Robo Advisor comparison
OpenInvest vs Raiz Invest
The biggest difference between OpenInvest and Raiz Invest is the minimum commitment. OpenInvest requires a $20,000 starting deposit and charges $7/month, targeting serious investors who want a tailored managed portfolio. Raiz lets you start with just $5, charges $5.50/month, and is built for micro-investing with round-ups and a mobile app. One is a high-minimum portfolio service; the other is a habit-building savings tool.
Choose
OpenInvest
if…
- ›You have $20,000 or more to invest and want a professionally managed portfolio from day one
- ›You need joint, company, trust, or SMSF account structures — Raiz only offers individual and SMSF
- ›You want direct exposure to ASX shares and bonds alongside managed funds
- ›You prefer desktop-based engagement and don't need a mobile app
Choose
Raiz Invest
if…
- ›You want to start investing with as little as $5 and build the habit over time
- ›You like the idea of round-ups — automatically investing spare change from everyday purchases
- ›You want a full mobile app experience with iOS and Android support
- ›You're investing for a child or minor — Raiz offers kids accounts, OpenInvest doesn't
Where they differ
| Fact | OpenInvest | Raiz Invest |
|---|---|---|
| Minimum initial deposit | $20,000 | $5 |
| Monthly platform fee | $7/month | $5.50/month |
| Account types | Individual, joint, company, trust, SMSF | Individual, SMSF, kids/minor |
| Mobile app | No mobile app | iOS and Android apps |
| ASX shares | Supported | Not supported (ASX ETFs only) |
Verdict
Choose OpenInvest if you have $20K+ and want a broader account menu; choose Raiz if you're starting small and want a mobile-first micro-investing habit.
All data points side-by-side
Every verified fact for both platforms. Differences are highlighted.
| Field | OpenInvest | Raiz Invest |
|---|---|---|
| account structure | ||
| CHESS sponsorship model | custodian | custodian |
| Individual HIN | No | — |
| Individual account | Yes | Yes |
| Joint account | Yes | No |
| Company account | Yes | No |
| Trust account | Yes | No |
| SMSF account | Yes | Yes |
| Kids / minor account | — | Yes |
| asset coverage | ||
| ASX shares supported | Yes | No |
| ASX ETFs supported | Yes | Yes |
| US shares supported | No | No |
| US ETFs supported | No | No |
| Other markets supported | — | |
| Fractional shares (ASX) | No | Yes |
| Fractional shares (US) | No | — |
| Options trading | No | No |
| CFDs supported | No | No |
| Managed funds | Yes | Yes |
| Bonds supported | Yes | No |
| IPO access | No | No |
| costs visible | ||
| ASX free trade conditions | — | Brokerage free across all plans — bulk ASX execution is bundled into the monthly subscription / management fee. No fees on deposits, withdrawals, or portfolio switches. |
| Monthly platform fee | $7/month | $5.5/month |
| Annual platform fee | — | $66/year |
| Inactivity fee | — | $0 |
| Withdrawal fee (AUD) | — | $0 |
| identity and trust | ||
| Legal entity name | OpenInvest Limited | Raiz Invest Australia Limited |
| AFSL number | 504,155 | 434,776 |
| Year founded | 2,017 | 2,016 |
| Parent / ownership | Privately owned (founder-led) | Raiz Invest Limited (ASX: RZI) — Australian publicly listed parent |
| Country of incorporation | AU | AU |
| Public company status | private | public |
| money movement | ||
| Minimum initial deposit | $20,000 | $5 |
| Minimum subsequent purchase | — | $0 |
| Deposit methods | — | bank_transfer, debit_card, round_ups, recurring_direct_debit |
| Settlement period | — | T+2 (ASX) — applies to fund trading via the underlying ETFs; member contribution settles in ~1-2 business days into the fund. |
| Withdrawal time | — | 3-5 business days (T+2 ASX settle, then 1-3 days bank transfer) |
| platform ux | ||
| iOS app | No | Yes |
| Android app | No | Yes |
| Desktop platform | No | No |
| Demo account | No | No |
| Free real-time market data | — | No |
| Free research reports | — | No |
| 2FA support | — | SMS |
| Customer support channels | phone, email | phone, email, in_app |
| Support hours (AU time) | 8:00am-6:00pm AET, business days | Monday-Friday, 8:30am-5:30pm Sydney time |
| Education content | structured | basic articles |
| tax and reporting | ||
| Australian tax statement | Yes | Yes |
| Distribution component breakdown | Yes | Yes |
| CGT calculator / report | Yes | Yes |
| Sharesight / Navexa integration | — | No |
| trading mechanics | ||
| Market orders | No | — |
| Limit orders | No | — |
| Stop loss orders | No | — |
| Auto-invest / DCA | Yes | Yes |
| Auto-invest sophistication | rebalancing | weighted/rebalancing |
| DRP (dividend reinvestment) | No | No |