All you need to know about Eyowo Flex Savings

All you need to know about Eyowo Flex Savings

May 08, 2020

3 mins

Augustine Ogwo

Augustine Ogwo

Flex the best of both worlds; save whenever you want and also withdraw your money at any time without hassles.

Some of us lock our safes because we want to set aside money for the future and avoid the temptation of tampering with our savings. Also, some of us are wary of locking our safes because we fear not being able to access our monies in cases of emergency.

Some of us lock our safes because we want to set aside money for the future and avoid the temptation of tampering with our savings. Also, some of us are wary of locking our safes because we fear not being able to access our monies in cases of emergency.

Whatever your concerns may be about safes, Eyowo has got the perfect answer! It’s actually because of you the Eyowo Flex Savings plan was introduced recently.

Now, you can flex the best of both worlds; you can save whenever you want and also withdraw your money at any time without hassles.

Understanding the Flex Safe interest rate

This is pretty straightforward. If you choose to be paid interest for this rate, you will be receiving up to 5% per annum for the saved amount.

If you save for a period smaller than a year, the interest rate will be pro-rated to the actual number of days you are saving for.

For the Flex Safe plan, interest is only paid when the safe reaches its maturity date.

Adding money to your Flex Safe

Just like our other savings plans, you can add money to your safe directly from your Eyowo Balance. You can also fund from any of your debit cards previously added to your account.

You may choose to fix a lump sum or add money automatically over a period; daily, weekly, or monthly. You can also top-up manually with random amounts from time to time.

Withdrawal date and penalty

As mentioned earlier, you can withdraw from your Flex Safe anytime you want. There is absolutely no penalty or extra charge for withdrawing before the maturity date. Is that a grin I see, yeah I thought so 😉.

However, it is important to note that withdrawal before the maturity date means you will have to forfeit any accrued interest.

Creating a Flex Safe

Ready to create a Flex Safe? Let’s do this together if you don’t mind. Shall we?

  • Once you have launched the app, tap on Save at the bottom of your screen.
  • Tap on the Create Safe button.
  • Choose what you are saving for.
  • Choose Flex Savings as your plan.
  • Tap on Continue.
  • Name your Safe and tap on Next
  • Select the frequency of adding money to your safe
  • Enter the target amount you want to save.
  • If you are adding money periodically, specify the amount to be debited and the day of debit. Now, tap on Next
  • Indicate if you wish to be paid interest or not and tap on Next.
  • Choose maturity date for your plan and tap on Next
  • Choose your preferred payment method and tap on Next
  • Review the details of you safe and tap on Create Safe

Congratulations, you have just created a Flex Safe.

Feel-free to manually top-up your safe anytime. You can also withdraw anytime you wish but we trust that’s won’t be your favourite option; especially when your interest stares at you😉.

Experience Eyowo now

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