Technology has changed the way we interact, learn and work, so it doesn’t come as a surprise that it is reforming the way we handle, save and invest our hard-earned dollarydoos.
What is Micro-Investing?
Micro-investing is an investment platform that connects your bank card to the desired investment application. You choose how much and when you want to invest, or you can opt for the round-up feature. Each time you complete a transaction, it will be rounded to nearest dollar and the extra change will be invested (Example: You buy a coffee for $6.50; it will round up to $7 and the 50c will be invested). The money you invest is dispersed into Exchange Traded Funds (ETFs) like the Australian Stock Exchange (ASX). It’s pretty much a virtual piggy bank with interest.
Top Three Micro-Investing Apps in Australia:
Raiz investment app, previously known as Acorns, has ascended to the top in Australian investing. The platform allows you to pick from six different portfolios based on the level of risk for a small subscription fee of $2.50 a month. Raiz have linked up with big brands like, Woolworths, Apple and Myer, that will invest in your account when you shop through the Raiz app. To learn more, click here.
2. Spaceship Voyager.
Spaceship Voyager launched in 2018 and has seen exponential growth in a short amount of time. This investing app gives you the option to choose from two diversified investment portfolios; The Spaceship Universe portfolio, which invests in world-changing companies (Tesla, Spotify and Apple), or the Spaceship Origin portfolio, which invests in large global companies (Amazon, Johnson & Johnson). To learn more, click here.
3. Commsec Pocket.
Commsec Pocket is a product of Commonwealth Bank, which launched in 2019 to help simplify investing. To invest on this app, you will need a minimum of $50, but you get to choose seven different investment categories that appeal to you, such as tech, sustainable leaders, health or the top 200 Australian companies. If you already bank with Commbank, you can access Commsec pocket via Netbank or the Commbank app. To learn more, click here.
All investments come with a certain level of risk, please do your own research before committing.