Wio Just Dropped a Family Plan with 6% Interest.

Wio Family lets you manage finances with a partner and kids in one app. Here is the cost, interest rates (up to 6%), and how it works.

Wio Bank launche Wio Family

Wio Bank has launched "Wio Family," a new subscription tier designed for households. Unlike messy joint accounts of the past, this allows two adults to manage finances together while giving kids their own digital "pockets" and cards.

The service offers high interest rates of up to 6% on savings and cashback perks. It costs AED 49 per month unless you maintain a total balance of AED 35,000 across accounts.

True Shared Banking: Allows two "Leads" (partners/parents) to manage a single account with full visibility.
Kids Included: You can add members (kids or family) and give them digital allowances and spending limits.
High Interest: Earn up to 6% per annum on Fixed Saving Spaces if you transfer a salary, or 4.5% without it.
The Cost: It is free if you keep AED 35,000 in the account (or the Lead’s account). Otherwise, it is AED 49/month.

How Wio Family Actually Works

Most "joint" accounts in the UAE are clunky. Usually, one person opens it, and the other person just gets a secondary card with no app access. Wio is trying to fix that disconnect.

Two Captains: The account has two "Family Leads." Both people can see the dashboard, track spending, and manage settings.
The Crew: You can invite "Family Members." These are usually kids, teens, or other relatives.
One Dashboard: You see everything in one place, rather than logging into five different apps.

This structure is useful because it acknowledges that modern families don't just have one person handling the money. By allowing two Leads, you avoid the headache of sharing OTPs or login credentials, which is technically against most bank policies anyway. You get your own login, but you look at the same pot of money.

Interest Rates and Savings

Let’s be honest, the main reason people switched to Wio Personal initially was the interest rate. Wio Family keeps that momentum going, but there are specific tiers you need to know about.

6% Interest: You get this on "Family Fixed Saving Spaces" if you transfer your salary to Wio.
4.5% Interest: You get this on the same fixed spaces if you don't transfer a salary.
Shared Goals: You can set up Saving Spaces that everyone contributes to (like a vacation fund).

Getting 4.5% on your money without a salary transfer is still better than what most traditional brick-and-mortar banks in the UAE offer on a standard savings account. If you do move your salary over, 6% is currently top-tier. Just remember that "Fixed Saving Spaces" usually means locking the money away for a set period, not leaving it in your current account.

Banking for the Kids

Cash allowance is dying out. Wio Family integrates features to help parents manage their kids' spending without handing over a credit card and hoping for the best.

Pockets: This is digital pocket money. You transfer money to their "Pocket."
Virtual Cards: You can issue cards to family members.
Limits: The Leads (parents) set the spending limits.

This is a smart play for financial literacy. Instead of just buying things for your kids, you transfer the budget to them and let them manage it. If they blow it all on Roblox in one day, that’s a learning experience they can have safely under your watch.

The Fees (And How to Dodge Them)

This is a premium service, and if you don't have enough cash parked in the bank, you will pay for it.

Standard Fee: AED 49 per month.
The Waiver: The fee is AED 0 if the Family account balance OR any Lead's personal balance is AED 35,000+.
Subscription Upgrade: Opening a Family account upgrades both Leads to the "Family Plan."

AED 49 a month adds up to nearly AED 600 a year. That is steep just to have a shared dashboard. However, the waiver requirement is quite flexible. It doesn't demand AED 35k in just the shared account. If one of the Leads has AED 35k in their personal Wio account, the Family plan becomes free.

Cashback and Spending Perks

To sweeten the deal, Wio has included cashback rates that apply to debit and credit spends.

1% Cashback: On debit card spends (both Family and Personal accounts).
2% Cashback: On personal credit spends.
The Cap: You can earn up to AED 7,500 per month in cashback.

If you use the account for household bills, groceries, and rent payments (where applicable), the 1% cashback on debit spends could theoretically offset the AED 49 monthly fee if you don't meet the minimum balance requirement. You would need to spend AED 4,900 on the debit card to break even on the fee.

Frequently Asked Questions

Is Wio Family a joint account?

Yes, but it is more advanced than a standard joint account. It allows two admin users (Leads) to have full control and visibility via their own app logins, plus limited access for other family members.