Incorporating a good savings culture into your business helps you stay within your budget and accumulate resources for reinvestment. 

We understand this at Moniepoint, and are introducing our business savings feature with four customized savings plans – Save As U Transact, Flexible Savings, Strict Savings, and Fixed Deposit – you can activate with a minimum of N1000. 

With a soaring annual interest rate of up to 16%, you can use any of the plans available on the Moniepoint business banking app.

With an inclusive halal-compliant feature on request for our Muslim users, our different savings plans offer you the discipline, convenience, and flexibility to manage your business savings on your terms. 

Let’s explore the Moniepoint business savings plans.

Moniepoint Business Savings Plans

1. Save as U Transact

As a Business owner, you can effortlessly save a portion of each transaction, starting from N20. Start saving on transactions today and boost your business and saving simultaneously.

2. Flexible Savings

The Flexible savings plan is ideal for managing your business’s cash flow, it acts as an emergency fund with immediate access. Save with no strings attached and enjoy a competitive 9% annual interest rate. It’s simple, flexible, and profitable!

• Easy access: Save and withdraw anytime 
• Flexible: Withdraw without penalties
• Stable: Ideal for unpredictable incomes and urgent needs.
• Interest: Accrue interest daily, withdraw monthly
• Top up: Add more funds to your existing savings
• Roll over: Roll over your plans upon maturity
• Secure: NDIC-secured
• Halal complaint: Opt out of receiving interests 

Save your spare funds, accrue interest daily,  and watch your emergency fund grow. The flexible savings plan offers you a personalized way to save and withdraw without penalties.

3. Strict Savings

Are you targeting a significant business milestone? Secure your funds with and maintain your focus! Watch your capital grow at a lucrative 16% interest rate per annum, enabling you to reach your business objectives. It’s an incredible opportunity for growth! 

You should also note that breaking the terms of your Strict savings plan will lead to a loss of all interest rates you have accrued.

• Interest: Accrue interest daily and receive payments monthly
• Top up: Add more funds to your existing savings
• Rollover: Roll over your plans upon maturity
• Secure: NDIC-secured
• Halal complaint: Opt out of receiving interests 
• Rule: If the Strict Savings contract is broken, payment of the principal will be delayed for 48 hours, and the accrued interest will be forfeited

Dedicate to a long-term business goal with a strict savings plan. Lock away a fixed amount for a period of time with ease.

4. Fixed Deposit

Got a substantial amount to save for 1-12 months? Choose our Fixed Deposit plan. Deposit a lump sum and earn up to 16% interest per annum upfront, based on the duration of your savings. You should also note that this is a one-time deposit for maximum returns. 

• Interest: Upfront payment of interest
• Growth: Ideal for substantial, long-term investment
• Roll over: Roll over your plans upon maturity
• Secure: NDIC-secured
• Halal complaint: Opt out of receiving interests 
• Rule: All accrued interest will be forfeited if this plan is broken before the contract’s maturity.

Set aside lump sums and get rewarded with highly competitive interest rates. The fixed deposit plan is perfect for your long-term business investment plans or big-budget projects.

How to Start a Savings Plan on your Moniepoint Business Banking App

To start saving for your business goals on any of our savings plans, follow these steps:

• Log into your Moniepoint Business Banking app.

• Click on the savings icon.
• Select your preferred savings plan.

• Set up your savings by filling out all necessary information, such as your target name, target amount savings frequency, and more. Once you’re done, click on “Next”.

• Click “Create plan” and make your dreams happen with Savings.
• For support, send an email to [email protected]

FAQs

1: What is the minimum amount required to start a savings plan?

1000 naira is the minimum amount you can use to start a savings plan.

2: Can I change the duration or tenure of my savings plan?

Yes, you can change the duration of your savings plan after creating it by going through the Manage plan flow to make any necessary changes.

3: Is there a penalty for withdrawing before the maturity date?

Penalties depend on your savings plan of choice. For Flexible Savings, there are no penalties, while for Strict Savings & Fixed Deposit, you lose all accrued interest. 

4: Is the interest rate fixed or variable for the savings plans?

Flexible Savings – Interest is fixed at a flat rate of 9% p.a.

Strict Savings & Fixed Deposit – Interest varies based on tenure but can go as high as 16% p.a.

5: How frequently is the interest credited to my savings account?

Flexible Savings – Interest is accrued daily and paid at the end of every month. 

Strict Savings – You can access interest at the end of your savings cycle

Fixed Deposit – Interest is paid upfront. 

6: Can I have multiple savings plans simultaneously?

Yes, you can have as many savings plans as you desire

7: What are the benefits of opting for a rollover at maturity?

Rollover at maturity allows you to maintain the same savings plan at any tenure you choose, making it easier to reconcile your savings instead of creating a new one.

8: Is there a limit on the number of rollovers I can perform?

No, there is not.

Conclusion

Rest assured, your Moniepoint Savings plan is secure, flexible, and designed for maximum business benefit. 

Join us in making your business aspirations a reality. Start your savings plan today on your Moniepoint Business Banking App. Build your business’ future, one deposit at a time.

Dream big, save smart, make it happen!