We have introduced an exciting new feature on the Bankly app called Group Savings.

This feature enables users to start a savings plan with family and friends, where they save together for a common goal. This can range from the birthday of a loved one to a vacation with friends and other related events.

How it works

A Bankly user creates group savings and automatically becomes the group admin since he/she was the initiator.

On creating the group savings plan, the user can name the group, set a savings schedule, target amount and maturity date. He/she then proceeds to invite members or shares a link to the savings plan for people to join and contribute – these members must be Bankly users as well.

Savers can make contributions to the group savings target through their Bankly wallet or other commercial banks or MMOs. They are able to leave savings plan willingly, and they can also be removed by the admin should they have a reason to opt-out.

To ensure transparency, the admin and all members are able to monitor the progress of their savings, each member receives notification for every deposit and withdrawal done in the group savings plan. Withdrawals can, however, only be done by an admin, who can either send full or partial funds to his/her account or a third-party account as agreed with members.

Interest on Group Savings

Group savings attract 15% interest per annum, which is accrued daily. In an event where the funds in a group savings plan are pulled out before its maturity date or before the target amount is met, it loses all the interest that has been accrued over the period.

Watch how to use it below:

Benefits

1. Unique account number for each group savings plan.

2. Savers contribute at their pace.

3. Savers can track group savings target.

4. Get up to 15% interest at maturity.

5. Flexibility in savings withdrawal.

6. Transparency in contributor's savings