Locking Money in PalmPay can be done in three different ways; via Cashbox Account, Fixed Savings Account and Target Savings Account.
In this article, we will explore these three methods of savings features in the PalmPay App to easily lock your funds and earn interest for future uses.
PalmPay also offers features like Loans and Credits, Airtime Topup and Cashback, Bill payment, Jamb Profile Creation E-PIN Subscription and many more.
Despite it competitors, such as OPay, PalmPay is still remain a household name in Nigeria. However, without much Ado, let's dive into the primary reason of this article.
Lock Money on PalmPay using CashBox
Cashbox is a savings feature on the PalmPay App that allows you to save your rewards and cashbacks. Its serves as a savings account for all incentive rewards on the PalmPay App. In addition to its functionalities, the PalmPay;s CashBox can also be used to lock money for a period of time.
You can use PalmPay's Cashbox to set aside some certain amount of Money from your wallet available balance and also earn 20% P.A interest on it. As for the reward earned on your day-to-day task, you will also earn interest and the rewards can be redeemed anytime, anywhere, and without penalty.
Here's how to lock money on PalmPay using CashBox:
- Open your "PalmPay App" and Navigate the dashboard.
- Tap on "Invest" and choose "Cashbox" from the list of available options.
- Input the "Amount" you'd love to save.
- Confirm the transaction by entering your "PalmPay PIN."
The amount will be deducted from your "PalmPay available wallet" and lock on the "Cashbox Account". Then, you will begin to earn 20 percent interest per annum. However, if you wish to withdraw you Cashbox balance, simply go-to "Cashbox" under "Invest" in your "PalmPay Dashboard," and tap "Withdraw," then input "Amount."
Meanwhile, it's also important to note that terms and conditions are applied to the interest if you want to withdraw your CashBox's fund before maturity date.
Lock Money on PalmPay using Target Saving
Target saving is a feature on the PalmPay App that allows you to set your goal and save towards achievement. With this feature, you can lock money, create your own savings goal, and customize your preferred savings time and savings frequency.
In addition to Target Savings features, you can set your savings duration bi-weekly, monthly or daily. You can also create budget for accommodation, education, business, travel, and custom target.
Now, without much Ado, let's dive into how to lock money in your PalmPay Account. Here's how:
- Open PalmPay App and tap on "Invest"
- Choose "Target Savings" from the list of available options.
- Choose, your saving goal e.g "Accomodation," "Education," or "Business"
- To lock your Money, tap "Create," Name your Savings and input "Amount"
- Next, select your preferred "Saving Frequency." E.g daily, weekly or monthly.
- Set savings starting date and ending date. That's, choose when your money will be unlocked and available for withdraw.
- On the next page, you'll see the amount that will be saved per your savings frequency toward your saving target.
- Next, accept terms and condition and tap on "Create Target" to temporarily lock your money away.
Lock Money on PalmPay using Fixed Savings
Fixed savings is another saving features on the PalmPay App that allows user to lock their money away. This feature is different from the Target Savings in the sense that you lock money away and earn interest base on the duration of your savings.
For instance, if you lock money on the Fixed Savings Account for 365 days, you will earn 20% interest per annum. However, if the money is locked for 7 days, you will be earn 10% interest per annum. Unlike Target savings account, you can only set a savings goal; just like budget. With Target Savings, you will earn 12% P.A Interest rate.
Here's how to lock money on PalmPay using Fixed Savings:
- Open your PalmPay Account and tap on "Invest"
- Select "Fixed Savings" among the list of available options
- Choose your saving plan, e.g, 10% Interest P.A for 7 days or 18% Interest P.A for 180 days.
- Next, tap on "Save" and enter the "Amount" you want to lock and tap "Next"
- Review your Savings plan and tap "Pay"
How to withdraw from PalmPay Cashbox
Follow these steps to withdraw your savings from PalmPay Cashbox:
- Login to your PalmPay Account
- Tap on "CashBox" from the list of services
- Tap on withdraw as highlighted in the image below:
- Enter the "Amount" and tap on "Withdraw
Your CashBox savings will be automatically credited to your PalmPay wallet. You can then cashout to any bank in Nigeria.
Final words
Utilize the Cashbox, Target Savings and Fixed Savings, which helps you save towards specific goals will let you lock your money away seamlessly on the PalmPay App for future goal and achievement.
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