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App Type: Investment
Cost: App is free but there is a monthly transaction fee of $1.25 per month for balances under $5,000 at time of writing
Availability: Android and iOS
Now available in Australia, Raiz is an investment app that links to your bank account.
When you spend, Raiz rounds up your transaction to the nearest dollar and invests that change for you in a diversified portfolio (EFT) at your chosen level of risk.
As this is an investment portfolio, it is subject to market fluctuations. You will also need to pay tax on all realised capital gains. Check out their website for more information.
NOTE: If you bank with ING, they will set up the same kind of round up investment to a savings account that you nominate. With ING, you can round up to the nearest dollar or $5 and there are no costs involved.
I use the ING automatic transfer for my ING accounts and Raiz for my accounts at another bank. One of the joys of moving house often is that you end up with bank accounts all over the place.