The "Moniepoint Earn-As-You-Save" is a savings services on the fintech app that allows users earn interest on their savings while they save money. The concept is to incentivize saving by providing a return on the saved amount, thereby encouraging users to save more regularly.
The Moniepoint's earn as you save is also known as "Moniepoint Savings" and it's available on both individual account and business account but with different savings plans.
On the personal accounts, Moniepoint offers three savings plans; Flexible Savings, Strict Savings, and Fixed Deposit, while on the business accounts, there are four savings plans and they are; Save As U Transact, Flexible Savings, Strict Savings, and Fixed Deposit.
With a minimum deposit of N1000, enjoy interest rates of up to 16% per annum and watch your money grow to finance your future desires. However, you can deposit and withdraw funds as needed, but some programs may have limits or conditions to maximize interest earnings.
You should also know that the Moniepoint Savings plans are typically accessible via the fintech mobile banking app. More so, Moniepoint makes it easy and seamless to manage savings through the app on the go, with security measures in place to protect your funds.
What is Moniepoint Savings?
Moniepoint Savings is a feature available on both Moniepoint's Personal and Business Banking apps, designed to help users achieve their financial goals through disciplined and convenient saving. With a minimum deposit of N1000, users can choose from Flexible Savings, Strict Savings, and Fixed Deposit plans, offering interest rates of up to 16% per annum.
The business savings feature includes an additional Save As U Transact plan and a halal-compliant option for Muslim users. These plans enable users to save smartly and reliably, with the flexibility to deposit and withdraw funds as needed, while enjoying secure and accessible banking on the go.
Moniepoint Personal Savings Plans
The Moniepoint Personal Banking app offers three savings plans:
- Flexible Savings
- Strict Savings
- Fixed Deposit
Now, let's dive into explaining them one after the other.
1. Moniepoint Flexible Savings
The Moniepoint Flexible Savings plan is tailored for rainy days and emergency expenses, allowing you to easily save extra funds and withdraw them whenever needed, without any strings attached. Enjoy a flat annual interest rate of 9% without incurring breakage fees. This plan is simple, flexible, and rewarding, providing a reliable way to prepare for unexpected financial challenges and create a personal emergency fund.
With easy access, you can save and withdraw funds anytime without penalties, making it ideal for those with unpredictable incomes or urgent needs. Interest accrues daily and can be withdrawn monthly. You can also top up your existing savings and roll over your plans upon maturity, ensuring continuous growth of your funds. The plan is secured by the Nigeria Deposit Insurance Corporation (NDIC) and includes a halal-compliant option to opt out of receiving interest.
Overall, the Moniepoint Flexible Savings plan offers a personalized and penalty-free way to save your spare funds, accrue daily interest, and grow your emergency fund securely.
2. Moniepoint Strict Savings
Developing a saving culture and becoming a disciplined saver is essential for achieving financial goals. The Moniepoint Strict Savings plan allows you to lock away funds for a fixed period, earning up to 16% interest annually. This plan helps you avoid distractions and stay focused on your financial objectives, knowing your money is secure and growing.
With the Strict Savings plan, you accrue interest daily and receive payments monthly. You can add more funds to your existing savings and roll over your plans upon maturity. The plan is secured by the Nigeria Deposit Insurance Corporation (NDIC) and offers a halal-compliant option to opt out of receiving interest. However, breaking the terms of your Strict Savings plan will result in the loss of all accrued interest and a 48-hour delay in the payment of the principal.
The Strict Savings plan is ideal for avoiding the temptation to spend funds dedicated to long-term goals. You can easily lock away a fixed amount for a duration of 1 to 12 months, ensuring your savings grow steadily and securely.
3. Moniepoint Fixed Deposit
With a minimum deposit of N1000, the Fixed Deposit plan lets you save for your big goals by setting aside a lump sum for a longer term and earning up to 16% per annum. This plan allows you to choose your savings amount and duration, with the benefit of receiving interest upfront, making it ideal for substantial, long-term investments.
The Fixed Deposit plan offers several features: you can roll over your plans upon maturity, it is secured by the Nigeria Deposit Insurance Corporation (NDIC), and there is a halal-compliant option to opt out of receiving interest. However, if the plan is broken before maturity, all accrued interest will be forfeited. This plan is perfect for those looking to set aside lump sums for long-term investment plans or big-budget projects, offering highly competitive interest rates and secure growth.
Moniepoint Business Savings Plans
The Moniepoint Business Banking App offers four savings plans:
- Save As U Transact
- Flexible Savings
- Strict Savings
- Fixed Deposit
Let's dive into them!
1. Moniepoint Save As U Transact (SAYT)
As a business owner, you can effortlessly save a portion of each transaction starting from as low as N20. This allows you to start saving on every transaction, helping to boost both your business and your savings simultaneously.
By incorporating this automatic saving feature, you can build a substantial savings fund over time without any extra effort. Start today and watch your business grow while you save with ease and efficiency.
2. Moniepoint Business Flexible Savings
The Moniepoint Business Flexible Savings plan is perfect for managing your business’s cash flow, acting as an emergency fund with immediate access. With no strings attached, you can save effortlessly and enjoy a competitive annual interest rate of 9%. This plan is simple, flexible, and profitable, making it an excellent choice for business owners.
One of the key benefits of the Flexible Savings plan is easy access. You can save and withdraw funds anytime without penalties, providing the flexibility needed for unpredictable incomes and urgent needs. Daily interest accrues on your savings, which you can withdraw monthly, ensuring a steady growth of your emergency fund.
Additionally, you can top up your existing savings whenever you want, allowing your funds to grow continuously. Upon maturity, you can roll over your plans, further enhancing your savings potential. The Flexible Savings plan is secured by the Nigeria Deposit Insurance Corporation (NDIC), offering peace of mind.
