The short answer
- Savings circle apps come in two kinds: apps that collect and pay out the money, and apps that only keep the record while members pay each other as they always have.
- An app that holds your money is doing regulated work. Before you pay in, find its own regulatory statement and check it: the FCA register in the UK, FinCEN and your state regulator in the US, the central bank elsewhere.
- Money-moving options checked for this page: StepLadder (UK), Mission Asset Fund's Lending Circles (US non-profit), Money Fellows (Egypt).
- Record-keeping options: MySusuPay, a shared spreadsheet, and Binome360, which keeps the ledger and moves no money.
- We left out several apps that turn up in searches because we couldn't find a clear statement of who holds members' money. That's a good test to apply yourself.
Two kinds of app, two sets of risks
Our guide to online savings circles explains the formats in detail. Here's the short version, because it decides which apps belong on your list.
Apps that move the money. You pay your contribution into the app (usually by card or bank debit), and the app pays the pot to that round's recipient. The benefits are real: automatic collection, fewer late payments, sometimes credit reporting or a guarantee against default. But the company, or a payment partner, holds your money between collection and payout. That's a payment or lending service, and it needs a licence or registration.
Apps that keep the record. Contributions still move by bank transfer, mobile money, Zelle, e-Transfer or cash. The app records who paid, what's in the pot and whose turn it is. Nobody new holds the money, so there's nothing to regulate on that side, and no platform fee on contributions. The trade-off: the app can't chase a member's bank account. The group's rules still do that work.
What to check before you choose
| Criterion | Question to ask | Why it matters |
|---|---|---|
| Who holds the money | The app, a named payment partner, or nobody? | This decides whether regulation applies |
| Regulatory statement | Which licence or registration, with a number you can look up? | A name and number let you check the register yourself |
| Protection | What happens to contributions if the company fails? | UK payment firms aren't covered by the FSCS |
| Default | Who pays if a member stops after taking the pot? | The platform, an insurer, or the other members |
| Fees | Per contribution, per month, or per payout? | Fees come out of every member's pot |
| Country | Where can members live and bank? | Most money-moving apps work in one country |
| Your group | Can you bring your own members, or are you matched with strangers? | A circle of strangers relies entirely on the platform's protections |
Who holds the money
Question to askThe app, a named payment partner, or nobody?
Why it mattersThis decides whether regulation applies
Regulatory statement
Question to askWhich licence or registration, with a number you can look up?
Why it mattersA name and number let you check the register yourself
Protection
Question to askWhat happens to contributions if the company fails?
Why it mattersUK payment firms aren't covered by the FSCS
Default
Question to askWho pays if a member stops after taking the pot?
Why it mattersThe platform, an insurer, or the other members
Fees
Question to askPer contribution, per month, or per payout?
Why it mattersFees come out of every member's pot
Country
Question to askWhere can members live and bank?
Why it mattersMost money-moving apps work in one country
Your group
Question to askCan you bring your own members, or are you matched with strangers?
Why it mattersA circle of strangers relies entirely on the platform's protections
If you want the app to collect and pay out
StepLadder (UK). StepLadder matches members into circles with a shared goal. Everyone pays the same amount each month, and each month one member is randomly allocated the pot. Its site lists monthly fees by plan, for example £1 on a £100-a-month circle and £18 on a £500-a-month circle, and says paying into a circle could improve your UK credit profile (late or missed payments could harm it). Its regulatory statement: StepLadder is an appointed representative of More Lending Solutions Limited, authorised and regulated by the Financial Conduct Authority (FCA reference 702503), with its own firm reference 783003. It also states "Capital at Risk, Not FSCS Eligible". You can check both reference numbers on the FCA register.
Mission Asset Fund Lending Circles (US). A non-profit programme rather than a commercial app. Groups of 6 to 12 people take turns receiving a zero-interest loan of $300 to $2,400, with monthly payments typically between $50 and $200, and MAF reports every payment to the three major credit bureaus. Applicants take online financial education courses first. On regulation, MAF points to California's SB 896, signed in August 2014, which created a licensing exemption in the California Finance Lenders Law for 501(c)(3) non-profits facilitating zero-interest loans of up to $2,500, provided they meet conditions such as credit reporting and credit education. It's a good fit if building a credit history is the goal; availability depends on MAF and its partner non-profits in your area.
Money Fellows (Egypt). A money-circle app built on the Egyptian gam'eya. Circles run for 6, 10 or 12 months, up to EGP 1,200,000, with cashback and rewards for members who take later slots. Its site states that Money Fellows "is regulated by the Central Bank of Egypt" and works with banking partners. It's on Google Play, the App Store and Huawei AppGallery.
These three show what a clear answer looks like: a regulator, a named partner or legal basis, and a statement on protection or credit reporting. When an app's site says only "secure payments" or "not a bank" without naming who holds the funds, ask before you pay in.
If you want the group to keep control of the money
MySusuPay. A browser-based tool for circles under any name (susu, pardner, tanda, hui, chit fund, tontine). Its site is explicit: "We NEVER touch your money." Payments go directly between members and the organiser; the tool tracks who has paid. Plans listed at the time of writing: Free (1 circle, unlimited members), Pro at $29 a month (5 active circles, tracking and reminders) and Enterprise at $99 a month. It's aimed at organisers running several circles.
A shared spreadsheet. One row per member, one column per round, a cell for the recipient. Free, flexible and familiar. The weak points: someone has to update it, it doesn't remind anyone, and edits in a shared file are easy to dispute. Our guide to running a savings circle has a ledger layout and a one-page rulebook you can copy.
