PalmPay is a mobile money app that allows users to send and receive money, make bill payments, and purchase goods and services. It is a convenient and secure way to manage your finances, and it offers a number of features that make it a popular choice for users in Nigeria.
One of the features that PalmPay offers is the ability to lock money. This feature allows you to set aside a certain amount of money that you cannot spend until you unlock it. This can be a helpful way to save money for a specific goal, such as a vacation or a new device purchase. In this article, we will guide you on how you can fix your money on the PalmPay mobile app.
Before we proceed, let’s make one thing clear: PalmPay offers two different ways of saving funds on the PalmPay app. There is the Fixed Saving mode and the Flexible/CashBox saving mode.
The Fixed saving mode comes with a higher interest rate of up to 20% per annum. With this mode, any money locked cannot be withdrawn until the maturity date. Whereas with the CashBox, you can withdraw your savings any time you want.
This article will be focused only on the Fixed-saving mode of PalmPay. So only continue reading if your aim is to lock your money on the PalmPay app and totally forget about it until the payback date. if you however desire to be able to withdraw your funds at any time even before maturity, then what you need is the CashBox saving mode and you can learn how to use that in this article.
How To Lock Your Money With PalmPay Fixed Savings
To get started, first, head over to your device app store whether iPhone or Android, and update the PalmPay app to the latest version. Once that is done, proceed as follows:
1. From the home dashboard, tap on “Savings”
2. Select a savings plan: Here you are to choose how long you want to save the money for. You can choose between 7 days to a year (365 days), and the higher the set duration, the higher the interest rate.
3. Next, enter the amount you want to save. You can save between N500 and N1 million. Just make sure your PalmPay account is already funded with enough money to cover the amount to be locked.
4. Select the state you live in, but in most cases, it would already be filled in for you with the aid of your profile data.
5. Give your goal a name. This is not important but you can still fill it in for reference purposes. Examples of names you can use include: “My New Phone Savings”, “New Car Savings”, etc.
6. The next page will highlight the details of your plan, including how much interest you will earn, the amount of tax you will pay and the total money to be paid back into your PalmPay balance or CashBox.
7. Tap “Next” and make the payment using either your PalmPay balance, your CashBox, or via a card or bank transfer. Your PalmPay balance will be selected by default if there’s enough money there.
Once done, your money will go into locked mode to be paid back to you on the maturity date along with the interest accrued.
You May Be Interested: How to Lock Your Money On Opay
Can You Withdraw Your Fixed Savings On PalmPay?
No, you cannot withdraw your Fixed savings on PalmPay until the day of payback that you selected when setting it up. So before using this feature, make sure that you will not be needing the money prematurely.
Is PalmPay Safe to Save Money?
Yes, it is very safe to save your money on PalmPay as it is duly licensed by the Central Bank of Nigeria as a Mobile Money Operator, and uses a host of security measures to protect user funds. These measures include:
- Data encryption: PalmPay encrypts all user data, including account information and transaction history. This means that even if unauthorized individuals were to gain access to PalmPay’s servers, they would not be able to read the user data.
- Fraud detection: PalmPay uses advanced fraud detection systems to identify and prevent fraudulent transactions.
- Deposit insurance: PalmPay’s savings feature is insured by the Nigeria Deposit Insurance Corporation (NDIC). This means that even if PalmPay were to fold up in the future, users would still be able to recover their savings up to a certain amount.
In conclusion, PalmPay offers a convenient and secure way to manage your finances in Nigeria. The Fixed Savings mode offers an attractive interest rate of up to 20% per annum, allowing you to save for specific goals. However, it’s crucial to note that funds locked in the Fixed Savings mode cannot be withdrawn until the maturity date, so careful planning is essential.
Whether you’re saving for a new phone, a car, or any other objective, PalmPay offers a reliable tool to help you achieve your financial aspirations.