August 29, 2018

Rize Review: Is It Good?

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If you are tired of not making interest on your microsavings accounts, Rize may peak your interest. Falling into the microsavings category, Rize stands out from the crowd with its interest-bearing capabilities and unlimited withdrawal options.

Overall Score


Annual Fee


Minimum Deposit


Customer Service

5-point scale (the higher, the better)

Pros and Cons

  • No minimum balance
  • Interest on Savings
  • Pay what you want
  • High fee for Rize Invest
  • Only $50 overdraft protection
  • No phone support

Bottom Line

Microsaving app with unique "pay what you want" fee. Goal-focused savings with interest, or invest for long term goals

At Rize, you don't have a minimum required investment and you choose the fees you pay. It sounds strange, but Rize claims it works for them. They built the platform to make saving simple.

Where they differ from other microsavings platforms is how/where they save your money. Rize isn't a bank - they operate individual brokerage accounts. Don't worry - you don't have to know anything about investing. You can keep your funds completely as cash, or you can choose to invest, which we discuss below.

How It Works

Because Rize is a brokerage account, it may take you a little longer to set up an account. You'll need more than your name, address, and checking account number. Rize will need your birthdate and Social Security number, and Apex (Rize's clearinghouse) will need to verify your identity via Equifax.

Once you are approved, you can link your checking account and begin setting up your goals. You'll start with one goal. There's no default "emergency fund" category like many other microsavings platforms require. You can choose from the preset categories or create your own. You'll choose a completion date and the amount you'll save towards this goal each month.

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Each step along the way is completely customizable. After you set up your goal, Rize calculates the realistic date that you will meet the goal. If you don't like that date, you can play around with the numbers, changing the amount you'll save each month until you see a date you like and an amount you can afford to save.

Recently, Rize added Rize Invest. Now you can put your money to work rather than leaving it as cash in your brokerage account. Rize will invest your money in ETFs that align with your goals and timeline. ETFs, or exchange traded funds, diversify your portfolio risk by investing in stocks and bonds in a variety of industries to minimize your risk.

Is it Safe? Rize uses 256-bit encryption to protect your personal information. They also claim that they don't sell your information to any third party.

Your funds themselves are protected by SIPC coverage, which covers up to $500,000. This doesn't protect you against standard losses on your investments. Instead, it protects you against loss should Rize or its affiliates go out of business, leaving you without access to your funds.

What Are the Fees?

Fees are one area that Rize is unique. They use what they call a Pay What You Want Model, or PWYW. As the name suggests, you can pay what you think is right. If you think the service should be free, you pay nothing. If you think it's worth $2 per month, then you pay that amount.

Rize utilizes this method to remain transparent. They put you in the driver's seat. They want you to pay what you think the service is worth. They truly believe that once you use the service for a month or two, you will realize its worth and want to pay them.

If you use Rize Invest, though, they do request a $2 monthly fee. Rize also charges 0.25% of your assets under management per year.

Reversed Transaction Fees: While you are in charge of your fees, Rize does charge a $30 reversed transaction fee. They charge this fee if your scheduled transaction cannot be completed within two business days of its scheduled date. This is the date that your bank will reverse the transaction.

Rize does make an effort to check your linked checking account to make sure it will have at least $50 after they withdraw the scheduled funds. Rize doesn't have control over any pending withdrawals or checks you've written, though, so the idea isn't foolproof.

Withdrawing Your Funds

You are free to deposit or withdraw funds from your Rize account as often as you like, but Rize does limit your withdrawal of up to $1,000 on any deposit of $1,000 or more for the first five days after deposit.

Keep in mind that it can take between two and three business days to transfer cash between your accounts. If you sell an investment (settle it ), it can take between five and seven business days to complete the transaction.

Reasons We Like Rize

  • You can set up multiple savings goals. Unlike a standard savings account where you get one account, Rize gives you the option to set up as many "accounts" as you want. While your ability to save towards each goal may be minimal, it can help you get closer to multiple goals at once.

  • Rize shows you a "completion date" for your goals. This allows you to tailor your savings to meet that goal. When you set up your goal and monthly deposit amount, Rize shows you how long it will take to meet that goal. If the completion date is too far in the future, you can tweak the deposit amount to have an earlier completion date (assuming you can afford to save more).

  • You set a predetermined amount to save each month. Many microsavings programs determine how much you can save and automatically transfer that amount. You may or may not have a say in the amount. Rize puts you in the driver's seat by allowing you to determine the amount you want to/can save each month.

  • You can accelerate your savings. The Accelerate feature increases the amount you save by 1% per month. This minuscule increase gets you that much closer to your goal without you even realizing the difference in your checking account.

