Mobile-first financial services platform designer Raiz Invest Limited (ASX:RZI) has announced a major new product release for its Australian customers.
New Product – Raiz Plus
Raiz is excited to announce the launch of Raiz Plus, a ground-breaking new product feature on the Raiz platform. Raiz Custom portfolios will now be known as Raiz Plus portfolios, providing customers with the ability to add individual ASX stocks to portfolios for a bespoke investing experience.
This enhanced functionality empowers Raiz users to build fully personalised portfolios including ASX listed companies alongside existing ETFs, bitcoin, and Aussie residential property.
At Raiz we strive to continue delivering innovative solutions to our customers to support their savings and investment goals whilst increasing their financial literacy,” CEO and Managing Director, Brendan Malone, said.
“Providing our customers with the ability to invest in some of the largest companies listed on the ASX breaks down the barriers for all Australians to learn more about investing and financial markets. Raiz Plus offers customers a new fractionalised capability that has no minimum shareholding and unlimited investments.”
Fee Update
Since launching in 2016, we have continually listened to our customers feedback and reinvested in product development to meet and exceed customer expectations. This feedback has directly resulted in the introduction of Raiz Plus.
As Custom portfolios transition to Raiz Plus, the monthly maintenance fee will increase from $4.50 to $5.50 for account balances below $25,000, or 0.275% for balances equal to and over $25,000.
The monthly maintenance fee for Raiz Standard portfolios will increase from $3.50 to $4.50 for account balances of less than $20,000. For accounts with balances equal to or greater than $20,000, the account fee remains the same at 0.275% a year.
The monthly maintenance fee for Sapphire Portfolios will increase from $3.50 to $4.50 for all account balances. The account fee remains the same at 0.275% per year.
There is no change to the existing monthly maintenance or account fees for the Property portfolio or Raiz Invest Super.
“A fee increase is always a very considered decision as we seek to balance building the best platform experience and investment tools for our customers whilst also ensuring the long-term financial stability and profitability of Raiz. Our release today delivers a customer driven innovation and enhanced investment capabilities provided at a market low, subscription fee.”
The fees changes will apply from 1 August 2023.designed to boost investing and savings, today announced a major new product release for its Australian customers,” Mr Malone said.
The fees changes will apply from 1 August 2023.
