I cannot get my money from them. Disgusting!!!! I have done everything they have asked for but they are STALLING MY PAYOUT FOR OVER 2 MONTHS ALREADY!!! I am sick and tired of this... will be reporting to police.
Experienced investor here. Suggest you use apps from pearler, spaceship or selfwealth instead that allow access to ETFs and have customer service. Raiz is just awful. Have been simply trying to change a funding account across to new bank for over a week now. Supplied all the paperwork and there was a lot to change the bank account to PAY them....… Read more
and now they are asking for same things again from me when it was all sorted from the last useless conversation with their email 'support'. So frustrating.
I want to share my terrible experience with Raiz Super and Investment, hoping others avoid the same frustration. After working in the mining industry for 5 years, all my super was transferred to Raiz. Due to domestic violence, I needed to access my super early. The Australian Government, Centrelink, and the ATO approved my early release in… Read more
November, and I submitted all required forms and documents promptly.
Since then, it has been a nightmare. For three weeks, I heard nothing. When I finally contacted them, I was told my documents weren’t wet signed—when they absolutely were. I had to prove this. Then they asked me to describe my situation in detail, which I did twice. After another week with no response, I called again, only to be told I needed to provide evidence of my financial situation—bills and debts I had already submitted.
The back-and-forth continued: they asked me again to describe my situation, then said my driver’s license didn’t verify me, so I gave them my passport. After waiting three days, I called again, and they asked for my bank statements—again. Despite sending clear PDF statements and screenshots that the operator confirmed were received, they told me today the account was locked and they were still waiting for my bank statements.
Throughout this entire process, no one has called me to request further information personally or shown any understanding of the severity of my situation. It’s mid-January now, and I still have no early release of my super, even though the government approved it months ago.
This experience has been torturous. I am removing my super from Raiz, transferring it back to Australian Super, closing all investment profiles (including those for my kids), and I will never use Raiz again. I strongly advise anyone considering Raiz to think twice.
Reviews with attachments
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Raiz is seriously good – Raiz Investment App Review After reading numerous reviews on Raiz, I felt motivated to share my experience, having used it as a savings planner for years. Why I Chose Raiz: I initially got this app while searching for a way to track my money in real-time, especially before my brokers had their own apps. Logging into my brokerage accounts via web… Read more
browsers on a phone was cumbersome, so Raiz became my go-to solution.
What Raiz Offers: Raiz essentially functions as a savings app that invests on your behalf in ETFs, similar to how your superannuation works. You can even set up a superfund with it—a feature I recommend, though that's a topic for another time.
One feature I use heavily is the "Round-Up," which I multiply by 3x, effectively turbocharging my savings. My funds are allocated to Bitcoin, Australian shares, and property, allowing me to choose exactly where I want my money. I'm not interested in conventional advice on diversity and safety—I’m not new to this game. When I’ve accumulated adequate amounts, I transfer my funds to another account to invest in companies that aren’t available through Raiz.
Additional Perks: Raiz offers discounts on a wide range of products, from shoes to airfares, where you can get up to 10% off. I personally don’t use this feature as I don’t buy much—mainly alcohol, groceries, or bills. I work remotely, and my meals are covered.
The standout feature for me is the ability to buy physical units in a trust—let’s call them shares—in real, physical houses. Yes, actual addresses you can drive by and see. So whether you’re the “shares are risky” type or not, you can invest in real domestic properties where rent money and capital gains are returned to you. It’s the best savings tool in my eyes—pool your money until you have enough for a deposit, then withdraw, get pre-approval, and buy your own home.
If you want BHP shares, you can buy them too. Raiz offers options to pick defensive, balanced, aggressive portfolios, or create your own—all while sitting in the front bar of a pub with a lemon squash.
The Negatives: There aren't many, but here are a couple of things I would change:
Bitcoin Allocation: Currently, you can only allocate 5% to Bitcoin because it’s considered volatile. I’d prefer to make my own decisions about my money. If you want to go all-in on Bitcoin, there are products on the ASX you can buy to achieve this—though I don’t, it's worth mentioning as a comparison. Annual Fee: Yes, there’s an annual fee of around $30. It’s a small drawback, but if you’re working, linked your accounts, and are rounding up, you won’t mind. Final Thoughts: The best way to experience Raiz is to download the app, fill out the questions, add your accounts, and submit your 100 points of ID (like your license). Once done, you’re ready to go. The app is fully supported by the Australian Securities and Investments Commission (ASIC), meaning in the event of a breach or loss of funds, they’re liable for your money—contrary to what some detractors might say.
Overall, I’ve been pleasantly surprised by how much I can save in a short time using Raiz. While I’ve missed some features in this review, I’ve highlighted the main ones that make it worthwhile. I highly encourage young people to give it a try.
