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How to reduce the maturity date of your savings plan
How to reduce the maturity date of your savings plan
Vivian avatar
Written by Vivian
Updated over a week ago

When it comes to managing your savings plans on Cowrywise, it is important to understand the concept of the plan's maturity date and how it impacts withdrawals. Currently, we do not allow for backdating or reducing the maturity date of a savings plan to a previous date from the existing maturity date. However, you do have the option to extend the maturity date to a further date.

We have implemented a system where the locked savings in your plan are securely invested in time-based investments towards a specified date for withdrawals. As a result, it is not possible to backdate or reduce the maturity date of a plan. This measure ensures the integrity and effectiveness of the investment process.

Once your savings plan reaches its maturity date and the funds are unlocked, you have the option to either make a withdrawal to your bank account, roll over the savings plan to a new maturity date and continue saving or reinvest the funds for another duration of time.

Cowrywise provides various investment options for you to choose from, allowing you to continue growing your savings and achieving your financial goals. By reinvesting your funds, you can capitalize on the returns generated during the initial investment period and continue to benefit from the power of compound interest.

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