Wio Family Plan
These spaces belong to Wio Family and need an existing Wio account.
Wio Family Fixed Saving Spaces
Wio Family Fixed Saving Spaces lock shared family savings for 1, 3, 6 or 12 months on the Family Plan, with no minimum deposit and rates up to 6% a year.
An existing account with Wio is required, such as Wio Family Account.
At a glance
Family Fixed Saving Spaces are fixed deposits for money a family saves together on the Wio Family Plan. You choose an amount and a term of 1, 3, 6 or 12 months, and the money is set aside for a shared goal until the term ends. There is no minimum deposit, and the spaces are held in AED.
They sit alongside the Wio Family Account, the joint account two Family Leads share. They are separate from the personal Wio Fixed Saving Spaces each lead can open in their own name, which have their own rates.
Who can open it
Fees and balance
Minimum deposit
None
Interest
Available deposit tenures
Family Plan.
1 month
Requires a Family Lead salary transfer and monthly card spend of AED 5,000. Applies up to AED 1.5 million with one lead transferring salary, or AED 2.5 million with both leads transferring salary. No penalty on partial or early closure6%
3 months
No penalty on partial or early closure4.25%
6 months
Early or partial closure carries a penalty of 0.5% per annum4.5%
12 months
Early or partial closure carries a penalty of 0.5% per annum4.65%
In plain words
- Annual rate
- The rate is quoted for a full year. Money held for part of a year earns the matching part of it. More on this
- Tenure
- The length of time you agree to leave the deposit in place. You choose it when you open the deposit, and the rate you get depends on the tenure you pick. More on this
What your money earns here
Tenure
12 months
Family Plan. Early or partial closure carries a penalty of 0.5% per annum.
The amount and the rate stay the same for the whole period, and the interest is paid out, not added to the balance. Try other rates
AED 465
interest over 1 year
4.65%
a year
interest earned over time
How to open
Before you apply
1.Open in the app.
2.An existing account with the bank is required.
Documents and terms
Good to know
Good option for
Families on the Wio Family Plan saving together for a set date, such as school fees or a holiday, especially when a lead already transfers a salary to Wio.
Consider another account if
You are not on the Family Plan, or the family may need the money at short notice. Compare savings accounts with no fixed term.
Closing a space early
1-month and 3-month spaces can be closed early, in part or in full, with no penalty. Closing a 6-month or 12-month space early, or taking part of it out, carries a penalty that reduces the annual rate.
Frequently asked questions
Get answers to common questions about the Wio Family Fixed Saving Spaces