Tanda Yahoo Savings App Review: Yahoo Finance starts social savings app Tanda

Today, Yahoo Finance introduced an amazing app which is known as Tanda and this app helps small organizations that consist of eight to nine employees to save money collectively for their short-term plans. Basically, the concept is all people save some money from their salaries and each month one of the members/employees gets all money and fulfill his needs.

It’s not that one can win all the money and other will be the loser

Here, I would like to mention that it’s the way of saving, it’s not gambling app. It’s not that one can win all the money and other will be the loser. No, not at all, it’s the way of saving and every member will get a chance to get the saving. Suppose that there are ten working people in an office and all are agreed to save $100 in each month. So, total are ten persons that are involved in saving. In ten months, each and every person will get a chance to get full savings of the month. So, with this saving, a person can fulfill his short-term needs.

Rotating savings and credit associations (ROSCA) 

The app is using the age-old “rotating savings and credit associations” (ROSCA) concept, which pushes individuals to save by using collective pressure.

Quite simply, while it’s true that you might just put aside a set a set amount of cash by yourself, Tanda’s makes saving a far more collaborative and social construct.

Rewards users who are prepared to wait to get their turn

Another distinction between saving in Tanda and saving by yourself is just how the app manages payouts. The very first two individuals to get their cash pay a fee, however, the last payout position gets a 2 percent cash bonus. These rewards users who are prepared to wait to get their turn in the pot, though many will want higher positions to get the big payout sooner.

More pleasing for those who have a far more instant need for the money

A greater position is undoubtedly more pleasing for those who have a far more instant need for the money – such as purchasing books for school or changing an old laptop, for instance. Obviously, you still need to pay into Tanda to consider money out, so it’s not really a direct alternative to a credit card. However, with some planning, it could be used as a substitute for charging larger purchases.

Savings circles can reach as much as $2,000

As a user takes part in Tanda simply by making contributions, their “Tanda score” raises. With higher scores, an individual profits access to higher value savings circles and earlier payout positions. These savings circles can reach as much as $2,000.

And when someone drops out, Tanda will part of to pay for their positions.

Tanda can also be dealing with its partner Dwolla to vet users before they could begin saving, the business says. Users will be asked to submit a legitimate ID and also have a U.S. banking account.

Yahoo states that the app is developed to help people achieve their financial objectives without accumulating more debt.

Millennial audience that is already attracted to social apps

The business hopes this can allow Tanda to draw in a millennial audience that is already attracted to social apps within the finance space, like Venmo. Additionally, this younger demographic is facing a number of financial struggles, like higher costs of just living, difficulties in locating work, plus they often struggle to reduce their very own.

“Thirteen months ago, a national outlet claimed 46 percent of our own nation can’t think of a $400 emergency expense,” Simon Khalaf, Head of Media Business & Products, told TechCrunch, when explaining why the business wished to develop this app.

(The figure he’s citing originates from this 2016 Federal Reserve survey of over 5,000 Americans regarding their financial circumstances. Based on its findings, approximately 46 percent of Americans said they might be unable to develop $400 in desperate situations situation.)

“This motivated us to begin developing Tanda, a mobile world version of the centuries-old community savings tool that we believe gives a strategy to several,” Khalaf described.

This app has launched under the Yahoo Finance name.

Tanda is available and you can get in English and in Spanish languages on Android and will show up on iOS within a couple of days.

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Why Tanda?

Increased success

Saving in groups can be more effective than saving on your own.1

Savings flexibility

Choose when you get your money.

Peace of mind

If another circle member stops contributing, Tanda’s got you covered.

Financial discipline

It’s never too early to learn good money habits.

1 National Bureau of Economic Research

Disclaimer: The information on this site is provided for discussion purposes only, and should not be misconstrued as investment advice. Under no circumstances does this information represent a recommendation to buy or sell securities.