Documentation
A savings circle is simple: a group saves together, and everyone gets the pot once. Here's how Chord makes it safe and easy.
Total Pot
$500
Round 3/5What is USDC?
A digital dollar — each USDC is worth exactly $1. All Chord contributions are in USDC, so you always know exactly what you're paying.
Do I need a crypto wallet?
Chord uses Privy, so you can sign in with email or social accounts. You don't need to install anything or manage crypto keys.
What is a security deposit?
Some circles ask you to put down a deposit before joining. It protects the group if someone misses a payment. You get it back when the circle ends.
Are there transaction fees?
Chord runs on Solana, where transactions cost less than a penny and settle in under 2 seconds. You'll barely notice them.
Chord is a platform for savings circles. A savings circle is a group of people who agree to contribute a fixed amount at regular intervals. Each round, one member receives the full pot. Everyone contributes, everyone receives — once.
The only question is when you receive. Get the pot early, and it's like getting an interest-free loan from the group. Get it late, and you've effectively saved up a lump sum with built-in discipline. Either way, you put in the same total and get back the same total.
All contributions are in USDC (a digital dollar pegged 1:1 to the US dollar), and every circle's rules are locked in from the start — no one can change them once the circle begins.
USDC
Currency
Always worth $1
Optional
Security deposit
Set by the circle creator
Up to 128
Group size
Members per circle
3 options
Frequency
Weekly, biweekly, monthly
Step by step
Every circle goes through the same stages. The rules are locked in from the start — no one can change them once the circle begins.
Someone creates a savings circle and sets the rules: how much to contribute, how often, and how many members. You review the terms and join. Once all spots are filled, the circle is ready to start.
Every circle has a deadline to fill all spots. If it doesn't fill in time, the circle is cancelled and any deposits are returned automatically.
Rounds begin on a fixed schedule — weekly, biweekly, or monthly. Every round, each member contributes their share. The total contributions form the pot.
You can pay at any point during your round window. The amount is fixed and set when the circle is created.
Each round, one member receives the full pot. This continues until every member has received the pot exactly once. The order is set when the circle starts.
When it's your turn, the funds are held for you until you claim them. Payouts don't arrive automatically — you withdraw them when you're ready.
All rounds are complete. Everyone has received their pot. Any collateral deposits are unlocked and can be withdrawn. The circle is finished.
After completion, members withdraw any unclaimed payouts and collateral. Once everyone has closed out, the circle is permanently archived.
What if it doesn't fill?
If a circle doesn't fill all spots within its time window, it's cancelled automatically. Any fees and deposits are returned in full. No risk to you.
Money in, money out
Each round, you contribute a fixed amount in USDC. The amount is the same for every member and is set when the circle is created.
When it's your turn to receive the pot, the funds are held for you until you claim them. Payouts don't arrive automatically— you withdraw them when you're ready. This gives you control over when the funds hit your wallet.
What you pay
A fixed amount per round. If you miss a payment and have a security deposit, it covers the shortfall automatically so the rest of the group isn't affected.
Late fees (optional)
Some circles charge a late fee if you pay after the round deadline. The fee is proportional to how late you are. Check the circle's terms before joining.
You're protected
In a traditional savings circle, trust is all you have. If someone takes the pot and stops paying, the group loses. Chord is different.
Some circles require members to put up a security deposit before joining. If anyone falls behind on their contributions, that deposit covers it automatically — the group is never left holding the bag. You'll see whether a circle requires a deposit before you join.
If a circle doesn't fill all its spots in time, it's cancelled and everything is refunded. There's no risk in joining a circle that hasn't started yet.
Some circles use crypto deposits to back this protection. Learn how deposits work
What it costs
Fees are locked in when a circle is created and never change for that circle, even if fees are updated later. What you see when you join is what you'll pay.
| Fee | When |
|---|---|
| Join fee | One-time fee when you join a circle |
| Late fee | When you pay after the round deadline (optional, set by the circle creator) |
The circle creator also has the option to pay the join fees upfront for all members. Check the circle details before joining to see the exact fee structure.
Quick reference
Create your first savings circle or join one that fits your goals.