Introducing the new Eyowo Savings plan & updated rates

Introducing the new Eyowo Savings plan & updated rates

Apr 18, 2020

3 mins

Augustine Ogwo

Augustine Ogwo

Money conversations and discussions are never small matters. This is why we endeavour to be transparent and accountable for every penny you save with us.

Money conversations and discussions are never small matters. This is why we endeavour to be transparent and accountable for every penny you save with us.

Money conversations and discussions are never small matters. This is why we endeavour to be transparent and accountable for every penny you save with us.

Your best interest is our utmost priority and even in these trying times, we have upheld that.

Why are our interest rates changing?

Due to current economic realities, we painstakingly reviewed our rates on all our savings plans.

We are still very much committed to giving you the best rate possible but with the current drop in treasury bills and other investment options, it has become evident that it was time for our rate to be reviewed.

We deeply regret this unavoidable development and we are hopeful that everything will be back to its former state when the economy returns to what it used to be.

When did this take effect?

The new rates took effect from Friday 17th April 2020.

What does this mean for existing safes?

You have got nothing to worry about if you already have a running safe on Eyowo.

All Safes created before today are not affected by these changes and the previous rates still apply till the maturity date.

Understanding the changes

You are aware that the Fixed Safe and Recurring Safe plans offered up to 17% and 13% interest rate per annum respectively.

Now;

Fixed Safe ( changes from 17% to 13% interest P.A)

For this plan, you can fix a lump sum upfront for the long term. You can set aside some money for at least 30 days.

Let’s take a look at the rates:

For funds fixed for a period of 10 - 12 months, interest at maturity is 13% while upfront interest is 11%.

For funds fixed for a period of 6 - 9 months, interest at maturity is 11% while upfront interest is 9%.

For funds fixed for a period of 3 - 6 months, interest at maturity is 9% while upfront interest is 7%.

For funds fixed for a period of 1 - 3 months, interest at maturity is 7% while upfront interest is 5%.

Recurring Safe ( Changes from 13% to 11% interest P.A)

This plan allows you to credit your safe automatically over a period. Be it on a daily, weekly or monthly basis, you can specify the frequency of automatically adding money to your safe.

The minimum period before a recurring safe reaches maturity is 3 months.

The interest rate for a Recurring Safe is now 11% per annum and pro-rated to the duration of your safe. Interest is only paid upon the maturity of the safe.

One last thing! Introducing the new Flex Safe plan

You asked for it and we had no choice but to deliver!

The Eyowo Flex Safe plan allows you to add funds automatically over a period or fix a lump sum.

Be it on a daily, weekly or monthly basis, you can specifying the frequency of automatically adding money to your safe.

One very cool stuff about the Flex Safe is the fact that there’s no penalty for withdrawing from your safe before the set maturity date.

You can fund your Flex Safe whenever you want and however you deem fit. After specifying the frequency of automatically adding money to your safe and the amount, you can also manually top up with random amounts.

The interest rate for Eyowo Flex Safe is 5% per annum and pro-rated to the duration of your safe. Note that interest is only paid upon the maturity of the safe.

We thank you for your unflinching support over time and we are sure that as we all adopt the right measures of staying safe and healthy, we would get through this together.

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