More On Fixed Savings
Here's everything you need to know before you create a Fixed Savings plan:
- You can save a lump sum and earn annual interest.
- If you withdraw before your savings matures, you will lose all the interest you've accrued and receive only the principal (the amount you started the plan with).
- If you create a Locked Savings Pocket, you won’t be able to withdraw your savings until maturity, and we cannot break the savings on your behalf.
- Your Fixed Savings plan will be deleted automatically once you make an early withdrawal from it.
- We will debit your Spend account and credit your Fixed Savings plan immediately after you create the plan.
- We will credit your Spend account immediately after you confirm the withdrawal from your Fixed Savings plan.
- In line with government regulations, we will subtract 10% of your accrued interest as withholding tax before payout on your plan's maturity date.
- Withdrawals from Fixed Savings can only be made 24 hours after its creation.
Did this guide resolve your issue?