With Moniepoint, your financial dreams can only get better! Introducing our latest innovation – the new savings feature available on your Moniepoint Personal Banking app. 

Whether you wish to lock away your money for long-term goals or conveniently deposit and withdraw it at any given time, the Flexible savings, Strict Savings, and Fixed Deposit plans allow you to save smart and reliably. 

With a minimum of N1000, get to enjoy interest rates of up to 16% p.a, and watch your money grow to finance your desired future. 

Let’s explore these convenient savings plans.

Moniepoint Personal Savings Plans

1. Flexible Savings 

A savings plan suited for rainy days and emergency expenses. With the Moniepoint Flexible Savings plan, you can easily save up extra funds and withdraw them any time you need them, with no strings attached. 

Enjoy a flat rate interest of 9% annually without incurring any breakage fees. Simple, flexible, and rewarding!

Be prepared for unexpected financial challenges and create your personal emergency go-to wallet for unforeseen emergencies.

• 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.

2. Strict Savings

Develop a saving culture and become a disciplined saver. It is a smart and safe way to lock away funds for a fixed amount of time and accrue up to 16% interest annually. 

With Strict Savings, you get to avoid distractions and stay focused on your financial goals while resting assured that your money is secure and growing. 

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
• Roll over: 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

Avoid spending funds dedicated to a long-term goal with a Strict Savings plan. Lock away a fixed amount for 1 to 12 months with ease.

3.  Fixed Deposit

With a minimum deposit of N1000, you can save for your big goals using the Fixed Deposit plan. Save a lump sum for a longer term, receive interest upfront, and earn up to 16% per annum. 

The Fixed Deposit plan allows you to choose when and what to save for and how long you want to save up for. 

• 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 long-term investment plans or big-budget projects.

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

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

• Log into your Moniepoint personal 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. Click “Next” when you’re done.

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

FAQs

• 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.

• 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.

• 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. 

• 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.

• 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. 

• Can I have multiple savings plans simultaneously?

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

• 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.

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

No, there is not.

Conclusion

Your financial dreams are possible thanks to the power of savings. Explore our different savings plans, from the Flexible Savings to the Strict Savings, and the long-term Fixed Deposit, each set up to suit your personalized savings needs. 

Simply install the Moniepoint Personal Banking app and click on the savings option to get started.