I dont have photos as i dont use it from a PC which im typing this review on.
Use it right to make investments simple – I decided to leave a review as there seems to be two groups of people here, and I wanted to help people decide BEFORE they invest with Raiz, whether it is for them. I am super happy with Raiz, and was very surprised to see so many bad reviews. After reading all the bad reviews, I can see why people get unhappy and upset, because it looks like they… Read more
use it fundamentally differently from me (and the other happy reviewers).
THOSE UNHAPPY: use it for the marketed benefits of rewards and round-ups. If that is your main reason for signing up, DON’T!!! The rewards are minimal and the fees will make you unhappy. THOSE HAPPY: use it to invest bigger amounts (say $150+) MONTHLY, and seem to have a longer view on investing.
I have been using Raiz since 2017 (when it was still called Acorns!), and it is my main platform for saving and investing. I spent a bit of time on getting my portfolio mix right - using only ETF’s - and I invest a fixed amount every month. When the markets are down, I put in a little extra. My fees are over $10 a month, BUT I get to invest into 8 different EFTs each month, multiple times if I want. If I used any other platform (including SuperHero, which I use for different purposes), the fees would be at least $16 every time I purchase shares across those EFTs. Wait, I wouldn’t even be able to do it as you can’t buy fractions of shares otherwise. So Raiz for me is absolutely worth it.
Great for Set + Forget Investments – I’ve been using Raiz since 2021. I started slow and, as my confidence in the product grew, I increased my investments. If I had read some of the negative reviews beforehand, I might have been scared off and missed out on an investment method that suits me well: low cost and not managing trades. The flat fee was the initial draw for me, with the… Read more
added bonus that Raiz Rewards comfortably covers all fees through doing occasional surveys. There are two minor drawbacks: the shift from a flat fee to a percentage fee for investments over $20k, and limited transparency in tracking Raiz Rewards.
At one point, I withdrew my funds because they required my licence to change my financing account. I preferred not to provide it, so they suggested withdrawing and then updating my details. The customer service was prompt, and I didn’t find the wait for funds lengthy.
I also love that I can view my performance via a widget on my phone.
I recommend Raiz, but it’s a slow burn. Don’t expect quick returns and only invest what you can afford to lose, or sticking it out during losses will be challenging.
It’s a scam – They take money out of your account without explaining and you can’t close your account. I click on it but none of the prompts work. So when I select it from the browser, it logged me out and then it wouldn’t let me log back in.
Easy app to learn and understand investing – Setting a monthly automation from my linked bank account has made the whole idea of saving an ease. It's all happening in the background which allows you to think of other things. I did stop the round up feature as i didn't like the $ coming out at random times once the $10 cap was reached. Instead i make online purchases through their rewards.… Read more
Each company will invest a certain % or $ amount.
They have increased their fee from $3.50 per month to now $4.50. I believe their customised profiles are even more. This is really disappointing. I wish they could have found an alternative solution instead of passing the costs on to their customers.
Overall an easy to understand app. They're upfront with their fees. I've enjoyed watching my small change turn into an 'oh yeh, that's actually not bad' amount. take reviews with a grain of salt. Do your research before committing. Investing is longterm not a wishing well that you continuously pull money out of for your everyday wants.
Positive reviews
Raiz- best way to Invest and Save, Referral Code [Content Removed] – Raiz is an amazing way to save up some spare money without ever knowing its gone. You can choose how you invest, large, small etc. I would highly recommend Raiz. Also for the rest of 2024, I have the opportunity to share my code, which will allow you to get a $20 referral bonus. You can Start your investing with some Free money. Brilliant company. If you would like to sign up use the Referral code [Content Removed] upon sign up.
They are the best – There are a lot of untrue recommendations and its hard to tell who is legit. If you have lost money to scam contact (zattrecoverypro1 AT Gmail com) they will surely help you out. Took me long to find them
Raiz my saving freind – Have been doing this for 2 years and love it. People must be aware if you invest low risk you get low returns. I put a small amount in Platinum and average a very good return. People need to learn a bit about this kind of investment as it can be very risky but give good returns. No complaints from me
Negative reviews
Bigg Bigg fraud, he asked me to manager my account then make money from my account and withdraw in his account. Blocked me after. I have proofs, please be safe and don`t be trapped from these monsters. They don`t know the value of hard earned money. They only know how to live on someone`s money.
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Do not invest with Raiz if you need to change bank accounts or withdraw your money. They continue to charge fees after I have requested not to. They will not change my account until I provide photos of myself with my licence and other additional information making it very hard to get out of.
