Tanda is a social savings app launched by yahoo finance. It allows group of five or nine people or smaller groups to save money together for different purposes or for short term goals. People in different part of world doing it manually,it’s a good news for them they can save money together online.
Tanda works like there will be a collaborative savings circle in which everyone will participate,it will pay a fixed amount to group’s savings every month and one member get a chance to take home all the money every month, this is how Tanda uses the concept of “cash or money pool”.
It should not be confusing because its not a gambling app in which people participate in the hope of winning. Everyone will have a chance to take all the saving to home
Yippee says that “the application is intended to enable people to accomplish their monetary objectives without racking up more obligation.”
. Moreover, this more youthful statistic is confronting an assortment of money related battles, as higher expenses of living, troubles in looking for some kind of employment, and they frequently battle to save money on their own.The organization trusts this will enable Tanda to pull in a millennial crowd, which is as of now attracted to social applications in the fund space, as Venmo.
The tanda social savings app is based on the age-old “rotating savings and credit associations” pattern which makes people save through the use of collective pressure. While you could just set aside a fixed amount of money on your own periodically to save, this app makes saving a more collaborative and socially fun experience.
You might be thinking that how Tanda is different from savings that you do on your own. Tanda make calculation on its own you don’t need to worry about it. The other major difference is that the first two people to receive their money pay a fee, but the last payout position receives a 2 percent cash bonus. This rewards users who are willing to wait to receive their turn at the pot, though some will want higher positions in order to get the large payout sooner.
As a user participates in Tanda by making contributions, their Tanda score increases. With higher scores, the user gains access to higher value savings circles and earlier payout positions. These savings circles can reach up to $2,000 and if someone leaves Tanda will step in to cover their positions.
The new app is being released under the Yahoo Finance brand. Tanda is available today in both English and Spanish on Android, and will arrive on iOS within the next few days.