Participating in savings circles
Participate in savings circles that allow you to access and save money by pooling your money with others. Tanda by Yahoo Finance makes it quick, easy, and secure to use.
- In the Tanda app, circles can have either 5 or 9 members.
- You can join or create circles depending on your savings limit.
- Public circles are visible and available to any Yahoo account holder.
- Private circles are only available by invitation from their creator and invitees.
- Any time before it's full, you can change your mind and leave a savings circle.
- A savings circle ends when everyone in the group has taken a turn receiving their payout.
The duration of a circle is set by the creator and agreed upon by joining members. A circle starts with contributions and one payout and ends when everyone has received one payout.
For example, a 5-member circle with a $500 payout that makes monthly transfers lasts 4 months. At the beginning of the savings circle, 4 members each contribute $125 and one member gets a payout of $500. This continues monthly the next 4 months until every member has contributed a total of $500 and received a payout of $500. The members in the first two positions pay a fee and the member in the last position gets a reward.
You can join as many circles as your savings limit allows. You increase your savings limit by successfully completing savings circles to build up your trust score.
For example, if your savings limit is $1000, you can join one circle with a $1000 payout, two circles with a $500 payout, or any combination adding up to $1000 or less.
Savings circles range widely from $250 up to $2000. The ones you can join depend on your savings limit and trust score.
When you first join, the maximum amount you can contribute and receive is $250.
Participate successfully in savings circles to increase your trust score, which in turn gives you access to higher value savings circles and earlier payout positions.
No. Members don't approve who can join a public savings circle. However, to join a private savings circle, you need to be invited.
Your circle has 7 days to fill after it has been created. If it doesn't have enough participants within 7 days, it can't become active and is dissolved. Your savings limit returns to its previous amount, and you can join or create another circle.
You can create both private or public savings circles depending on your trust score.
If you want to fill open circle positions, invite your friends to join. After joining a circle, tap Invite friends located on the circle page to share it with others.