New shared bank account lets UAE families track spending, save together

Wio Bank has launched Wio Family, billed as the UAE’s first fully shared banking experience, allowing households to manage money collectively through a single platform.

Introduced ahead of the UAE’s upcoming Year of the Family, the service lets two account owners called Family Leads open a shared bank account and invite children, teenagers, helpers or relatives to join. Members gain access to tools that simplify shared spending, saving and budgeting.

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Account ownership is flexible, catering to partners, parents, siblings or "any trusted individual".

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According to the bank, smart shared tools allow families to monitor and control day-to-day spending. Virtual cards and permission settings enable Family Leads to set limits, track transactions and manage access for each member from one dashboard.

For children aged 8 to 17, 'Family Leads' can create dedicated 'Pockets' with spending caps and saving features to help teach money management in a guided environment.

Families maintaining a minimum balance of Dh35,000 can access all benefits at no cost; otherwise, a fee of Dh49 per month applies.

Jayesh Patel, CEO of Wio Bank, said the platform was designed to offer families “clarity, flexibility and control” over shared finances, treating money as “something shared — something social”.

CMO Amina Taher added that many residents save for joint goals such as a home, education or a wedding, and the new experience aims to bring “everyone who will benefit together".

Sahim Salim

Staff Writer

• 

sahim@khaleejtimes.com

As Associate Editor, Sahim Salim helps tell the UAE story like no one else does — and leads a team of reporters that asks the questions to get news and headlines that matter.