Got served a Facebook ad capitalizing on Cashrewards downfall.
$35 signup for Raiz with $5 investment required. Biggest signup bonus ever offered from Raiz. Beats the $20 signup for using referrals. Before someone asks, not stackable with referrals.
Also of note for Lite Plan:
For new Raiz users; Get a fee rebate for your first 6 months into your Raiz Account! Just deposit a minimum of $30 each month and avoid any withdrawals. T&Cs apply
Referee & Referrer: $5 after minimum investment reached.
same, invested $5 to see what happens next week
Where does the code go? Referral does not recognise it, redeemed in app?
Try all caps maybe?
"Invalid parameters"
Is this the best place to put your spare $$ instead of an offset account earning 5%pa tax free?
Or if interest rates drop to about 3%?
How else do people invest if you don't have an offset/mortgage?
Nobody knows. It's one of those things people don't discuss because there are so few options.
I put savings/Emergency fund into offset accounts or highest interest savings you can find.
Put investments into U.S or World Stock Market.
I keep it simple.
This is the way.
Should we diversify and add in some Australian index funds too? VAS?
i've read some arguments that say if you already have property and super that invests in australian based funds that you're already pretty biased toward australia and any extra investments should be outside australia.
@dresden: Yep if you have super in Australia you're already heavily invested in the ASX. Mind you, you're also pretty heavily invested in key stocks on the NYSE/NASDAQ… so.
This would beat a savings account but really just pick a brokerage app (I like CMC for free $1000 buys a day) Stake also cheap option and get into vanguard or betashares ETFs.
Raiz just charges higher fees for the pretty app and "rounding loose change" (looks like there may be certain balances the fees work out ok for but overall likely to cost you more)
Can we just cash out straight away? I kinda prefer putting spare cash into offset
@Jimothy Wongingtons
Takes almost 1-3 days to get back the funds.
Where do you enter code?
I think referral code? Only quickly went through first step which asks email, password and referral code.
Got it
Mine says invalid paramters
I see they have ongoing monthly fees. - noting this for those considering to use them beyond getting the bonus.
Will be good to know hownto cancel once the bonus is received
They cancel your account automatically if you withdraw all your money.
link?
U get 1 month free should be enough time to get the $35
is it free with $5 deposit or only for $30+?
"For new Raiz users; Get a fee rebate for your first 6 months into your Raiz Account! Just deposit a minimum of $30 each month and avoid any withdrawals. T&Cs apply"
Should be only $5 I don’t think I put anything in at first just signed up with 1 free month
I'm using them, but ya eventually I'll move out to buy ETF directly from moomoo instead.
Use Betashares a much better app, no fees and excellent support too.
I see. I signed up for the share bonus. Let me try that. Thank you!
Why moomoo?
Let's say you only have $1000 to invest.
You could choose a 4.25% guaranteed Macquarie account or you could put it in Raiz and hope to nail 10% growth in one of their higher performing portfolios. Only problem is, the Macquire account has you better off at the end of Year 1, once the Raiz fees are taken into account.
I don’t see Macquarie offering $35 to sign up
Both are different products and macquarie won't let you micro-invest passively, the very feature of Raiz or any other such platform.
Yup. Just providing some basic math for someone that might take this $35, chuck another $500 in here, then find themselves at a loss in X months time. If just one person avoids that trap it's worth it.
They've got cash and bond related funds as well. It's entirely up to you where you want to invest. You can also refer to the past performance of any fund/script.
So depending on your investment and management you can either end up losing or gaining. That happens in any kind of investment, nothing different here.
@vikaskamboj: Thanks. While all that is true, I feel like these things are targeted at entry investors, not seasoned investors. The point is that most people dabbling with a few hundy/grand (entry investors perhaps) will actually loose with raiz (spaceship etc) as the fees gobble up most of the earnings even when the 10% growth seems impressive, unless you have a lot invested of course. That's all.
People can spruik the benefits if they like, and there are benefits, I'm spruiking the caution.
@nzcoops: @nzcoops Totally agree with your point about newbie investors. That's why many people use it as a corpus builder through passive investing and shift the money to another serious investing platform like commsec etc. as soon as they've build sum in thousands.
Importance of micro investing platforms lies in kick starting your savings and investment habits, while providing an easy way of transferring your money to and from these platforms. There's no guarantee of anything like 10% growth etc. But you don't always end up in loss over the long term and you learn how a certain class of assets/investments perform in certain kind of economical situation.
It's worth paying a fee of $5 a month for such a learning experience. I think there are also some platforms offering a no fee option, but then they'll charge you in some other way. Nothing comes for free.
There's no guarantee of a gain with any platform, small or big, when it comes to investment. Bank accounts or fixed deposits are an entirely different class of instruments giving you a certainty of capped growth, but we pay for that safety in the long term in terms of untapped potential gain that we gave up for sake of sure returns. In such a case, I'd rather go with corporate FDs offering 10-12% of annual yield.
