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We all plan to save every month? The reality is we all struggle in achieving it. Wazin is the perfect solution to help you save without you having to put any effort. You set the rules and Wazin takes care of the rest!
Smart and innovative service for saving automatically! For each transaction you specify, a percentage of the net transaction amount will be deducted from your current account, thus the amount will be deposited into your savings account, all of this automatically, and your savings will be easier and without any additional effort.
Choose “Wazin program” then Click on “create new wazin program”
Choose “start saving now”
Select the account for Wazin enrollment
If you prefer saving with return, choose “Saving account with income”, if not then choose without return and click next
Define your goal and complete all the necessary information
Specify the percentage for each type of transaction and click “start now”
How does it work?
The program balances your spends and savings and you can match every transaction you make on your current account with a saving sent to your saving account according to the specific settings and saving options you set. The program allows you to also transfer a certain percentage you set from deposits made in your current account to Wazin savings account.
You have to determine a financial goal (one purpose) and the saving amount that you want to achieve with Wazin. The program will stop once you reach this goal and then you can set a new goal again.
What are the requirements to join the program?
You only have to have a current account to link it to the program.
Transaction and deduction percentage can be adjusted easily
The saved amounts are available all the time and can be transferred to the current account
The Service can be stopped and reactivated at any time you want
Do I have to visit the branch to subscribe to Wazin?
No, you can easily join through Riyad Online.
What are the transactions that Wazin covers? How do I do the settings?
Transactions to deduct from:
Point of Sales purchase
Receiving incoming transfers
Bills Payment (SADAD)
Credit card payments
Stocks dividends deposits
You can also do the following:
Determine the transactions that you want to activate (you can choose 1, some or all transactions)
Set a percentage for saving from the deposits and spends of each transactions, keeping in mind that you can link this percentage to a maximum amount for saving (e.g. you would like to save 10% from pos purchases provided that the amount deducted does not exceed 1000 riyals)
Set a minimum amount that needs to be in your current account linked to Wazin so that the saving automatically stops when the balance in our current account reaches this amount
Can I stop Wazin anytime?
Yes, you can stop and join at any time.
What if I needed to withdraw the savings for an emergency?
The money is yours. You only have to transfer the money from Wazin to your current account and it takes one working day only.