Tribe Group Savings is a feature on the Rank App that allows a group of users to save together toward a shared financial goal while earning interest on their contributions.
A maximum of 10 members can participate in one savings plan.
You can save for goals such as:
Each member must set a minimum savings target of ₦5,000.
The savings duration can be between 30 days and 365 days.
Tribe Group Savings offers a fixed interest rate of 19% per annum.
Interest is calculated daily on each member’s individual balance using:
19% per annum
Interest earned is posted to the member’s Savings Wallet on the last day of every month.
Yes. Members can participate in multiple Tribe Group Savings plans simultaneously.
Yes. New members can be added after the plan has started, subject to the group settings.
No. Withdrawals are only allowed at maturity unless you choose the Break Plan option.
If you exit early:
Each member receives their share of the total pool balance based on their contribution percentage.
Yes. Members can continue contributing until the maturity date.
No. Contributions stop once the plan reaches maturity.
No. Tribe Group Savings is designed as a one-cycle savings plan for a specific goal. A new plan must be created for another savings goal.
If the admin exits early, the admin role is automatically transferred to the earliest active member.