Key changes to Raiz Kids: Your Questions Answered
We’ve recently launched a brand-new version of Raiz Kids on the Raiz App. This new version includes revamping many features in Raiz Kids, as well as introducing new ones, making it easier to save and invest for your children, grandchildren, cousins, nephews, nieces, whoever! So just what has changed from the previous version? Here’s what you need to know.
New accounts get created for Raiz Kids, no longer just an account partition
Previously, Raiz Kids was a partition to your Raiz account, which allowed you to nominate a portion of your Raiz balance (or even all of it) to be transferred to your kid’s when they turn 18. This meant that there was no separate portfolio and no separate account being held for your child.
With the new Raiz Kids, any pre-existing Raiz Kids will have their own portfolio, their own account, starting with a $0 balance. The parent’s Raiz Account will remain as you have set it, and you now can invest directly into the child’s account and even select a different portfolio for your child.
Benefits of the new Raiz Kids setup
- Separate and unique Investment Portfolios
- Kids can directly access their account on their own phones, based on permission provided by the parent
- Recurring Investments can be made directly into Raiz Kids Accounts
- Raiz Rewards accessible for Raiz Kids
Kids can now have direct access to their own investment portfolio with your permission. This can be a hands on way to help your child understand how financial markets works and start developing savings and investing habits that they can take with them into their adult lives.
How does this permission setting work?
Each Raiz Kids account can have different permission and controls, meaning you can tailor your permissions to suit the age of the child and what control you would like to give. Each Raiz Kids Account can have a different portfolio selection. You can have different one-off and recurring investments for each Raiz Kid Account, which could be great for different investment pocket money or does different chores around the house that are done for kids of different ages.
Want to learn more? Quick Startup Guide for new Raiz Kids
Raiz Kids can be found on the home screen of the Raiz app.
Select Check how your Raiz Kids are doing > View Details for the individual Kids account menu. Find out more information in the App Guide.
Give your kids the gift of investing
It is important to note that just like Raiz Invest accounts, Raiz Kids accounts carry investment risk.
To see Raiz fees, click here.
To see if Raiz is a suitable investment product for you, please read the PDS.
Don’t have the Raiz App?
Download it for free in the App store or the Webapp below:
Important Information
| This blog post has been issued by Instreet Investment Limited (ACN 128 813 016 AFSL 434776) as Responsible Entity of the Raiz Invest Australia Fund (ARSN 607 533 022) and has been prepared without taking into account your objectives, financial situation or needs. Before acting on such information, you should conduct your own review or consult a financial advisor before making a decision to invest. Please read the relevant Product Disclosure Statement and any associated reference documents before making an investment decision. In accordance with the Design and Distributions Obligations, we maintain Target Market Determinations for our Funds. All documents can be found on the Raiz website www.raizinvest.com.au, or calling the Customer Support team on 1300 754 748. Please note that past performance is not a reliable indicator or guarantee of future performance. Historical returns, forecasts, and market commentary are provided for general informational purposes only. All investment carries risk and may result in loss of capital. |
