PalmPay is here again with another cool feature that helps you manage your finances through savings. With this feature, you can easily move funds to a secure spot on the app and access them whenever you wish. This saving feature is called the CashBox, and this article will tell you all you need to know about it, including how it works. Let’s get started.
What is PalmPay Cashbox & how does it work?
PalmPay Cashbox is a flexible savings product that helps you save your money and earn daily interest at a competitive rate. It is integrated with the PalmPay app, so it is easy for you to manage your savings and get access to your funds at any point in time. Its Autosave feature makes it even more convenient. When enabled, it automatically transfers any funds added to your PalmPay account to your CashBox.
Benefits of using PalmPay Cashbox
Here are some of the key benefits of using PalmPay Cashbox:
- Competitive interest rate: PalmPay Cashbox offers a competitive interest rate of 16% per annum, which is compounded daily.
- Flexibility: You can save and withdraw money from Cashbox at any time, without any penalty.
- Convenience: Cashbox is integrated with the PalmPay app, making it easy to manage your savings and access your funds whenever you need them.
- Security: Your Cashbox savings are protected by state-of-the-art security measures.
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How to use the PalmPay Cashbox
To get started with PalmPay Cashbox, visit your device app store and update to the latest version of the PalmPay app. Next, create a PalmPay account if you are yet to do so, and once registered, you can access Cashbox from the “Me” page.
How to make a deposit
To make a deposit, simply click on the “Save” button and enter the amount you want to save. You can choose to save manually or set up an auto-save feature that will automatically transfer money from your PalmPay balance to your Cashbox account on a daily, weekly, or monthly basis.
How to earn interest
Your Cashbox balance will earn interest at a rate of 16% per annum, which is compounded daily. Interest is paid out every morning at 10:00 AM.
How to withdraw money from PalmPay CashBoxm
You can withdraw your money from Cashbox at any time including both your principal and the interest you’ve earned without any penalty or waiting time. To withdraw funds, simply click on the “Withdraw” button and enter the amount you want to withdraw. Your funds will be available in your PalmPay balance immediately.
How to use your savings to make payments
PalmPay Cashbox also allows you to use your savings to make payments directly. When making a payment, simply select CashBox as your payment method and the amount you need to pay will be directly debited from the CashBox.
PalmPay CashBox is a great feature from Palmpay that helps users save their money while earning interest on the saved funds. With this feature, you can save money anytime and also withdraw anytime without any penalty or wait time.
With the automatic saving feature enabled, you authorize PalmPay to automatically move any funds you add to your balance to your CashBox. All in all, the PalmPay CashBox is a good option for people who are looking to save money for their financial goals, such as a down payment on a house or a new car.