Opay, a CBN-licensed microfinance bank in Nigeria has seen its stock rise to the top, in recent years, thanks to a plethora of products that have become very popular among the masses of the country.
One of the products that have caught the eye of users is the opay savings.
According to opay, over a million users, are saving and earning interest on different opay savings products monthly.
Opay target savings / © opay app
The screenshot above is from the opay app, that’s the Target savings screen. You can see that several people are using opay savings to save.
Types of opay savings account
The main aim of writing this article is to differentiate different opay savings products, and what you’ll get from each.
Opay currently has 5 different savings product and while they may appear to be much, they’re all unique and offers different flavors of savings.
The products are:
- Owealth
- Fixed savings
- Savebox
- Target savings
- Spend and save
we’ll start with Owealth and down till the end, you’ll get to know the different opay savings interest rates for all account types.
Owealth savings
Owealth is opay default savings account, with Owealth, you’re paid interest daily, and for some people that can’t wait till the end of the expiry date to get the interest, this is a good option.
Owealth FAQs:
How much interest do I earn with Owealth?
With owealth, you get 15% Annual interest for savings of N100,000 and below. For savings above N100,000, you’ll get 15% annual interest for the first 100k and 5% interest for the remainder of the savings.
How is Owealth interest paid?
Interest is paid out every morning to your Owealth account
Can I withdraw the savings on my Owealth anytime?
you can withdraw the money from your Owealth account at any time without any penalty, and can also use it for bill payments, airtime purchases, and more.
How to deposit on Owealth:
- Open your opay wallet application
- on the footer navigation, click on the finance
- Click on Owealth
- Click on invest
- Enter the amount you want to invest and confirm
- You’ll receive a “successful transfer to your Owealth account” message.
Who is Owealth for? Owealth is for individuals that want to earn daily interest on their money without any strings attached, with Owealth you get the flexibility of earning interest and also having access to your money anytime you want, without any penalty.
Fixed savings
As the name suggests, opay fixed savings gives you interest on your fixed deposit account, Owealth where interest is paid out daily, and fixed savings interest is only paid out when due.
Fixed savings FAQs:
how much interest do I earn with Fixed savings?
for a savings balance of N300,000 and below you’ll be paid 15-18% Annual interest. For savings of N300,000 and above, you’ll be paid interest of 15-18% for the first 300k and 6% interest for the remainder of the money.
How is Opay Fixed savings interest paid?
If you Lock your funds while creating your plan, all the interest will be paid to you immediately and your funds will be locked up for the stipulated time. Note: you can’t withdraw in advance if you want to withdraw.
Can I withdraw the savings on my fixed savings anytime?
if you don’t lock your funds, you can withdraw anytime. But only half of the interest already earned for that period will be paid.
Note: opay fixed savings has two modes, locked and unlocked. If you choose to look at your savings, you won’t be able to withdraw in advance, no matter the circumstances.
How to deposit on opay fixed savings:
- Open your opay wallet application
- On the footer navigation click on the finance
- click on fixed
- Click on create a plan
- Select the duration period, eg 30-60 days, 60-300 days, 300 days to 1000 days.
- Fill in the appropriate details and click next
- You’ll be shown a payment page, which you can use either your opay account, Owealth, card, or bank deposit to make the payment.
- If successful, your plan will be created.
Who is opay fixed savings for? Opay fixed savings is for individuals who want to get the maximum interest from their savings, and for people that don’t want to tamper with their cash, for reasons known to them.
Opay Safebox savings
Opay Safebox is a savings account in which you can deposit daily, weekly, or monthly and earn interest on the due date. The catch here is that to withdraw you’ll have to pay the penalty for withdrawing before the due date. This is to promote savings discipline.
Safebox savings FAQs:
how much interest do I earn with the safebox?
for a savings balance of N300,000 and below you’ll be paid 15% Annual interest. For savings of N300,000 and above, you’ll be paid interest of 15% for the first 300k and 6% interest for the remainder of the money.
How is safebox interest paid?
Interest is paid daily to your Owealth account.
Can i withdraw the savings on my Owealth anytime?
You can set the withdrawal date or use opay default withdrawal dates, which are march 31st, June 30th, September 30th, and December 31st
You can withdraw anytime, but you’ll incur a fee of 1.5% of the savings balance for withdrawing on NON-WITHDRAWAL DAY.
Who is safebox savings for? Safebox savings is for individuals who want to keep to a strict savings plan.
Opay Target savings
Opay targets savings, just like the safebox savings account allows you to create a daily, weekly, or monthly savings plan. With this, you’re saving for a specific target, which can be School fees, accommodations, gadgets, and so on.
This savings plan allows you to define the goal you’re saving for strength up, Set a target you want to meet, and also set when you’ll want to meet the target.
By so doing, you’ll know how much you’ll be saving daily, weekly, or monthly to meet the target.
Target savings FAQs:
how much interest do I earn with target savings?
for a savings balance of N300,000 and below you’ll be paid 15% Annual interest. For savings of N300,000 and above, you’ll be paid interest of 15% for the first 300k and 6% interest for the remainder.
How does target savings function?
You set your target and pay daily, weekly, or monthly to reach the target.
How is Target savings interest paid?
interest will be paid on the day of maturity along with your savings.
can i withdraw the savings from my Target savings anytime?
If you decide to withdraw in advance, no interest will be paid, and a liquidation fee of 0.5% of the savings balance will be charged.
Will I be paid interest if I don’t reach the target?
If at maturity, you didn’t reach your target, no interest will be paid.
Who is target savings for? Opay target savings is for individuals who want to save for something very important and want to have a clear strategy to follow in other to reach the target.
Spend and save
opay spend and save is a savings product that encourages users to save a percentage of any amount they spend.
let’s say you set the percentage to 5%, and you’ll effectively be saving 5% of any money you spend or withdraw from your opay account.
Spend and save FAQs:
- 15% interest paid annually
- Interest is paid out daily
- You can cancel anytime, by setting the percentage to 0%
- You can Withdraw spending and save savings anytime, without any penalty.
Who is opay spend and save for? Opay spend and save is for individuals who want to save a fraction anytime they spend, this can be helpful in the long run, as you are not only spending but also saving and getting interest on your savings.
The aim here should not be the interest earned, but what you can save.
Note: Complete FAQs on all the savings types can be found on the opay app.
To locate it:
- Open the opay app
- Click on finance (bottom navigation)
- Click on any savings type
- click on MORE (located at the top right corner)
- Click on questions and answers
Conclusion
opay savings account – savings accounts are a great way to save money. They offer a variety of interest rates, and they offer you access to your savings on demand.
You can open an account with one of opay’s savings products, and you can deposit into the account by depositing money into the bank account that you have with the bank.
What makes a savings account great is that it allows users to earn interest on their deposits. Opay savings account gives users 15% Annual interest for savings of N100,000 and below. For savings above N100,000, you’ll get 15% annual interest for the first 100k and 5% interest for the remainder.
But to withdraw the funds from your savings account you will have to pay a penalty fee of 1.5% of the savings balance.
To top it all off, you can lock your funds while setting up your savings plan, so that no withdrawals can take place until the funds are needed
