Hey guys check out this app which you can use to invest your spare change.
Referral code add others and each get $2.5 each. Update 11-Oct-2020: $5 ea
Mod: Referral system below.
Referral Bonus ($5 for Both Referrer and Referee) @ Raiz Invest (Formerly Acorns App)
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Lsnipe86 on 17/04/2016 - 15:30 raizinvest.com.au (766 clicks)
Last edited 11/10/2020 - 18:59 by 3 other users
Last edited 11/10/2020 - 18:59 by 3 other users
Referral Links
Referral: random (202)
Until 31 December 2024, $20 each for referrer & referee (after minimum $5 investment).
Normally $5 each for referrer & referee (after minimum $5 investment).
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Yeah sorry how do I post a referral?
A mod has to do it if you want the selector.
Oh ok cool
@hamza23: Hiya, the referral wiki doesn't work for me. Can you please create another link? The referral reward is now $10 for both the referrer and the referree so I would love to share my code :)
$1.25/month for <$5k, 0.275%/yr for >$5k
Costs more than the ASX200 index ETF itself.
Sorry OP no deal. Upvote for first-time effort though.
You are buying 5 etf's with this so its not a fair comparison to compare cost against asx200 etf only.
The $1.25 (or 0.275%) is on top of the cost of the ETFs invested.
Essentially you are paying an investment manager to invest your money into a few funds. You are getting double charged by the investment manager AND the funds.
In addition, the cost of that investment manager is higher than the cost of the funds themselves. So you are probably better off doing it yourself.
Yes but the $1.25 is instead of trading brokerage fees. So if you invest with Commsec per say, thats $19.90 which each time you purchase units.
The other is that this way you can make regular purchases for small amounts without having to pay per trade brokerage fees. I get what you are saying, i think this is aimed at a particularly type of investor.
Was on this for awhile, innovative concept (albeit not original) but unless you deposit a large amount of money you won't get much out of it.
Yeah, exactly. I've made a few dollars then gave up. Cool concept, but not ready to drop enough on it to make it worthwhile.
Considering that they've only been out of beta in Australia for a few months now, I think that's a short sighted assessment of the platform.
You aren't going to make big gains overnight, and that isn't the intention. The whole idea is that small savings and balances grow over time for bigger yields, like any managed investment product.
Realistically. you're looking at 3-5 years to make any reasonable hay out of the platform.
You also need to consider that there's no funds out there, that at least I know of, which allow small scale and freiqent balance growth like this. The nature and ease of adding funds also makes this quite attractive to less disiplined savers on smaller incomes, and to the 16+ youth market who are starting to become more financially aware but looking for better returns over time than bank interest.
I do agree with you - I did say as it was me, and not them!
I kind of just got bored of it. Would rather spend my time dabbling with Bitcoin instead.
I've been in the beta since the second it opened and it's a very polished platform.
Perhaps I should give it another (fair) crack.
http://www.businessinsider.com.au/australian-banks-and-finte…
If you trust these guys with your bank password (which, by the way, is stored in a not-very-secure fashion), then go right ahead.
I Hate they have the most ridiculous registration process that required you to send copy of drivers license and then a photo of you holding a bit of a bit of paper confirming it's you "
I just tried getting my referral link from app but couldn't find it.
So for anyone else that gets stuck trying to find their link, you have to go to https://app.acornsau.com.au/dashboard/account/referrals or "Invite Friends" section after logging in to Acorns website and it'll appear down the bottom.
You're not going to make money unless you put a decent amount in to begin with - same with any investment strategy. It works out to $18 a year, whereas a single trade via Commsec is $19.95, or 29.95 for larger values. I've only just started using the app, but based on that alone, this app would be worth it.
Just FYI with the link - sharing from the app doesn't work, as it directs users to the US play store. Log in to your account using the full website and invite friends via that.
I tried it for a bit. Kinda over it. How do I close my account? They took another $5 out of my account!!
Can I withdraw my money or close my account at any time?
Yes you can withdraw your money anytime through the app or you can close your account anytime by using the email contact, [email protected], to receive assistance in the account closure. Please note that uninstalling the app does not close your investment account, or cancel any pending/scheduled transactions.
The 'spare change' concept got me interested but as soon as I discovered that was not the case I cancelled my account.
If the company could actually take 50c from my credit card every time I spent $3.50 that would get me in.
But instead they just tally it up and take the money at the end of each period. By that time I've forgotten I even spent money and they just take a chunk of extra money out of the account.
Should be called 'taking money when you don't expect it investing' rather than 'spare change'.
No deal $1 monthly cost.
Also this is a referral not deal.