Binome360. Binome360 is a personal assistant app. For a savings circle it keeps the ledger: members in payout order, contributions ticked off (you can say "Rosa and Miguel have paid"), the pot worked out, and who receives this round and next. In a shared assistant, every invited member sees the same status from their own phone, and you can set reminders for contribution day. Nothing is saved until you confirm.
Its limits, plainly: Binome360 doesn't collect, hold or move money, doesn't connect to banks or mobile money, doesn't guarantee against default and doesn't report to credit bureaus. It works in English and French, on Android, on iPhone as a web app installed from Safari, and in any browser; after a 7-day free trial it costs $3.99 a month, $8.99 for 3 months or $23.99 a year on the web.
- receives this round
- has paid
- hasn’t paid yet
Tanda: Rosa, Miguel, Lupita, Andrés and Carmen have paid their $200 for round 3
Here's the update: 5 of 6 payments for round 3, pot at $1,000 of $1,200. Beto is still to pay. Lupita receives this round, Andrés next. Save it?
The money itself moves by Zelle, transfer or cash, outside the app.
Try Binome360 for freeThe options side by side
Checked on 25 September 2026, from each organisation's own site.
| Option | Moves money | Stated regulation or basis | Cost | Where |
|---|---|---|---|---|
| StepLadder | Yes | Appointed representative of an FCA-authorised firm | Monthly fee by plan (e.g. £1 on £100) | UK |
| MAF Lending Circles | Yes (zero-interest loans) | Non-profit; California SB 896 exemption | Not stated on the page we checked | US, via partners |
| Money Fellows | Yes | Regulated by the Central Bank of Egypt | Not stated on the home page | Egypt |
| MySusuPay | No | Not applicable: never holds money | Free, $29 or $99 a month | Browser |
| Shared spreadsheet | No | Not applicable | Free | Anywhere |
| Binome360 | No | Not applicable: record only | $23.99 a year or $3.99 a month | Worldwide, EN and FR |
StepLadder
Moves moneyYes
Stated regulation or basisAppointed representative of an FCA-authorised firm
CostMonthly fee by plan (e.g. £1 on £100)
WhereUK
MAF Lending Circles
Moves moneyYes (zero-interest loans)
Stated regulation or basisNon-profit; California SB 896 exemption
CostNot stated on the page we checked
WhereUS, via partners
Money Fellows
Moves moneyYes
Stated regulation or basisRegulated by the Central Bank of Egypt
CostNot stated on the home page
WhereEgypt
MySusuPay
Moves moneyNo
Stated regulation or basisNot applicable: never holds money
CostFree, $29 or $99 a month
WhereBrowser
Shared spreadsheet
Moves moneyNo
Stated regulation or basisNot applicable
CostFree
WhereAnywhere
Binome360
Moves moneyNo
Stated regulation or basisNot applicable: record only
Cost$23.99 a year or $3.99 a month
WhereWorldwide, EN and FR
"Not stated" means we didn't find it on the pages we checked, not that there is no fee.
Moving an existing circle into an app
- 1Freeze the recordBefore you switch, write down the payout order, the round you're on, who has already received the pot, and any money owed.
- 2Agree as a groupEveryone agrees on the app, and on whether money will now move through it or stay between members.
- 3Check the appFor a money-moving app, look up its regulatory statement and reference numbers on the regulator's register.
- 4RebuildEnter members in payout order and mark past rounds as paid, so nobody's history is lost.
- 5Write the rulesLate payments, dropouts and replacements still need written rules, whatever app you use.
If your group runs a tanda or susu, our guides on how a tanda works and how susu works cover the traditions and the common rules.
Frequently asked questions
Is there a tanda app that holds the money safely?
Some apps collect and pay out contributions, but safety depends on who holds the money and under which licence. Look for a named regulator, a reference number you can check, and a clear statement on what happens if the company fails. In the UK, money held by payment firms isn't covered by the FSCS.
Can a susu app build my credit?
Some can: MAF reports Lending Circle payments to the three major US credit bureaus, and StepLadder says its circles could improve your UK credit profile. Record-keeping apps, including Binome360, don't report to credit bureaus.
Do I need an app for a savings circle?
No. A circle among people you trust works with a clear ledger and written rules. An app helps with reminders and a shared view; a money-moving app adds automatic collection, but also fees and a third party holding your money.
What if an app won't say who holds the money?
Don't pay in until it tells you in writing, with a regulator's name and a registration number you can look up. Walk away from any circle that promises more than members put in.
In short
Choose the kind of app first: one that moves money, with a regulatory statement you've checked yourself, or one that only keeps the record while members pay each other. StepLadder, MAF and Money Fellows are examples of the first; MySusuPay, a spreadsheet and Binome360 of the second.
First step: write down your circle's payout order and who has paid so far, then decide as a group whether you want an app to hold the money at all.
Sources
All organisation information checked on 25 September 2026.
- StepLadder, "Circles" (random allocation, fees by plan, credit profile, FCA appointed representative statement, "Capital at Risk, Not FSCS Eligible"): joinstepladder.com.
- Financial Conduct Authority, Financial Services Register: register.fca.org.uk.
- Financial Conduct Authority, "Using payment service providers" (FSCS and safeguarding): fca.org.uk.
- Mission Asset Fund, "Lending Circles": missionassetfund.org; "SB 896 passes! CA becomes first state to recognize credit-building", 2014: missionassetfund.org.
- Money Fellows, official site: moneyfellows.com.
- MySusuPay, official site (plans, "We NEVER touch your money"): mysusupay.com.
- FinCEN, "Money Services Business (MSB) definition": fincen.gov.
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