Raiz is a popular financial app that was founded in Australia in 2015. It aims to provide a simple and convenient way for individuals to invest their money and grow their wealth over time. The app offers various investment options, allowing users to choose the one that suits their financial goals and risk appetite.
If you no longer wish to use the platform or want to close your account for other reasons, here is a step-by-step guide on how to delete your Raiz account.
How to Delete Raiz’s Account
Step 1: Open the Raiz App
First, open the Raiz app on your mobile device. It is important to note that deleting your account can only be done through the app and not through the website.
Step 2: Navigate to My Settings
Once you have opened the app, navigate to the Menu button. This can usually be found in the top left or right corner of the screen. Tap on the Menu button to access the different options.
Step 3: Go to Support
Within the Menu, you will find various options. Look for the option called “My Settings” and tap on it. From there, you will see a list of settings-related options, one of which is “Support.” Tap on Support to proceed.
Step 4: Close Account
Inside the Support section, you will find the option to “Close Account.” Tap on this option to begin the account closure process.
Step 5: Confirm Closure
After tapping on “Close Account,” you will receive a confirmation prompt asking if you are sure you want to delete your Raiz account. Take a moment to double-check your decision, as closing your account will unlink your Funding Account and Spending Account.
Step 6: Complete Closure
If you are certain that you want to delete your Raiz account, confirm your decision by selecting “Yes” on the confirmation prompt.
Your Funding Account and Spending Account will be unlinked, and any remaining balance, if applicable, will be transferred to your Withdrawal Account.
Step 7: Delete the Raiz App
Once you have successfully closed your Raiz account, you may also choose to delete the Raiz app from your device if desired. This step is optional but recommended for complete closure.
You have successfully deleted your Raiz account. Once your account is closed, you will no longer have access to any funds or features associated with Raiz. Make sure to withdraw any remaining balance before closing your account.
If you have any further questions or encounter any issues during the account deletion process, you can reach out to Raiz support for assistance. They will be able to guide you through any additional steps or provide further clarification as needed.
Benefits of Using Raiz Account
Accessibility
Raiz allows individuals with any budget to start investing by rounding up their purchases, making it a convenient and accessible platform for all.
Automation
The app automatically invests your spare change, making it easier for you to grow your investment portfolio without actively managing it.
Diversification
Raiz’s investment options provide diversification across different asset classes, reducing the risk associated with investing in a single asset.
Education
Raiz provides educational resources and information to help users understand the basics of investing and make informed decisions.
Goal-based Investing
Users can set financial goals within the app, and Raiz will suggest an investment portfolio to help achieve those goals.
Drawbacks of Using Raiz Account
Fees
Raiz charges a monthly fee based on the size of your investment portfolio, which can eat into your returns, especially if you have a small balance.
Market Volatility
Like any investment, the value of your portfolio can fluctuate based on market conditions, and there is always a risk of losing money.
Offsetting Savings
Some users may rely solely on the round-up feature to save and invest, which may lead to neglecting other traditional saving methods.
People Also Ask
How do I unlink my Card from Raiz?
To unlink your card from Raiz, simply click “Unlink” next to your bank card number.
Is it worth having a Raiz account?
Yes, having a Raiz account is worth it because it is a powerful investing platform that can help you grow your wealth quicker than a bank account. It uses the stock market to invest your money, offering higher returns. Raiz is also accessible and simple to use for investing in shares.
Why is Raiz charging me?
To understand why Raiz is charging you, you can go to your Raiz account and click on My Settings > Support > Close Account. This will unlink your Funding Account and Spending Account, and any remaining balance will be transferred to your Withdrawal Account.
How long does it take to get money out of Raiz?
You can request to close your Raiz account anytime through the app. Go to Menu > My Settings > Support > Close Account. It usually takes some time to process, and your remaining balance will be transferred to your Withdrawal Account.
Conclusion
Deleting your Raiz account can be done at any time, giving you the freedom to control your financial choices and investments. Just follow the steps outlined above, and you’ll be able to delete your Raiz account hassle-free.