Raising money alone can be a pain. You could stretch, jump, crawl, cry and still not have enough.
When things get that way, we usually turn to people: friends, family, sometimes even acquaintances. We swallow our pride and borrow or crowd-source.
In a more desirable scenario, we could save ahead with other people and collect a lump sum when it’s our turn. It’s the long-existing traditional method of pooling resources together in a community and taking turns to dip into the pool.
But money has its problems, and they can be magnified significantly when more than one person is involved. For example, contributions to the savings pool aren’t always regular, people can default at will and there’s always the risk of the collector running off with everyone’s money.
We saw these things, the good and the bad, and we designed something that works for everyone. It’s called ALAT Group Savings.
With Group Savings, you can:
1. Save with an unlimited number of people toward a target amount and earn 10% interest on the collective savings. This is the Group Target feature, perfect for raising money for group events, contributions and causes.
2. Save with up to eleven other people for as long as you want, with each person taking the collective savings turn by turn. This is the Rotating Savings feature. Typically, friends, family members and colleagues use this to get a lump sum every now and then. Trust us when we say it comes in handy.
Tap Savings & Investments on the ALAT app menu to get familiar with Group Savings and round up a few of your friends to test it out. It’s quite addictive when you get into it.