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Types of Savings Plans on Cowrywise
Types of Savings Plans on Cowrywise

You have various savings options to choose from to enable you make smart financial decisions towards meeting your goals.

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Written by Ope
Updated over a week ago

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:

  1. Savings Circle: This is a group saving feature. With the savings circle, you can save/invest with family and friends together towards projects and goals. There are 2 types; collections and challenges. You can find out more about the savings circle here

  2. Regular Plan: 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 a click of a button. The minimum duration for regular plans is 3 months.

  3. Life Goals: Life goals are long term financial commitments that enable you to meet long term financial objectives in an easy, convenient and rewarding way. You can choose from any of the life goals categories and automate saving into them on a daily, weekly or monthly basis. These life goals include Education, Vacation, Family, Business, Home, and Retirement. The minimum duration for Life Goal is 1 year. You will be able to withdraw or roll over the plan after maturity. 

  4. Halal Savings: This is similar to the Regular Plan 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.

  5. Emergency Plan: This is an open-ended 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 It is different from other plans as it is not locked and can be withdrawn at any time.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.

Note that you can have multiple savings plans running within one Cowrywise account. And all these plans are locked till the maturity date chosen while setting up the plans. You can also set your withdrawal date longer than the default minimum duration. For example, you can have Regular or Halal Plans that are locked for longer than 3 months and you can have Life Goal Plans locked for longer than a year.

You can learn about the interest on Savings Plans here

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