Community Thrifts vs Private Thrifts: What’s the Difference?

You can save money in two ways on CircleFunds: Community Thrifts or Private Thrifts. 

Both options are designed to make thrift savings (ajo/esusu) easy and stress-free but they work a little differently. Let’s break it down.

What are Community Thrifts?

Community Thrifts are open savings groups on CircleFunds that anyone can join once they meet the requirements. 

To join a community thrift, you’ll need to submit your bank statement from the last 6 months for review. Based on this, we’ll recommend community thrifts that best match your income and spending patterns. 

Every member of a community thrift is verified, which means you’re saving alongside trusted people who can keep up with the group’s contributions.

Benefits of Community Thrifts

• Verified members: Save with people whose capacity have been checked to reduce the risk of default.
• Smart matching: Join groups that fit your income and spending habits.
• Supportive community: Connect with like-minded savers.

What are Private Thrifts?

Private Thrifts are invite-only savings groups on CircleFunds. You can only join if someone shares the link with you, and even then, the thrift admin must approve your request before you’re added.

If you create a Private Thrift, you have full control over who joins, whether it’s friends, family, or colleagues. This makes it a more personal way to save with people you already know and trust.

We recommend creating or joining a Private Thrift only with people you’re familiar with.

Benefits of Private Thrifts

• Full control and privacy: Your thrift group is not visible to the public and you decide who can join.
• Trusted network: Save with people you already know.
• Custom rules: Set rules that work best for you and your circle. You can also choose to earn as a thrift admin.

Which Should You Choose?

The type of thrift savings you choose will depend on your needs.

Choose Community Thrift if you want to join a verified group of savers with similar goals as you. Or choose Private Thrift if you prefer to save with people you already know.

The beauty of CircleFunds is that you don’t have to pick just one. You can join a community thrift and run your own private thrift at the same time.

Whether community or private, CircleFunds makes thrift savings secure, trusted, and stress-free. Choose the thrift style that fits your circle and start saving smarter today.

And if you have questions or need some assistance, contact us here.