We love innovation, especially when it helps us manage our finances in a better and more efficient way. What if you could easily save little amounts and get return on it?
Our friends at Australian Fintech shared the below on Raiz, a new app that is helping Aussies to invest their savings and increase their super return.
A new app called Raiz is helping consumers use their spare change to boost retirement savings through an easy-to-manage investment account. And former financial advisor Nathan Martyn said he has already saved hundreds.
“I wanted to start paying attention to where my super was and how it was likely to generate over time,” Martyn told Nine News.
Say Martyn uses his debit card to buy a coffee for $3.50, the figure is rounded up to the nearest dollar. In this case, it would be $4 and amount rounded up would be 50 cents. This 50 cents would then go into his online Raiz account where it’s invested into a share portfolio.
“I’ve had over the last six months about $500, which has generated about a 10% return,” he said.
It’s forced savings that add up quickly, and requires only $5 to get started.
However, the online app is also helping boost your superannuation.
Superannuation money is invested into the same funds as the investment account where your spare change goes. You then choose whether to invest in lower or higher risk funds, and can see how it is performing every day.
“You have a Raiz invest account and with the push of a button your details are transferred over to create a super account,” said Raiz chief operating officer Brendan Malone.
“It brings all your super into one place, into one investment app where you can see the opportunities.”
Article originally published on Australian Fintech, The app increasing your super while you spend.