How to Save on The Moni App
The need to save is constantly being emphasized and day in and day out, we realize how important it is to save and avoid living paycheck to paycheck. With the current shege and economic situation, taking charge of your finances and accumulating a healthy savings account is important and that’s what Moni offers.
The aim of this article is to help you navigate how to save on the Moni App and join you on your journey to financial independence. Mind you, financial independence is a gradual process and doesn’t happen overnight.
At this point, you’re probably wondering why you should save on Moni and the different plans you could opt for on the Moni app right? Moni doesn’t just offer multiple savings plans where you can save and earn up to 21% in interest, it guarantees security and the app is simple and easy to use.
The cool thing about saving on the Moni App is that you can start with as little as N100 daily.
HOW TO SIGN UP ON MONI
Step 1: Download the Moni app from your App Store or Play Store
Step 2: Input your phone number and the code sent to the number to create your account.
Step 3: Once you’re logged in, add more personality to your account such as your name, email, and date of birth.
Step 4: Create your Monitag (e.g. AdebolaMoni) that you can use to receive money from your friends who use Moni
Step 5:Verify your email address, your identity, and your BVN*.
That’s it! You’re set up on the Moni App.
See these steps below:
TYPES OF SAVINGS ON THE MONI APP
There are two kinds of savings plans on the Moni App that will help you hit your goals. The three saving options are:
- The Reserve plan
This is the perfect plan if you’re looking to put aside money you’re tempted to spend.
See this as a fixed deposit account where you can put in money (from as high as N5,000) for a period of time.
You can earn up to 21% per annum on your Reserve plan.
2. Target Safebox Plan
This is the best plan when you have a particular amount in mind that you want to hit.
You could be saving towards getting a property, paying your rent or even towards your next vacation. Basically, it is saving for a particular purpose with the Moni app. You can earn up to 19% per annum on your Target Safebox plan.
3. Periodic Safebox Plan
This savings plan is best to save whenever and whatever amount. This is the perfect plan for you if you’re trying to cultivate a savings habit and just save whatever you can.
You can earn up to 19% per annum on your Periodic Safebox plan.
You can choose any of the plans that would suit your financial goals best.
How to Create a Safebox Plan
Step 1:Sign into your Moni app
Step 2: Click on the save icon and click on reserve plan.
Step 3: Choose between target savings or periodic savings
Step 4:Name your plan and choose a purpose.
Step 5: Select the duration and maturity date
Step 6: Fund your wallet
Step 7: Stick to your schedule and at maturity, you’ll be able to withdraw your money with your interest.
FAQs About Safebox Plan
- How much can I start with on the Safebox plan? You can save as low as N100.
2. How often can I save on the Safebox Plan? You can save daily, weekly, biweekly, or monthly.
3. Can I withdraw my money before the maturity date? No, you can’t.
4. What do I do if I miss a schedule? Make up the savings schedule.
Step 1:Sign into your Moni app
Step 2: Click on “Save” and click on “Reserve plan”.
Step 3: Name your plan and choose a purpose.
Step 4: Enter the amount you want to save.
Step 5: Select your duration and maturity date
Step 6: Fund your wallet
FAQs about Reserve Plan
- How much can I put in a Reserve plan? From N5000 upward
- What’s the minimum duration to lock my money in a Reserve Plan? 3 months
- What does maturity date mean? It is the date your savings have matured and you can now withdraw it.
- Can I break my savings before the maturity date? No, you can’t.
What it really means to save on the Moni app
Are you still wondering what it really means to save on the Moni app and the benefits you get? Saving on the Moni app grants you access to interest up to 21% per annum depending on how long you keep your money. The Moni app, unlike the other fintech and traditional banks, gives you access to high-interest savings and gives you access to take loans with reasonable interest rates.
Conclusion;
It’s salary week and definitely the best time to hop on the Moni app and take charge of your financial independence. One of the goals we want to help people achieve is to become UNBELIEVABLY LIQUID.
Thank you for reading this, keep an eye open for our next article and you just might get a first-hand update on what Moni is up to and new offers.
