Getting started with Tanda by Yahoo Finance
Tanda by Yahoo Finance is the mobile app version of a centuries old practice of collaborative savings, known as a saving circle, money pool, or a tanda–in Latin America. In a saving circle, a small group of people come together to save money. The group decides how much and how often they contribute. Each time the group contributes, one person from the group gets the entire pot (payout). This repeats until everyone in the group has had one payout.
The Tanda app works in very much the same way as a traditional saving circle.
- After creating your account and linking it to a bank account, search for a savings circle to join, or create your own based on the app options.
- Select your payout position within the circle, which determines when you get to withdraw your savings from the group instead of contributing.
- Make your scheduled savings contributions to the group.
- Take your payout when it's your turn.
- The circle ends when everyone in the group has had a turn getting the payout.
- As you participate in savings circles, you build your trust score, unlocking access to higher value circles and earlier payouts.
The first time you run the Tanda app, you are guided through the process of creating an account and linking it to a bank account. If you skip any steps, you can go back and do them later.
To use the Tanda app to participate in savings circles, you must:
- Be at least 18 years old
- Link your Tanda account to a verified U.S. bank account
- Provide verification of your identity through our partner Dwolla
To offer a trusted community of savers, we collect a fee from the first two positions in every savings circle. It's deducted from the payout amount, rather than paid up front, and there are currently no other fees. There's a reward for the last position of a savings circle. Depending on your trust score, you choose your payout position when you join a circle.
Fees for early payout positions
First Position: 8% of payout
Second Position: 7% of payout
Reward for last payout position
Last position: 2% reward
For example - in a savings circle with a $500 payout:
- The first person to take the payout pays a $40 fee and gets $460.
- The second person pays a $40 fee and gets $460.
- The last person to take the payout gets $510.
- Everyone else gets the standard payout of $500.
No. Using Tanda by Yahoo Finance does not impact your credit in any way.