For those seeking a halal-compliant option, you can opt out of receiving interest. The Flexible Savings plan provides a personalized way to save and withdraw funds without penalties, making it an ideal solution for business owners looking to save their spare funds and watch their emergency fund grow.
3. Moniepoint Business Strict Savings
Just like the personal strict savings, you can also secure your funds and maintain your focus on achieving your goals with the Moniepoint Business Strict Savings plan. By earning a lucrative 16% interest rate per annum, you'll watch your capital grow, providing an incredible opportunity for business expansion and success.
It’s essential to understand the terms of the Strict Savings plan. If you break the contract, you will lose all accrued interest, which emphasizes the importance of commitment to your savings strategy. This plan allows you to accrue interest daily and receive payments monthly, ensuring your investment continues to grow steadily.
You can easily top up your existing savings whenever needed, allowing for continued growth of your capital. Additionally, at the end of your savings period, you can roll over your plans to keep your funds working for you, maximizing your savings potential.
Security is a top priority with the Strict Savings plan, as it is backed by the Nigeria Deposit Insurance Corporation (NDIC), giving you peace of mind. Furthermore, if you prefer a halal-compliant option, you can choose to opt out of receiving interest, ensuring your savings align with your values.
By dedicating yourself to a long-term business goal with the Strict Savings plan, you can lock away a fixed amount for a set period. This disciplined approach not only secures your funds but also helps you stay focused on achieving your financial objectives with ease.
4. Moniepoint Business Fixed Deposit
If you have a substantial amount to save for 1 to 12 months, the Fixed Deposit plan is the perfect choice for you. By depositing a lump sum, you can earn up to 16% interest per annum upfront, depending on the duration of your savings. This plan is designed for maximum returns, making it a smart option for serious savers.
With the Fixed Deposit plan, you’ll enjoy upfront interest payments, which are ideal for substantial, long-term investments. You also have the flexibility to roll over your plans upon maturity, ensuring your funds continue to grow. Additionally, this plan is secured by the Nigeria Deposit Insurance Corporation (NDIC), providing peace of mind for your investment.
Remember, this is a one-time deposit, and if the terms of the plan are broken before maturity, all accrued interest will be forfeited. You can even choose a halal-compliant option to opt out of receiving interest, making this plan suitable for everyone. Set aside lump sums and take advantage of highly competitive interest rates—this Fixed Deposit plan is perfect for your long-term business investment strategies or big-budget projects.
How to start saving on the Moniepoint App
To begin saving for your financial goals using the Moniepoint app, follow these simple steps. First, log into your Moniepoint personal or business banking app. Once you're logged in, click on the savings icon to access the savings options available to you.
Next, select your preferred savings plan from the available options. Fill out all the necessary information, including your target name, target amount, and savings frequency. Once you’ve completed this information, click “Next” to proceed. Finally, click “Create plan” to activate your savings plan and start working towards your financial dreams.
If you encounter any issues or need assistance, don’t hesitate to reach out for support by sending an email to support@moniepoint.com. With these straightforward steps, you can easily set up a savings plan tailored to your needs and goals.
Moniepoint Savings Interest Rate
Moniepoint offers competitive interest rates across its various savings plans, making it an attractive option for individuals and businesses looking to grow their funds. For instance, the Flexible Savings plan provides a flat annual interest rate of 9%, allowing users to save with immediate access while still earning interest on their deposits.
For those committed to longer-term savings, the Strict Savings and Fixed Deposit plans offer even more lucrative returns. With the Strict Savings plan, users can earn up to 16% interest per annum, which is paid upfront. Similarly, the Fixed Deposit plan allows users to lock away a lump sum for a specified period and also offers an interest rate of up to 16%, rewarding users for their commitment.
Here’s a table summarizing the Moniepoint savings plans and their interest rates:
| Savings Plans | Interest Rate |
|---|---|
| Flexible Savings | 9% per annum |
| Strict Savings | Up to 16% per annum |
| Fixed Deposit | Up to 16% per annum |
| Save As You Earn | Variable (depends on transactions) |
Moniepoint’s savings plans also accommodate diverse needs by providing options for halal compliance, allowing users to opt out of receiving interest if desired. Overall, Moniepoint's interest rates are designed to encourage saving and investment, whether for short-term goals or substantial long-term plans, ensuring that users can maximize their financial growth while maintaining flexibility and security.
How to check Savings on the Moniepoint App
To check your savings on the Moniepoint app, start by logging into your personal or business banking app using your credentials. Once logged in, navigate to the savings icon on the dashboard, where you will find an overview of your savings plans. Here, you can view the details of each plan, including the current balance, accrued interest, and any upcoming transactions or milestones related to your savings.
Additionally, the app provides easy access to your savings history, allowing you to track your deposits and withdrawals over time. If you need further details or assistance regarding your savings, you can reach out to customer support by sending an email to support@moniepoint.com. This streamlined process ensures that you stay informed about your savings and can manage your financial goals effectively.
Moniepoint Savings Withdrawal
To manually withdraw your savings on the Moniepoint app, start by logging into your Moniepoint business manager dashboard or personal account. Once logged in, click on the ‘Menu' icon in the top left corner to access the various options available. From there, navigate to ‘Savings’ and select 'Save As You Earn' to proceed with your withdrawal.
Next, choose the account you want to withdraw from and click on 'Manual withdraw.' Follow the prompts to complete the withdrawal process. Keep in mind that if you withdraw your savings before the maturity set date, a fee of 1% of your savings balance will be charged. This ensures you’re informed about any potential costs associated with early withdrawals.