Just to mention, through these platforms, you can also invest in those stocks/funds which have a proven history of regular dividends. So it's entirely up to us how we use it.
Note
Any such platform is worth if you spend in a lot of small transactions. Bigger transactions like going to supermarket just once a week or two and brewing your coffee at home, it won't add up much of passive piggy-banking for you and some it will be taken off in monthly fee.
Sorry for my still not so good English, I hope it's understandable enough for someone new to this thing.
Happy Investing :)
English is on point, you don't need to worry about it anymore. Better than some native speakers. A+ take the afternoon off and enjoy the weather.
Thanks for the summary, but what a stupid platform and idea. Stupid people won't realise this but this seems like a very expensive way for low income/net worth people to invest.
$2.5 per month fees!! Thats like 3% per annum from a $1000 portfolio. People should just save up and once they reach around $500-$1000 buy all in one etf parcels from low cost/free brokers.
That's what these platforms are trying to exploit, a habit of a false promise to ourselves for saving, while spending on something unwanted every now and then and ending up with no actual extra money to invest by the end of the month.
How can we keep a track of saving some cents/dollas on every transaction? It'll be like keeping a track of 20-30 odd transactions, or even more throughout a month. Discipline sounds easy to achieve than actually achieving.
As a matter of the fact, nothings comes for free. Even with those platforms like IBKR, we pay many kind of hidden charges in the name of brokerage, and returns are still not guaranteed.
I don't care if it's Raiz or any other platform. If big 4 or any other well established financial institution offers such a product for a small fee, I'd suggest every newbie investor to try it. Especially with growing trend of handing cards to our kids, it might be very good platform for them to get a first hand experience with savings and investments.
If you sign up via the app, is there an option to enter the promo code during signup?
I think referral code? Only quickly went through first step which asks email, password and referral code.
Yeah I entered it in the first screen on the app signup.
Says 1-3 business days to debit the initial $5 from bank account.
Is that the case? anyone had it done quicker?
I entered my BSB and Account Number manually, did not go with the login to bank securely method.
I found this info on a reddit post
When you hit deposit, it should take just 1 to 2 business days for Raiz to withdraw money from your chosen funding source. This is because we send withdrawal requests once a day to our bank, every business day. If you deposit in your Raiz Investment Account before our daily cut-off time (approx. 3.30pm Sydney Time), your bank account will be debited that same night (and the following night if you deposit is received after this cut-off time).
This can seem longer over a weekend or public holiday.
The following business day, once the withdrawal requests are processed, we invest that money, buying the shares for your investment (this is also done only once a day as outlined in the Product Disclosure Statement at around midday Sydney Time). As soon as that money has been invested, the value of your investment should be reflected in your Raiz Investment Account balance.
If you’ve less tha 1k. Don’t open account as fee will eat your money faster…
Do I need to add a roundup account/finish the account setup to be eligible for the $35 bonus?
I also wondered about this too. I haven't added one yet, I would assume it not being required.
I've had terrible customer service with them. I kept getting emails. Requested to be removed and close my accounts. Took two moths and 4 emails and a complaint for a response.
No deal. Offset account is better value if you have a mortgage. Or ING direct for savings. They have decent service
@diddy50
I had a similar experience too while leaving them. That's why suggesting people to consider alternatives too.
That would be a breach of privacy laws. Are you making it up? Seems unlikely the company would intentionally want to break the law.
What's this got too do with Cashrewards OP?
Ah I see
Just to test this app I opened an account during 2023-2024.
I invested fortnightly and reached $3000 and stopped as that was the time I lost some money during crypto meltdown.
After almost 16 months of not investing after all the fees was taken I had
$1085 more ($246 dividends auto reinvested).
So my balance now is $4085.46.
After going through the comments above.
I will try out CMC & stake apps.
Are there anymore ?
Nobody is using this because it's a better app, were just here for the $35
Did anyone get the 35$ ?
Same status for initial deposit but no sign of $35 as yet.
Neil, have you added a round up account?
I haven't yet, only done the initial $5 deposit but no $35 yet…
Wondering if round up account is needed for this or not
I didnt and not comfortable giving them access to my account username and password
No.
Yeah this just showed up for me today, only manually added account details without round-up account
Still waiting for my $35 to show up as pending
Signed with BSB-only route yesterday afternoon (29th), $5 already cleared into Invest around noon today. Now also awaiting for any signs of $35 bonus.
I had to call them, they said they saw what had occurred, apparently my code was entered but not correctly?
All good though, he said he would fix it up and apply it manually. May be the case for others waiting, so if you dont see it soon, may need to call
did you apply the code as refferal code?
When I opened the app, on the very first screen for signup, it had a referral code box, so I entered it there. I believe that is what Neil did also, however he was successful?
Yes. There was nowhere else to enter a code.
perhaps it was due to me entering the code in lowercase instead of capital letters…
how do we cash out?
Invest-Withdraw in the app.
thanks
hmm, for some reason the promo code isn't showing as registered or anythign.
have 'invested' $10 to see what happens