told you -- it's not a good idea to keep all your eggs in one basket!Raiz invest app
I have found it a helpful way to help me save, set and forgot it with the recurring transfer and round up features. Can’t comment on returns yet as have only been using since November. If you’re thinking of giving it a go use WSJBU3 for a $5 kicker
- 2 reviews
- 1 like
waste of time and money
dont fall for the 5star ratings, they from scammers asking to use their codes so they make money. I put $200 a year ago and i closed my account with a profit $3. They direct debit directly from your bank(so it wont reflect on your raiz account) for maintenance fee $3.50(very smart) every month which added up to $42 for a year so my loss is $39 after a year. so stay away from them my advice there are plenty of other options out there if you do your own research or simply leave the money in the bank.
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Holding super
These people will gladly take you money from anywhere you approve within minutes but when its time to pay you off omg they are the worst. Your money will not be released, you will beg, plead, cry and you will still get nothing. Run away as fast as you can
USE [Content Removed] FOR FREE $5
Started 3 weeks ago and slowly can see my account growing day by day. Awesome for people wanting to make a start into investments. Would highly recommend it to everyone.
- Verified
Poor everything
High fees, terribly designed app, and poor customer service.
Will happily take your money, good luck getting it out in a timely fashion. Factor in 2 weeks best case scenario. How can every other share service have your money to you in a defined time frame. Here’s a radical idea; user sells shares and you send the money in T+3 business days. Here’s another radical idea, spend some of those high fees improving your processes so they are customer focused.
Skip this business, go try other investing apps like comsec pockets, run by a legitimate bank that has processes and strong customer support.
Questions & Answers
Do you have an online share trading platform useful for a small trader to buy and sell asx shares?
Best to use Westpac. Easy to use, backed by big business. only $19 per trade and no monthly account fees.
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