How To Set Up SmartLock, Goal-Oriented Savings Plan, And Savings Distribution

There are three types of savings plans on SmartCoop;

1. Core savings: This is a default savings plan. It comes with every account. It is the only plan that money can be withdrawn from. You can only have one Core savings plan. Funds in your Core savings can be withdrawn anytime and you can earn up to 5% interest per annum.
2. SmartLock: This plan can be created from the savings distribution section of your SmartCoop account. Click the Create New SmartLock button, enter the number of months you want, and press the Create button. The minimum duration for SmartLock is six months. However, you can break your SmartLock after 30 days or more if you want to withdraw the funds. All your interest in the SmartLock will be forfeited if you break the SmartLock. SmartLock yields up to 10% interest per annum.

After breaking your SmartLock, the funds will be rolled over into your core savings to enable you to withdraw.

When your SmartLock matures, the funds are rolled over into your core savings as well.

You can only have one active SmartLock at any point in time.

3. Goal-oriented Savings: Goal-oriented savings is similar to SmartLock. The only difference is that it cannot be broken and the minimum duration is 8 months. This plan can be created from the savings distribution section of your SmartCoop account. Click the New GOS button, enter the number of months you want, select the type of GOS plan, and press the Create button.

You can have as many GOS plans as possible. GOS yields up to 15% interest per annum.

You can save to achieve certain goals such as;

a. Store rent

b. House rent

c. New Car

d. New business, etc.

You can add funds to any of the savings plans by clicking on the top-up button on the bottom right side of each plan and pay with a card or the other payment options available, or you can save into all your existing plans from a single transaction by setting up savings distribution.

How to set up savings distribution

Savings Distribution is a way to configure your account to enable you save money in your different savings plans with a single payment.

So this means you can just pay N1000 (via card payment or use of your dedicated wallet account number) and a certain percentage (of your choosing) will be allocated to your Core, SmartLock and GOS savings plans respectively.

By default, 100% of payments made through your SmartCoop Wallet account number and via card go to your Core savings.

Follow these easy steps to set up your savings distribution;

Step 1: Go to your menu on the top left and select Savings.

Step 2: On the savings page, click Savings Distribution.

Step 3: On that page click Edit Savings Distribution.

Step 4: Input the percentage you want to allocate to each savings plan. All should sum up to 100%. Now press Update Savings Distribution.

Henceforth, when you save by transferring funds to your dedicated wallet bank account number or fund your wallet from your dashboard, the amount paid is distributed into each savings plan.

Hope this information was helpful?