How To Lock Money on Palmpay?

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How To Lock Money on Palmpay?

It is no longer news that Palmpay is one of the best mobile money apps that allow Nigerians to carry out financial services at ease. The app offers a number of features that make it a popular choice for Nigerians.

 

Palmpay Cashbox is a special feature that allows users to lock money for a period of time. It allows users to set aside a certain amount of money from their available balance that they can’t spend until they unlock it. With Cashbox, you can deposit and redeem the Invested amount at any time and earn interest without any penalty fee.

 

However, besides the cashbox features, there are other savings features on Palmpay that allow you to lock your money such as target saving and fixed saving. If you want to know how to lock money on Palmpay then you are in the right post. Let’s get started…

 

How To Lock Money on Palmpay Cashbox

Palmpay Cashbox is a special feature that allows users to set aside a certain amount of money from their available balance that they can’t spend until they unlock it. You can earn up to 20% p.a daily interest. The following are steps on how to lock money on Cashbox.

● Login to your Palmpay account
● Click on Invest and select Cashbox
● Enter the amount you would to deposit and input your PIN to complete the transaction.

 Read my post on how to borrow money from palmpay 

How To Lock Money on Palmpay Fixed Saving

Fixed Savings offers you the opportunity to lock away your funds for a specified duration of 7 to 540 days, during which you can enjoy an enhanced interest rate of up to 20% per annum. Unlike the cashbox service, you can’t only access your finances during unforeseen emergencies. However, the interest is different based on the duration of your fixed savings plan, with longer terms yielding higher interest rates. The following are steps on how to lock money on Palmpay fixed savings.

● Login to your Palmpay account
● Click on Invest and select Fixed saving
● Click on Create a Plan
● preview the details of your plans and accept the terms & Conditions

 

How To Lock Money on Palmpay Target Saving

Target savings is a special offer that allows you to create your own savings goal, and customize your preferred savings duration and savings frequency. It automatically saves for you based on your set frequency amount either daily, weekly, or monthly. In addition, you earn an attractive interest when you reach your savings target date and have achieved your set savings amount. The following are steps on how to lock money on Palmpay Target savings.

 

● Login to Palmpay account
● Click on Invest and select Target saving
● Select your purpose for saving
● Enter the Target saving amount
● Set your preferred saving frequency
● Accept the Terms and Conditions to create the Target.

 

FAQs

is it safe to keep money in Palmpay?

Yes, it is very safe to save your money on Palmpay. The mobile money app is duly licensed by the Central Bank of Nigeria.

How much can a Palmpay account hold?

Tier 3 account has unlimited maximum balance while tier 1 maximum balance is N300,000.

What are the disadvantages of Palmpay?

The major drawback of palmpay is that it requires users to have a smartphone and steady internet connection to use their services. The platform has yet to have a functional USSD code that users can make use of to carry out transactions without an internet connection.

 

Conclusion: How To Lock Money on Palmpay

Whether you are saving to travel abroad, or a car or a house, or any other plan, palmpay has special features that would help you achieve your financial aspirations. However, it is imperative to know funds locked on Target saving or Fixed saving mode can’t be withdrawn until the date of maturity.

The post How To Lock Money on Palmpay? appeared first on BankingandFinanceNigeria.

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