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I’ve used a few automated savings apps and have recommended them to members. I believe it’s important to use tools that help us accomplish goals.
Rize is a new app that helps you achieve savings goals on your terms. In fact, you get to decide how much the service is worth. You can pay $0 or whatever your heart desires based on what you think the service is worth.
Rize is a financial services app that helps you save money. It’s an automated savings account launched in 2017 with a very mobile friendly website. Rize is a registered SEC investment advisor.
Rize is a legitimate business and is not a scam. From Rize, “Information collected during signup is used exclusively to create your account with Rize and our brokerage partner. We do not sell or share your information with third-party agencies. The funds in your Rize account are SIPC protected up to $250,000.”
You can easily create an account with Rize in a few seconds. Rize helps you save money by automatically moving money from your linked checking account into your Rize account. Rize is owned and operated by Rize Advisors, LLC. They are a registered Investment Advisor with the SEC. This means your account is an investment account rather than a deposit account (like you’d have with a bank) and is covered by SIPC insurance.
With Rize, you can set transfers based on your preferences. You’re not beholden to an algorithm making the decisions for you like the Digit app.
Don’t pay more than you feel the service is worth. Rize won’t charge you a set fee for the service. Just keep in mind your monthly contribution will help the company succeed in its mission. Every company needs to find ways to earn in order to improve and grow its service. Again, Rize lets you decide.
Accelerate gradually pushes you to save more by automatically increasing your monthly savings 1% each month. If you’re saving $100 this month, next month it will be $101. Do that for a year and you’ll be saving almost 13% more than you are today; those little increases make a big difference!
Boost monitors your checking account and pulls out a bit of spare change when it makes sense, usually once or twice a week. Transfers will range from pennies up to $5 or 5% of your monthly savings (whichever is lower). Your scheduled deposits will still be the vast majority of your monthly savings, but Boost will give you that little extra, well, Boost!
You have control when you turn these power-ups on. These are options, not requirements.
There’s an overdraft safeguard with Rize. If your account is below $50, it will not initiate a transfer. However, you can override this safeguard and set your own threshold. Their algorithms will look at your balance before withdrawing from your checking account.
Again, there are no set fees with Rize. You decide the amount you’ll contribute to the company. Set the payment to $0, $1, or more. Decide on what the service is worth.
Rize is definitely a good option for anyone looking for better ways to save money. If you’re looking to have more control over how much you save and when you save, then Rize is a better app for you.
There are many micro-savings apps available. I use them all just to maximize my savings. They all serve a different purpose. You don’t have to follow my lead, but you can try each app and find the one that fits your goals and lifestyle.