Raiz Plus replaces the previous 'Custom' portfolio, allowing users to fractionally invest in single stocks of top 50 ASX companies for the first time.

It is a similar product to what's available on other microinvesting apps like Sharesies or Stake in that you can buy ASX shares fractionally: you could invest $0.50 in Rio Tinto for example, despite its share price of well over $100.

Raiz is a micro investing platform where users can choose from pre built diversified portfolios.

The original five portfolio options were based on risk, ranging from conservative to aggressive, but several alternatives have been added since.

This includes the Property portfolio, where 30% of the investment goes into the Raiz Property Fund which owns a variety of properties across Australia; the Sapphire portfolio which includes a 5% allocation to bitcoin; and the Emerald option, which sticks to socially responsible investing.

Raiz Plus is a new option where users can incorporate elements of the existing portfolios as well as add fractional investments of top 50 ASX companies and a selection of ETFs.

For example, a Plus portfolio could have 5% allocated to CBA stock, 5% to Wesfarmers, 5% to bitcoin, 30% to the property fund, 20% in ETFs and the remaining 50% invested in the preset 'conservative' portfolio.

Raiz CEO Brendan Malone says Plus allows customers more control over their investments while preserving the accessibility and ease of investing with Raiz.

"Plus brings to the table a product which matches our customers’ growing investing experience while maintaining our easy-to-use design principles," Mr Malone said.

"A key design component of Plus was having the user start with one of our familiar pre-built portfolios as a base, making it a comfortable experience to add as little or as much customisation as they like."

Raiz example jpeg.jpg

How much does Plus cost?

Raiz differs from the likes of CommSec in that it does not charge brokerage fees per trade.

Instead, there is a monthly fee depending on which portfolio you choose and your account balance.

If you choose the Plus portfolio, you can expect a $5.50 monthly fee if your account balance is below $25,000 (up from $4.50 for the previous Custom option), and an annual charge of 0.275% of your account balance if it exceeds $25,000.

Standard and Sapphire fees also increase

Raiz also announced today rates on some of its other investment options will be increasing from 1 September.

The monthly fee for both Standard and Sapphire portfolios less than $20,000 will increase from $3.50 to $4.50.

Sapphire portfolio holders still also need to pay an annual fee of 0.275% of their balance, regardless of how much is in their account.

In an alert to customers, the Raiz Team said the increases are necessary to ensure compliance with regulations concerning financial products, protect the data and investments of users and continue to meet or exceed expectations.

These rates remain competitive compared to the cost of other micro-investing apps.

Account fees Brokerage fees
Bloom 0.80% per year plus $4.50 per month on balances < $10,000 None
Spaceship Voyager $2 per month plus annual management fees of up to 0.50% per year depending on your portfolio None
CommSec Pocket None $2 per trade up to $1,000, 0.2% of trade value for amounts over $1,000
Sharesies Can choose between a $5, $10 or $20 monthly plan, which cover trades up to a certain amount Alternatively, can pay brokerage fees of 1.9% per trade (capped at $5USD for US shares, $6AUD for Aussie shares and $25NZD for NZ shares)
Blossom 1% of initial deposit size once investment has earned at least 5.25% p.a None
Pearler $1.70 per month to invest in one fund, $2.30 per month to invest in multiple $6.50 transaction fee to buy or sell Aussie shares plus 0.5% conversion fee between AUD and USD
Stake None $3AUD for ASX shares up to $30,000, $3USD for US shares to $30,000, 0.01% for trades above $30k for both US and Aussie. 0.7% conversion fee also applies from AUD to USD, minimum $2USD.
Dough $2.99 per month account fee for balances > $50 USD $4.99 per month for unlimited trading

Need somewhere to store cash and earn interest? The table below features savings accounts with some of the highest interest rates on the market.

Provider

4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance

High Interest Savings Account (< $250k)

  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties

Savings Account (Amounts < $250k)

  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Earn up to 5.40% pa by depositing $1,000 in the previous month
  • No account fees
  • Easy access to your money

Saver Account (<$250k)

  • Earn up to 5.40% pa by depositing $1,000 in the previous month
  • No account fees
  • Easy access to your money
02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
No monthly fees
  • Download the App to open your account
  • Get better visibility of your spending within App!
  • Deposit $200 per month to activate bonus interest
No monthly fees

Save Account

  • Download the App to open your account
  • Get better visibility of your spending within App!
  • Deposit $200 per month to activate bonus interest
Important Information and Comparison Rate Warning

All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of May 29, 2024. View disclaimer.

Picture by Aidan Hancock on Unsplash