Wio Bank has announced the launch of Wio Family, a shared banking experience for families to manage money together in an optimised way.
Following this announcement, Wio Family was developed in order to provide customers with shared banking opportunities, being built in response to a growing need among households for a more collaborative, transparent, and intuitive way to manage money. The product was co-created with real families across the region of the UAE, and it reflects how money is lived, shared, and managed socially within several households.
Reflecting the fact that money is rarely an individual matter
According to the official press release, the new experience is expected to provide every household member with the possibility to access one connected financial space: through the use of a shared bank account, this product is set to optimise the way customers make better decisions, reach shared goals, and build healthier financial habits. At the same time, two ‘Family Leads’, the account owners with equal control, will be allowed to instantly open the account and invite children, teens, helpers, or relatives to join, in order to make it easier to manage money together.
Wio Family was developed in order to fit every type of household, whether managing finances with a partner, parent, sibling, or any trusted individual. Furthermore, the account ownership will be flexible to suit each family’s unique needs, as this approach supports couples starting out, multi-generational families, and all those who share responsibility for their household budget.
For children and teenagers aged 8–17, Family Leads is expected to also create Pockets, representing several safe learning spaces designed to teach young members how to spend wisely, save consistently, and understand the value of money from an early age. In addition, with their own virtual card and spending limits, children will be given the possibility to start building real-life financial confidence in a guided, age-appropriate way.
Wio Family aims to also make it easier for households to reach goals, as Family Fixed Saving Spaces offer up to 6% interest per annum (with salary transfer), the highest across Wio. Customers can also enjoy all Family and Personal benefits for free with the use of a total balance of approximately USD 9.500 (AED 35.000) or more (around USD 13 - AED 49/month otherwise).
Moreover, a suite of smart shared tools was designed to give families the opportunity to stay in control of everyday spending, as shared virtual cards and smart controls are expected to allow Family Leads to set limits, track every dirham, and tailor permissions for each member from one intuitive dashboard. With boosted cashback rewards up to USD 2.000 (AED 7.500 per month) collectively, including 1% on Family debit spends, and up to 2% on individual spends, families will be enabled to benefit more from the spending they already do.
This product launch represents an important first step in the Wio Family strategy, as Wio Bank will continue to roll out more family-first features, insights, and connected tools in order to make shared money management smarter, more transparent, and more collaborative. Currently, Wio Family is available through Wio Personal, with more features being expected to be introduced in the coming months.