  • You can "boost" your savings. The Boost feature is similar to other robo-advisor features. Rize monitors your account and looks for "spare change" they can withdraw from your account and deposit towards one of your goals. They may do this once or twice a week.

  • Rize pays interest on your savings. Only a few microsavings platforms pay interest, but Rize is one of them. Any cash you leave as cash rather than investing it into an ETF will earn a small amount of interest each month.

  • Rize holds your money in a brokerage account. This means you can make as many transfers as you want per month without worrying about a penalty. With savings accounts, you are limited to six transfers per month. If you exceed six transfers, you may be charged a fee, but not with Rize.

  • If you have longer-term goals, you can invest rather than just save. While you may make interest on your cash, it's not going to make you rich. If you have time before you need access to your funds, you can use Rize Invest and give your money the chance to grow in the market.

  • You can change or customize your goals at any time. The professionals at Rize realize that life happens. You may not have the same goals as before or you may suddenly not be able to save towards those goals. You are free to change, stop, or add goals at any time.

  • Rize alerts you prior to any new deposits. In addition to the effort Rize puts forth to make sure you don't go over your balance on your checking account, they alert you of the impending withdrawal as well. This gives you the chance to cancel the transfer up until the scheduled transfer date.

Reasons You May Want to Look Elsewhere

  • You can only connect one bank account. Rize only allows you to link one checking account to your Rize account. If you have multiple accounts, this may limit the amount you can automatically save, as you would have to manually transfer the funds to the right checking account for Rize to save it for you.

  • $50 overdraft protection may not be enough. Many users will need more than $50 overdraft protection, but that's the default. You may be able to increase the amount, but you have to call customer service in order to make this change.

  • Only iPhone users have access to the Rize app. While Rize does have a mobile-friendly website, having access to an app can be more convenient. Rize does claim an app is coming soon to the Google Play store, but no date has been revealed as of yet.

How It Compares

Rize vs Digit:
Rize and Digit differ in who gets control over your monthly savings. Digit has control by using an algorithm to evaluate your checking account and withdrawing funds as it sees fit. Rize puts you in control by allowing you to choose the date and amount of your regular withdrawals.





Benefits and Features

Annual FeePay what you want; $2/mo + 0.25% for Rize Invest
30 days free; then $5/month
Taxable Accounts
 Visit Site

Rize: Pricing information from published website as of 07/02/2018

Digit: Pricing information from published website as of 07/02/2018

Rize vs Acorns:
Acorns strictly invests your funds, but only when your balance reaches $5. Acorns rounds up your purchases and deposits the "spare change" into your Acorns account. You can control how high Acorns rounds up your purchases, but that's the end of your control. Acorns charges $1 per month for taxable accounts and $2 per month for retirement accounts.





Benefits and Features

Stock Trading Part of service fee. No add-on trading fees.
Annual FeePay what you want; $2/mo + 0.25% for Rize Invest$1/mo for Acorns Lite (taxable account only)
$3/mo for Acorns Personal (includes IRA and checking account)
$5/mo for Acorns Family (includes investment accounts for kids)
Phone Support
Banking $3/mo for Acorns + Acorns Later + Acorns Spend checking. Free debit card, no minimum balance, no overdraft fees, and unlimited free or fee-reimbursed ATMs nationwide.
IRA Accounts
Roth IRA Accounts
SEP IRA Accounts
 Visit Site

Rize: Pricing information from published website as of 07/02/2018

Acorns: Pricing information from published website as of 09/28/2020.

Rize vs Qapital:
Qapital is free to use and offers a savings and checking account. Qapital allows you to set "rules" for saving that include round-up and "set it and forget it" savings rules. Qapital only offers an app (no online platform) and doesn't offer the chance to invest your money; it's strictly a savings or checking account.





Benefits and Features

Annual FeePay what you want; $2/mo + 0.25% for Rize InvestBasic: $3/mo; Complete: $6/mo; Master: $12/mo
Online Platform
Taxable Accounts

Rize: Pricing information from published website as of 07/02/2018

Qapital: Pricing information from published website as of 07/02/2018

Bottom Line

Ultimately, Rize is free to try given their Pay What You Want Model. You can try the service and see if it suits your needs. If it does, you can continue and pay the monthly fee that you feel is fair. If you aren't investing elsewhere or are looking for a somewhat simple way to invest a little money, Rize could give you that outlet. Just make sure you understand how you tie up your money and the importance of ensuring your checking account has adequate funds to meet the scheduled deposits you set.

Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.

More from CreditDonkey:

How to Make Money Work for You

Investing for Beginners with Little Money

How to Save Money


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