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What is Froogal?
Froogal is a banking & financial planning platform for the financial independence, retire early (FIRE) community.
The platform is entirely social and requires 3+ members to launch a club.
"Club" is simply a fancy term we use for the accounts you create for your family & friends. You can create as many clubs as you like.
On Froogal, your club can gain access to 10,000+ banks and credit union business savings accounts with just a few clicks (and never leaving the platform). Think of it as shopping and the banks are the various brands available.
This means high, if not the highest, savings deposit rates at all times. For everyone.
Think of this as a "lifetime pay-bump".
Also, because your savings together as a club, your total pooled funds are likely much greater than any singular member's individual contributions. That means you can access higher deposit tiers ($100,000, $250,000, $500,000) at the various bank options - which translates to even higher rates for your club.
Additionally, Froogal gives your members the ability to complete hyper-detailed financial planning on the platform. Whether your planning for an upcoming wedding, friend reunion, new baby, first home purchase, literally anything that costs money - Froogal has you covered. You can build the plan line-item by line-item with any member you invite to the specific goal. You can also split costs & pay each other directly where you plan + track progress.
Froogal is not a bank itself. Froogal acts solely as the administrator & agent for your account. That means your members call all the shots, we just take care of the paperwork and keep everyone's money safe.
Froogal only takes a few minutes to sign up for and you can invite your entire group to join (total member limit is 98).
Where does Froogal keep my money?
Your club has full control over where your savings are held at all times.
Due to how Froogal is set up, all funds must be kept in business savings accounts or business money market deposit accounts at Federal banks & credit unions.
You can change banks/credit unions at any time. All you need to do is find the new bank/credit union, get group approval on the new selection, and sit back and enjoy as we do all the hard work.
Froogal acts as your group's administrator so all money added and withdrawn is completely secure at all times. Froogal is not an adviser and does not have the ability to recommend banks or move your money without complete group approval (unanimous consent).
Why should I join the waitlist?
Joining the waitlist will give you early access to Froogal.
You will also be able to actively shape our new features added, be featured on our social media and blog, and be a member of our exclusive founding community who will always be the first to gain access to all new updates/offerings.
Does Froogal cost anything?
As of 09/2020, all Froogal features are FREE (including Club Launch).
Pricing for new features may vary but are always as low as we can possibly charge to keep the lights on.