To the credit of RAIZ Support team, my latest issue has now been resolved. After being a RAIZ/ACORNS customer for over 10 years, I find the RAIZ rewards program process frustrating and lengthy. DO NOT BOOK ACCOMMODATION through RAIZ Rewards. Quite often the property you book with may cancel your reward. Meaning a lot of twoing and frowing with… Read more
booking agents booking.com and wotif, then supplying evidence to the support team, sometimes to no avail. I have had no issues with other RAIZ Rewards providers other than booking.com and wotif. It's a terrible shame as RAIZ in general is a fantastic platform and product, except for the RAIZ rewards program, fortunately the RAIZ support team, are actually very good to deal with.
Recent reviews
Super underperforms and they don't let you unsubscribe from email communications – Super didn't perform anywhere near as well as other companies. I wouldn't even be here to leave a review but I have stopped using the product and have tried dozens of times to remove myself from email communications, have emailed the support and I still receive emails. Image is the 10th time I've seen that message. Fix your crap.
Very expensive for minimnal returns if a small investor. Do not recommend – Very expensive for minimal returns. Fees hidden behind flash marketing. Product is not suitable for small investments. Fees were hidden and not obvious in the sign up documentation. If I had known I would never have used the app
Horrible experience – Horrible customer service team, evasive questioning , and slow to react. Save your time and money, use another micro investment platform.
Exposure to cybercrime – The danger with using Raiz is that you provide them with access to your bank account to use the roundup function. As my Bank explained to me, if Raiz is hacked and my account access details stolen I will have to accept the loss.
Raiz rewards has been pending for over 6 months – Booked and paid for accommodation through an accommodation website through Raiz rewards back in October 2023. Our stay was for Jan 2024. Raiz acknowledged the transaction as the reward is showing as pending. It has been pending since October 2023. Have raised concerns with Raiz since beginning of April 2024 and after numerous followups nothing has been done. Loosing confidence in using Raiz rewards. Show details
AVOID LIKE THE PLAQUE - THIEVES - POORLY RAN - BEST THROW MONEY IN THE STREET – They are so Sh*T, closed my account as the worst company to deal with years ago, got a notification taken 2x 100 payments from the old account, sending me overdrawn, I had to find a login reactivate the acc and then withdraw, lose money, albeit 4 dollars, but that not the point. you thieving Ba***ds. now still waiting for refind 9 days later and no responses they should be shut down
They take fees for NOTHING – I signed up to Raiz not really understanding what it was about but willing to learn. I was prompted as part of making the account to provide my bank details. I added no funds to the account and have done zero zilch using the account, but they have started charging me fees. For what?! Absolutely dodgy, non-transparent and to be avoided.
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Negligence on behalf of Raiz – Raiz have lost multiple documents while working with us which are now grounds for a legal filing which we are going topursue for damages due to their negligence.
Can use [Code Removed] for $15 signup bonus in 2024! That's something special – Such a good time to invest with the promotions they are offering there's really no downside.
Scam company – They don’t only round up your spending but also for no reason I had a $41 taken out of my account very dodgy company they won’t answer there phones on hold for over an hour and I requested a call back with still no response. I got a recommendation from the morning show on tv save your money don’t sign up with Raiz thefts.
Avoid Avoid – Avoid this platform they took all my money and logged me out of the account for no reason I tried reaching the support but they ignored me. I had to take legal actions with MILNECAPITAL.IO Whom eventually intervened to recover back my stolen money they saved my life
Be careful about hidden fees – Provided Raiz with authority to deduct an amount from my account for initial investment. Be careful as they will continue to deduct from this account without your consent.
No problem with this company – I’ve used RAIZ for a few years. It works for me because I understand that investment is long term plan. It didn’t perform well a couple of years ago but ride it out and it’s on the up again, just like any investment. If you get upset about a modest fee below $5 per month, it’s not for you. I can’t comment about the withdrawal process because I haven’t had the need to withdraw anything,
Better than the reviews are saying – I've been using raiz since it was acorns. Yeah fees aren't great and the money can take a while to withdraw, but if you're investing and trying to withdraw often then this probably isn't the route you should be taking. But it's definitely helped me save money, just do a daily or weekly deposit and forget about it for a year or two and you'll be… Read more
surprised when you do check it. Not sure about customer service because I've never needed to contact them but never had any issues withdrawing when I have.
Used it for years, wish I never bothered with it – I used Raiz from 2021 to 2024, with varying amounts of money in it. I wasn't aware that it was charging a monthly fee until they randomly upped the fee without any notice. The return I had overall was roughly 2%, much lower than any regular high interest savings account. You have so much money in the right portfolio to even break even let alone make profit after all the hidden fees. For all this, I recommend you go elsewhere.
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After 3 weeks now of not being being able to change my funding account and receiving inadequate… Read more (+1 reply)