Wio Business: Flexi Saving Spaces User Guide & FAQs

Overview

A Flexi Saving Space is a dedicated sub-account within your Wio Business account designed to help you organize your business finances, set aside money for taxes, payroll, or business goals, and earn interest on your savings.

With Flexi Saving Spaces, you have complete flexibility: you can deposit or withdraw funds at any time without lock-in periods or withdrawal penalties.

Key Benefits & Features

• Earn Attractive Interest: Grow plan subscribers earn 3% interest per annum (p.a.) for the first 90 days, and 1% p.a. thereafter.

• Daily Interest Calculation: Interest is calculated daily based on your end-of-day balance and credited directly to your Saving Space on the 1st of each month.

• Instant, Penalty-Free Access: Deposit or move money back to your main account instantly at any time with zero withdrawal penalties.

• Create Multiple Spaces: Set up and personalize as many Saving Spaces as your business needs—each with its own name, target amount, and icon.

• Zero Minimum Balance: Open a Saving Space with AED 0 and start saving at your own pace.

• Automated Recurring Transfers: Set up automated daily, weekly, or monthly transfers from your current account to build savings effortlessly.

Plan Eligibility & Account Summary

Note on Sharia Compliance: Wio Bank PJSC is a commercial bank licensed and regulated by the Central Bank of the UAE. Interest is generated through bank investment and treasury activities. Wio Business does not currently offer Sharia-compliant accounts.

How to Create a Flexi Saving Space

1. Open the Wio Business app and go to the home dashboard.

2. Scroll down to the Saving spaces section.

3. Tap the + icon in the savings section.

4. Enter your space details:

• Space Name: Enter a custom name (up to 24 characters).

• Image: Select an icon or image from the available options.

• (Optional) Enter a target goal amount and select a target date.

• (Optional) Set up recurring automated transfers.

5. Tap Create Space.

6. A confirmation screen will appear, and your new Saving Space will be ready to use immediately on your dashboard.

How to Add and Move Money

How to Add Money to a Saving Space

1. Open the Wio Business app and tap your desired Saving Space.

2. Tap Add Money.

3. Enter the amount you wish to transfer from your AED Current Account.

4. Confirm the transfer. The funds and your updated balance will appear instantly in Transaction History.

How to Move Money Out of a Saving Space

1. Open the Wio Business app and navigate to your Flexi Saving Space.

2. Tap Move Money.

3. Enter the amount you wish to transfer back to your AED Current Account.

4. Tap Move Money to confirm.

5. A confirmation message will appear, and the funds will be instantly available in your main account.

Transfers Between Spaces: Direct transfers between two separate Saving Spaces are not supported. To transfer between spaces, simply move funds to your main Current Account first, then add them to your target Saving Space.

How to Set Up & Manage Recurring Transfers

Automate your savings by setting up scheduled recurring transfers from your main account into your Saving Space:

How to Set Up a Recurring Transfer

1. Open your active Saving Space and navigate to settings / recurring transfer.

2. Choose your transfer frequency and amount:

• Daily: Scheduled daily at 12:00 PM (you can start from the current day).

• Weekly: Select your preferred day of the week.

• Monthly: Select your monthly date (defaults to the 1st of the month).

3. If you have set a target deadline for your goal, the app will automatically suggest a recommended transfer amount to help you reach your goal on time.

4. Tap to confirm and activate.

How to Edit or Cancel a Recurring Transfer

• You can adjust the transfer amount, change the schedule, or switch the recurring toggle off at any time.

• Setting the transfer amount to 0 or turning off the recurring toggle immediately disables future automated transfers.

How to Manage, Edit, or Close a Saving Space

How to Edit Space Details

1. Open the Saving Space you wish to modify.

2. Tap the manage/settings icon.

3. You can update the space name, change the picture, adjust your target goal amount, or extend your deadline.

4. Save your changes.

How to Close a Saving Space

1. Open the Saving Space you wish to close and tap the manage/settings option.

2. Select the option to close the space.

3. Confirm the closure.

4. Immediate Fund Settlement: Upon closure, your full principal balance and all interest accrued up to that day are automatically transferred back to your AED Current Account.

Frequently Asked Questions (FAQs)

Does a Saving Space have its own IBAN or account number?

No. Saving Spaces are sub-accounts integrated directly into your main Wio Business account. They do not have separate IBANs and cannot directly receive external bank transfers or make outgoing bill payments.

Can I link my Wio Business debit card directly to a Saving Space?

No. Debit cards are linked to your main currency current accounts (AED, USD, EUR). To spend funds held in a Saving Space, simply tap Move Money to transfer the funds to your AED Current Account instantly.

Will my money automatically transfer back to my main account once my goal is reached?

No. Reaching your savings goal does not automatically move your funds. Your money remains in your Saving Space and continues to earn interest until you choose to move it or close the space.

What happens if I close my Saving Space before the monthly interest payout on the 1st?

You will not lose your earned interest. Because interest is accrued daily on your end-of-day balance, closing a space mid-month will immediately transfer your entire principal balance along with all interest accrued up to the date of closure directly into your AED Current Account.

Can I create Saving Spaces on the Essential Plan?

Flexi Saving Spaces with interest-earning benefits are exclusively available to Wio Business Grow Plan subscribers.