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
We want to give you the chance to see firsthand and free of charge how these new features can help you invest for the next generation.
We will email you a minimum of 30 days before the Raiz Kids feature will start incurring a fee. The PDS outlines what the new fee structure is.
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
If you have read all or any part of our email, website, or communication then you need to know that this is factual information and general advice only. This means it does not consider any person’s particular financial objectives, financial situation, or financial needs. If you are an investor, you should consult a licensed adviser before acting on any information to fully understand the benefits and risk associated with the product. This is your call but that is what you should do.
You may be surprised to learn that RAIZ Invest Australia Limited (ABN 26 604 402 815) (Raiz), an authorised representative AFSL 434776 prepared this information.
We are not allowed, and have not prepared this information to offer financial product advice or a recommendation in relation to any investments or securities. If we did give you personal advice, which we did not, then the use of the Raiz App would be a lot more expensive than the current pricing – sorry but true. You therefore should not rely on this information to make investment decisions, because it was not about you for once, and unfortunately, we cannot advise you on who or what you can rely on – again sorry.
A Product Disclosure Statement (PDS) for Raiz Invest and/or Raiz Invest Super is available on the Raiz Invest website and App. A person must read and consider the PDS before deciding whether, or not, to acquire and/or continue to hold interests in the financial product. We know and ASIC research shows that you probably won’t, but we want you to, and we encourage you to read the PDS so you know exactly what the product does, its risks and costs. If you don’t read the PDS, it’s a bit like flying blind. Probably not a good idea.
The risks and fees for investing are fully set out in the PDS and include the risks that would ordinarily apply to investing. You should note, as illustrated by the global financial crisis of 2008, that sometimes not even professionals in the financial services sector understand the ordinary risks of investing – because by their nature many risks are unknown – but you still need to give it a go and try to understand the risks set out in the PDS.
Any returns shown or implied are not forecasts and are not reliable guides or predictors of future performance. Those of you who cannot afford financial advice may be considering ignoring this statement, but please don’t, it is so true.
Under no circumstance is the information to be used by, or presented to, a person for the purposes of deciding about investing in Raiz Invest or Raiz Invest Super.
This information may be based on assumptions or market conditions which change without notice and have not been independently verified. Basically, this says nothing stays the same for long in financial markets (or even in life for that matter) and we are sorry. We try, but we can’t promise that the information is accurate, or stays accurate.
Any opinions or information expressed are subject to change without notice; that’s just the way we roll.
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