The smartphone app launched by Raiffeisen allows its clients to invest without many hurdles. With the new instrument, the Swiss cooperative bank wants to make investing more attractive for its clients.

The app, called Raiffeisen Rio, is a digital supplementary offering to the bank’s traditional investment business. The minimum that clients have to commit are 5,000 Swiss francs ($5,483) and the fee is an annual 0.65 percent, for which they get access to a personally managed portfolio, the bank in a statement on Monday.

Zero-Interest Renders Saving Unattractive

Raiffeisen aims to provide clients with an alternative to hoarding cash on an account, which has become unattractive in terms of return in recent years amid low or even zero interest rates.

Raiffeisen Rio was built on the digital investment platform of Vontobel, the Zurich-based private bank. Vontobel had launched its investment app Volt in 2019.