Robo Advisor comparison
Bloom Impact vs OpenInvest
The biggest practical difference between Bloom Impact and OpenInvest is the minimum commitment. Bloom Impact asks for just $500 to get started with a $4.50 monthly fee, while OpenInvest requires a $20,000 minimum and charges $7 a month. That alone decides which investor each platform is built for.
Choose
Bloom Impact
if…
- ›You want the lowest barrier to entry — $500 minimum and a $4.50 monthly fee make it easy to start small
- ›You care about impact investing and want a platform built around ethical, sustainable portfolios from day one
- ›You prefer managing everything from your phone — Bloom has iOS and Android apps; OpenInvest has neither
- ›You want dividend reinvestment (DRP) included, which OpenInvest doesn't offer
- ›You need a simple, low-cost robo-advice option without the complexity of direct ASX trading
Choose
OpenInvest
if…
- ›You have $20,000 or more to invest and want access to a broader range of asset classes including ASX shares, ASX ETFs, and bonds
- ›You want a more sophisticated auto-invest experience with portfolio-level rebalancing, not just single-asset DCA
- ›You value structured educational content and phone-based support over in-app chat
- ›You need a CGT calculator and tax reporting built in for more complex portfolio management
- ›You want the ability to hold individual ASX shares and ETFs directly, not just managed funds
Where they differ
| Fact | Bloom Impact | OpenInvest |
|---|---|---|
| Minimum initial deposit | $500 | $20,000 |
| Monthly platform fee | $4.50/month | $7.00/month |
| ASX shares & ETFs | Not supported | Supported |
| Bonds | Not supported | Supported |
| Mobile apps | iOS and Android | No mobile apps |
Verdict
Choose Bloom Impact for low-cost, mobile-first ethical investing; choose OpenInvest if you have $20k+ and want ASX shares and bonds.
All data points side-by-side
Every verified fact for both platforms. Differences are highlighted.
| Field | Bloom Impact | OpenInvest |
|---|---|---|
| account structure | ||
| CHESS sponsorship model | custodian | custodian |
| Individual HIN | — | No |
| Individual account | Yes | Yes |
| Joint account | — | Yes |
| Company account | Yes | Yes |
| Trust account | Yes | Yes |
| SMSF account | Yes | Yes |
| asset coverage | ||
| ASX shares supported | No | Yes |
| ASX ETFs supported | No | Yes |
| US shares supported | No | No |
| US ETFs supported | No | No |
| Other markets supported | — | |
| Fractional shares (ASX) | — | No |
| Fractional shares (US) | — | No |
| Options trading | No | No |
| CFDs supported | No | No |
| Managed funds | Yes | Yes |
| Bonds supported | No | Yes |
| IPO access | No | No |
| costs hidden | ||
| Holds USD account | No | — |
| costs visible | ||
| Monthly platform fee | $4.5/month | $7/month |
| Annual platform fee | $54/year | — |
| identity and trust | ||
| Legal entity name | Bloom Impact Investment Services Pty Ltd | OpenInvest Limited |
| AFSL number | 514,360 | 504,155 |
| Year founded | 2,022 | 2,017 |
| Parent / ownership | Independent / privately held (founders Camille Socquet-Clerc and Bertrand Caron); seed investors including angel investors and ex-FutureSuper founder Adam Verwey as Executive Director | Privately owned (founder-led) |
| Country of incorporation | AU | AU |
| Public company status | private | private |
| money movement | ||
| Minimum initial deposit | $500 | $20,000 |
| Deposit methods | bank transfer, direct debit | — |
| Settlement period | T+3 | — |
| Withdrawal time | 3-5 business days | — |
| platform ux | ||
| iOS app | Yes | No |
| Android app | Yes | No |
| Desktop platform | No | No |
| Demo account | No | No |
| Free research reports | No | — |
| 2FA support | SMS only | — |
| Customer support channels | email, in-app | phone, email |
| Support hours (AU time) | Business hours (Mon-Fri AET) | 8:00am-6:00pm AET, business days |
| Education content | basic articles | structured |
| tax and reporting | ||
| Australian tax statement | Yes | Yes |
| Distribution component breakdown | Yes | Yes |
| CGT calculator / report | — | Yes |
| trading mechanics | ||
| Market orders | — | No |
| Limit orders | — | No |
| Stop loss orders | — | No |
| Auto-invest / DCA | Yes | Yes |
| Auto-invest sophistication | single asset | rebalancing |
| DRP (dividend reinvestment) | Yes | No |