Rize

Automated saving for goals you care about

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#5 Product of the DayApril 20, 2017

Reviews

Discussion

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Justin HowellMaker@howelljustin · Co-Founder & CEO @ Rize
Hi Product Hunters, Co-Founder of Rize here. Here all day till the cows come home to answer any questions! Rize automatically saves for the goals that matter, so you stop overspending and pay yourself first. We appreciate your feedback!
Lyondhur@lyondhur · SM UX/IxD Designer Agile/Scrum Coach
@howelljustin I love boomerangs. 😄 Best of luck with the project.
Justin HowellMaker@howelljustin · Co-Founder & CEO @ Rize
@lyondhur Thanks! (love the boomerang ref btw)
Tristan PollockHunterHiring@writerpollock · EIR/Venture Partner @ 500 Startups
Rize automatically saves for the goals you care about (like that vacation you need). Now start saving.
Justin HowellMaker@howelljustin · Co-Founder & CEO @ Rize
@writerpollock Thanks for hunting us, Tristan!
Sheel Mohnot@sheel_mohnot
Super delightful signup process - love it guys, nice job!
Justin HowellMaker@howelljustin · Co-Founder & CEO @ Rize
@pitdesi Thanks Sheel, that's great to hear! We definitely have been working on that for a while
Jake Gibson@iamjakestream
Goal-based savings is definitely the behavioral nudge that's missing from most consumer finance products. Love it!
Justin HowellMaker@howelljustin · Co-Founder & CEO @ Rize
@iamjakestream Appreciate it, Jake! We completely agree: goal-based savings can help save money towards an actual purpose.
Ryan Snyder@overeasyplease · Project Manager
Sounds really interesting - how do you differentiate yourself against Digit or Qapital?
Justin HowellMaker@howelljustin · Co-Founder & CEO @ Rize
@overeasyplease Hey Ryan, great question! Rize is THE product for everyone who has a vision of the life she/he wants to lead and is working hard to get there. If that sounds like you, then you’re the kind of person we built Rize to serve, because that’s who we are. Rize is designed like a 401K that makes saving automatic, paying yourself first, before you spend. Rize automatically moves money for you on a schedule you set, usually right after each paycheck, and we put it towards goals you care about. As an added bonus, you get a higher interest rate with Rize (currently 0.90%, 15x the national average), and unlike Digit, there’s no set fee. In fact, you literally get to pay what you want. Btw, we’re fans of both Digit and Qapital–we like anything that helps people save! (and I think their hearts are in the right place too)– we just have a different philosophy about how best to do it. Hope that answers your question!
Michael Ritchie@michael7ritchie
@howelljustin @overeasyplease I like that you're helping people save, but saying you offer a rate 15x the national average could be misleading to some people. There are dozens of other banks (see list below for example) offering the same rate or better. The national average isn't really relevant. Also, I hope it's clear to your customers how much they've actually earned in interest before they choose to "donate" back to Rize. https://www.nerdwallet.com/banki...
jeevan4@jeevan4 · Programmer, Xilinx Inc
@howelljustin How are the savings interests paid ? Monthly ?
Justin HowellMaker@howelljustin · Co-Founder & CEO @ Rize
@michael7ritchie @overeasyplease Hey Michael, the real benefit of Rize is that we're helping customers build the habit of putting money aside for the future. That matters far more in the long run than the interest rate. We think it's great that we can offer a high interest rate, but in our view that's just a bonus, not the core of what we do. Yes, you can get a marginally higher rate at a variety of banks, but honestly, if someone is just looking for the highest interest rate around and doesn't value the rest of what we do, then we're not the right product for them anyway. In terms of our Pay What You Want model, we never intended it to be equated to the interest a customer earns. To be fully transparent, at 0.90% interest, if you choose to give back to Rize, you're probably paying more than you earn in interest. You'll see that clearly in your Account History each month. We took the PWYW approach because there is a real cost for us to maintain a customer's account each month, and we we're building Rize for the long-term. But instead of keeping the interest for ourselves or charging a flat fee or monetizing through some form of advertising, we figured the best test of the value we were creating for a customer is whether they were willing to pay us for it, and they're in the best position to tell us what that value is. It's a leap of faith and we could be completely wrong. For now, we think it's by far the best way to make sure we are fully aligned with our customers at every step. Thanks again for the comment!
Justin HowellMaker@howelljustin · Co-Founder & CEO @ Rize
@jeevan4 Hi Jeevan, yes, interest is paid each month.