Where are you getting the $1.25 +0.275%/month? It's $1.25/month...

Where are you getting the $1.25 +0.275%/month? It's $1.25/month for balances below $5k. Above $5k it is 0.275% per annum. 

Yes if you have small account it is expensive - but its cheaper than going direct with the same balance. They aren't a charity - they have costs to cover. Its not Raiz's fault for a consumer having a small balance - its up to the consumer to do something about it.

Please read the PDS before you start slamming a product for being expensive.

They purchase ETFs, which would normally incur brokerage if you did this directly, and allocate your account the appropriate exposure - Those ETFs are quite cheap and obviously have their own MER - which is more than acceptable as ETFs are the cheapest products out there.

I'm all for slamming a bad product when it's bad, but please do some proper research before you start making far from correct assertions.