How to Earn Up to 15% Interest on Your Savings with CircleFunds.

Have you ever saved money for something important, only to spend it before you reached your goal?

Or maybe you and your friends have a shared goal, but everyone's finances are different. What if everyone could save towards that goal at their own pace?

That's one of the reasons you should start using Target Savings on the CircleFunds app.

What is Target Savings?

Target Savings is a goal-based savings feature designed to help you stay committed to your financial goals.

Once you create a savings goal, your money remains locked until the maturity date you choose. This helps you avoid spending your savings before reaching your target. If you decide to withdraw before maturity, you can still access your money, but you won't receive the interest accrued for that savings period.

Because everyone saves differently, Target Savings gives you three ways to save.

With Personal Target Savings, you can set your own goal, choose your target amount and duration, and save at your own pace. Whether you're saving for rent, school fees, a new gadget, business capital, or your December plans, you have a dedicated space to stay focused.

If accountability helps you stay consistent, Group Target Savings allows you to save alongside family, friends, or colleagues. Everyone contributes individually, tracks their own progress, and can also see how close the group is to reaching its shared milestone.

If you're managing a larger community, you can become an Aggregator and host a savings community. You can have as many people as you'd like in your savings community, there is no fixed limit.

As an Aggregator, you earn commission for hosting while providing a simple and organized way for your association, workplace, church, or any close-knit community to save together and stay committed to a common financial goal.

How the Interest Works

All three Target Savings options; Personal, Group, and Aggregator offer up to 15% interest on eligible savings.

The interest is paid at the end of your selected savings term, provided you complete the savings period. For example, if you choose a 3-month or 6-month target savings plan, your interest is credited when that savings plan matures.

Here's a simple example:

If you save ₦150,000 in a 3-month target savings plan and complete the full term, you could receive up to ₦22,500 in interest at maturity, subject to the applicable terms and conditions mentioned.

This means your total payout at the end of the savings period could be ₦172,500.

If you withdraw your funds before the maturity date, you will receive your savings balance, but you won't receive the interest accrued for that savings cycle.

That's why staying consistent until maturity gives you the full benefit of the feature.

How to Access Target Savings on the CircleFunds App

Getting started is easy:

1. Sign in to your CircleFunds account or create one if you're a new user.
2. Complete your profile setup if you're signing up for the first time.
3. Tap the Savings icon at the bottom centre of the app.

4. Select Create Target Savings or Join Target Savings through a shared link from a group host or aggregator. 

If you select "Join with Link," you'll be required to enter the Group ID to access the savings group. This is an important step to note during the joining process.

5. If you're creating a new one, choose the option that fits your goal; Personal, Group, or Aggregator.

6. Enter the required details to set up personal and group target saving, review your information, and start saving immediately you are done.

Start Saving with Purpose

However you choose to save, the goal remains the same: helping you stay consistent, reach your financial goals, and grow your money along the way.

Target Savings is now live on the CircleFunds app. Update or download the app today and start saving with purpose.