Rize Review: No-Fee Automated Savings, Too Good to Be True? \[2019 Edition\]

This is part of our Rockstar Reviews series.

Who it’s for: Anyone looking for a goal-based automated savings platform that generates interest month after month. Ease of use: Everything can easily be done straight from their mobile website! What we like about it: No fees of any kind. You can get at your money any time you want. Their savings platform is goal-based rather than one big lump of money. What we don't like about it: It's U.S. only at the moment. They ask for a "pay what you want" contribution, which may be a detriment for some people.

Where to find them:

RizeMoney.com | FREE

(Rockstar readers get a $5.00 bonus after making your first deposit!)

Automated Savings w/ Interest

Rize is the new guy on the automated savings block but has upped the ante with their unique goal-based savings platform. While other services may offer automation, Rize offers automation with interest - 0.90% APY, in fact. And, it only takes about 5 minutes to set up.

How Rize Works

Rize makes saving money to achieve your life goals super easy. Rize automatically transfers money after each paycheck from your existing checking account to your Rize savings account. Of course, Rize lets you update your savings amount and goals at any time, and also allows you to easily withdraw your money when you need it, for any reason. There is never a charge to access your money, which is refreshing in the banking industry. Log in to your Rize account and access the Transfers section to withdraw money from your account. Withdrawals can be made at any time. As many times as you wish. All without fees. After all, it is your money. In fact, there are no fees to use Rize, period - hidden or otherwise. Though I love the fact that it's free, it's the little things that impress me the most about Rize. For example, Rize will double check the amount in your checking account before issuing a transfer to avoid penalties. Nice touch. Also, Rize doesn't just give you a savings account. Your account is designed around financial goals. Fundamentally, we all save money for a purpose, and Rize embraces that by breaking your savings down into individual goals and milestones. Progress is measured based on each goal and adjustments can be made on the fly. In fact, they'll even send monthly progress updates through email, keeping your goals front and center. Cool! Although there is no mobile application yet, Rize accounts can be created and managed through the Rize mobile website from your smartphone or tablet. Rize does plan to release a mobile application in the future. In the meantime, their mobile website is clean, fast and easy. How does Rize make money? They ask for a voluntary contribution every month, but the amount is entirely up to each person. It's their "pay what you want" philosophy.

How To Use Rize

I signed up for a Rize account with a goal in mind: A trip to Hawaii. I signed up with my email address and a password. The next screen provided me with some common savings goals. I selected 'Travel'. I selected 'Two Times a Month', and the application then provided me with a simple calendar to select the days that I would like the transfer to happen. And boom - in less than 5 minutes, I created an account and established my first goal. If you're signing up for the first time, Rize will also ask for some personal information like your legal name, phone number, and address as required by law. Once your goal is set up, sit back and watch your progress. Add as many goals as you'd like. Each goal is treated independently and the app provides visibility into everything that you're working towards - at least whatever you set up through Rize!

The Downsides to Using Rize

Rize is still very new, so you will not find many years of testimonials online yet. In addition (and like many other automated savings platforms), Rize is U.S.-only at the moment. There is no mobile application available yet, though Rize plans to release an app in the future. Also, the voluntary contribution to Rize each month may be a detraction for some person.

Learn more, and sign up, here: RizeMoney.com

(Rockstar readers get a $5.00 bonus after making your first deposit!)

***** PS: For a list of other savings and banking tools we recommend, click here. This review was in partnership with Rize and all links to them above are affiliate links. As always, we only share those products we find to be "Rockstar worthy," and we hope you find them to be helpful :)