Rize Money Reviews - What Is It?
WARNING: DO NOT BUY Rize Money Until You Read This Review!
Is it a Scam? Does It Really Work?
Rize Money is an account meant for your microsavings. It was launched in early 2017. At present, it is not only a mobile-friendly website, but also an actual app that was launched later in 2017. The service has a very noble idea behind itself. It will make you believe that spending is easy and can be done by anyone, not only rich people. We are used to think that saving should be only for wealthy people but it is a wrong opinion. The company has created Rize Money with an ordinary individual in mind. In fact, it is the only savings account you need. It made saving simple, so you will be able to spend your precious time on the things you really care about. The Rize team consists of advisors, investors, and leaders with rich financial backgrounds. Due to their collective experience they have made a unique and exceptional service to help you save money. It is true to say that saving leads to a happier life. So they have made it automatic and easy.
The first thing you will face is the signup process that only takes two minutes. You'll just need to go to their site, supply your email address and create a password on the signup page. Fill in your personal details and setup your first savings goal. Then you'll connect your checking account. That's all. If you wish you can choose what you want to pay (a dollar or two). If you have any questions or issues, their customer service is always there to help you. You can contact them by calling on the pone provided on the site. After your account setup is completed, let Rize start the saving process for you! To find out if the service is really as good as claimed let us take a look at the actual customers' reviews available online.
Customer Reviews - Does Rize Money Really Work?
Even though Rize Money has existed for just one year, there are some customer reviews available on third-party websites. The majority of them carry a positive character. Probably the most common complaint refers to the ease of use of the service. The account setup process is fast and easy. You'll have an opportunity to create your first savings goal by choosing its name and how much you want to commit to saving on a monthly basis. You will be given a completion date for your goal, and if you don't like the end date you can adjust the sum of money you want to save every month. You can easily add new savings goals by just clicking on the "+" button on the Rize homepage, and choosing "Add A New Goal". The app can add as many goals as you wish, for example, for a vacation, for an upcoming tax bill or your child's braces. You can have the money automatically transferred in an easy way.
Beside setting up automated monthly transfers, you can switch on some additional savings features within the program to help you save even more money. They are called "Savings Power Ups". If you turn on the "Accelerate" feature, you will be able to save a little more by increasing the amount you save on a monthly basis by 1%. In this way, your monthly savings will have increased by more than 12% over a year. The "Boost" feature provides small savings boosts during the week. It monitors your checking and saves small "spare change" amounts when it makes sense. It can save money from pennies up to $5 or 5% of your monthly savings. Your scheduled deposits will be your major savings, but this feature will give your savings a "boost".
Another benefit that is highly appreciate by the customers is that you can earn interest on your savings. There is no such a feature on most of the other microsavings websites. Rize Money pays more interest than the national savings account. They pay 1.16% APY. Another advantage is that you can invest with your account. They claim to invest your money into a set of exchange traded index funds (ETFs) to expose your portfolio to the entire stock and bond market. So when setting up your goals you have the option to leave your money in cash or to invest it in a broad ETF index fund based portfolio. You can also choose the term for your goal, and depending on how long you chose to invest the site will provide you with a specific asset allocation between cash, stocks and bonds. A longer time horizon comes with more stocks, while a shorter time horizon focuses on cash and bonds more. At present, Rize Money also invests money in Vanguard Total Bond Market ETF, and Vanguard Total World Stock ETF. This is the leader in low cost index funds in the world now. Rize Money apps are available for both iOS and Android. Both versions of the app work just as needed. The app is easy to use and will help you to check your goals, setup new goals, transfer money, view activity etc. it is high time to take a look at the actual customer reviews about Rize Money available online.
"I am pleased with Rize Money. I like that I can set many goals easily. This account lets you set many savings goals, each of which has its own frequency and savings amount. All this is easy to manage. I appreciate the fact that the automated savings is not something difficult or unreal. I set the sum of money I want to save and then I can turn on Boost or Accelerate to save a little more. Even smaller savings may lead to massive savings, based on my experience. I like this savings application and I do recommend it to everyone."
"Rize Money is certainly a worthy application. I really like that the company pays interest (1.43% APY). Many of the microsavings apps do not pay any interest at all or have some weird equation. The previous service I used provided digit pays every three months based on your daily balance. Besides, I needed to be active for the entire period. I was so sick and tired of that service, so I switched to Rize Money. And I am glad I did."
"Rize Money is a full featured product. In addition to numerous benefitslike a chance to invest, interest and so on, I like that I can set my own fee. The service can be completely free, but really I like it, so I try to pay whatever I feel is fair. It can be a few dollars. During one month I managed to earn pretty much on investment, so I gave them $10. It's worth trying."
My Final Summary
Summing up everything we have learnt about Rize Money, this savings service seems to be worth your attention. It is completely automated, so you won't need to waste your precious time on managing your savings manually. This is a no cost service but if you wish you can invest a few dollars per month into the development of the service. Pay what you think is fair. The company appears to pay above average interest, which is really an advantage when compared to other savings companies available at present. Rize Money is one of the few microsavings applications to offer interest on the funds you save. The account allows its users to set unlimited savings goals. You can enjoy unlimited transfers, which means that you can transfer as much and as often as you wish. There are no savings minimums, which makes the app perfect for new savers. You can benefit from Power-up features which will allow you to boost your savings rate to reach your financial goals. The app allows you to save and invest in one account. The platform is able to easily determine your allocation. The app is easy to use. Summing up, it should be said that Rize Money is an automatic savings account that makes saving simple, so you can do the things you love. All you will need to do is set your savings goals and a deposit schedule. The company will do the rest. With this in mind, I do recommend Rize Money.
Rize Money Pricing and Rates
Believe it or not but there are no fees to use Rize Money; however, you have the option to pay them a small amount from your savings each month to make the service better for you. It is up to you to decide, though. To invest with the account, you will need to pay a monthly minimum fee ($2) plus 0.25% annually on the assets in your investment goals. If you invested $10,000 with a traditional advisor you will be charged 1%, which will cost you $100 per year. The same $10,000 investment will cost you $26.50 with Rize Money. There is $5 referral bonus given to each new user who opens an account. After you open your account you will have a menu option to refer other users to try this service. They will also get $5 when opening their account, and you will get the same amount of money once their account is open.