Cowrywise offers you different savings and investment plans specifically designed to suit different circumstances. These are the plans currently on offer as we continue to develop more:
Regular Savings: This plan type allows you to choose to either automate your periodic savings (you can specify daily, weekly or monthly savings) or save anytime you want to. You earn interest on this plan based on how long it is locked for. This also means you can only withdraw from it after the maturity (withdrawal) date. You can also roll over the plan for another period after maturity at the click of a button. The minimum duration for regular plans is 3 months.
Halal Savings: This is a Regular Savings except that it does not earn interest. This is particularly suitable for Muslims who want to save in a disciplined manner but do not want interest; the plan is also locked till maturity.
Emergency Plan: This is an open savings plan that's easily accessible and earns returns. It is different from other plans as it is not locked and can be withdrawn at any time. It also comes with a personalized savings recommendation based on your monthly income and expenses. Click here to find out more.
Savings Circle: This is a group saving feature. With the savings circle, you can save/invest with family and friends together towards shared interests and goals. You can find out more about the savings circle here
Note that you can have multiple savings plans running within one Cowrywise account. All locked plans are inaccessible till the maturity date chosen while setting up the plans.
Learn about the interest rates on Savings Plans here