Important FAQ

Read through our frequently asked questions below or contact us to find out more.

Savings Box

Savingsbox is a product of Reliance Thrift and Credit Cooperative Society Ltd No 1 Indigenous digital cooperative society in NIgeria. SavingsBox is an intuitive user friendly app that assist you to save, invest with ease and jollificate. With Savingsbox you develop a saving culture and increase your finances by refraining from spending excess funds.

01. More about Savings Box

All of the savings and investments alternatives on savingsboxng are geared towards a specific need or goal. Savingsboxng is the best place for you, If you wish to put aside money for your savings and withdraw upon maturity as you desire

To start saving on savingsboxng, visit the website www.savingsboxng.com or download the app on google playstore to create an account. Check your email inbox and confirm the SavingsBox welcome message. This would help to activate your account.

You may decide to Top Up your account which is the same as funding your Wallet by entering your debit card details to start up your account and then make your first deposit. (You may use a MasterCard, Visa or Verve card from any Nigerian bank). You would be asked to bind your card (This is a one time request and thus help to secure your card and ensure you have smooth transaction experience) You may now begin to use any of the Savings Plans to start your daily, weekly or monthly savings.

No! It's totally FREE. There are no bank rates for remitting money to your Savingsbox account.

Security & Safety

At Savingsboxng safety and security of our users information is of utmost priority to us.

02. How safe is Savings Box

Hence all financial information is encrypted and stored to PCIDSS Level 1 compliant standards. PCIDSS Level 1 compliance is a set of rules stated by credit card companies and audited by an independent third party. This is the highest possible rating anyone can get in the electronic payment processing industry. Additionally, all transmission to our banking partner and on our site is via an encrypted 256-bit HTTPS SSL connection.

This is a one time password used for commencing debit and withdrawals on your Savingsboxng account.

Oh Yes! We are located at Suite D6/D7,1st Floor, Nymex Plaza, Gado Nasko Rd, NNPC, Kubwa, Abuja.
Email: contact@savingsboxng.com

Your privacy and security is our utmost priority. So our partner Paystack a PCIDSS-compliant payment processor is solely in charge of handling your card details. Your card details are very much safe and are deposited where they can never be tampered with or exposed.

We are also a registered cooperative- under Reliance Cooperative Multipurpose Society Limited (Registration number, 16555). All saved funds are warehoused with and managed by AIICO Capital, the leading asset management company in Nigeria, registered and licensed by the Securities and Exchange Commission (SEC).

On our platform, your BVN is mandatory to confirm your identity and kick against identity theft. This makes sure another level of safety for your funds and transactions. It also unlocks other attributes like transfers from your wallet to another user’s wallet account.

In a circumstance, where you can no longer retrieve the phone number linked to your BVN, kindly contact your bank to update the phone number.

Auto Savings

Savings box is piloting new works with emerging technoligies to help people better manage their money.

03. How we run it

No, everything is done automatic once you have set up your Autosave. For proper reporting and documentation, all transactions on your debit card will be revealed on your dashboard. We will send an email receipt to you every single time you save with your card, and your bank will send you an alert as well. This is 100% certained.

We WON'T automatically debit your account if you missed any day, week or month and we WON'T bill you either.

Of course, you can break your AutoSavings but you would be charged 1.5% of the total saved amount.

Yes, You can have multiple AutoSavings running concurrently at the same time with different start date, duration, and amount.

Straight up! We will not be in any position to debit you for that day, week or month. We will only be able to save for you when you have funds in your debit card.

Target Savings

With Target Savings,it is easy to save consistently towards a specific financial goal. You can generate a personal target or a Group savings challenge with your multiple users. Save for your rent, vacation, a new gadget and even towards starting your new business with Target savings, and earn more money while at it!

04. Target Savings

Log in to your dashboard and click on the 'Savings' sign on the bottom pane of your dashboard. Click on the 'Targets' option and then 'Create a Target'. Select the Target option you'd like, fill in the required fields and save the Target to activate it. You can invite friends to join your Target at any time.

Yes, you can. Simply log into your dashboard and select the 'Target Savings' option on your dashboard. Click on 'Ongoing Targets' and then select the target you would like to end and select 'Break'.
Funds will then be sent to your wallet, and you will be able to retrieve these funds. Of course, it comes at a fee, you would be charged 1% breaking fee.

Although, if you break these funds before the maturity date, you will lose your accrued interest and also be charged a 1% processing fee. If you do not obtain the target amount by the maturity date, you will only lose your accrued interest.

Fixed Deposit Box

Fixed deposit box is a fixed savings and an a type of investment that ensures you earn up to 17% per annum.

05. Fixed Deposit

Your fixed deposit box acts as your sub-account so that you can transfer and lock finance from your Savingsboxng wallet or your debit card for at least 90 days, without access to these funds until maturity. The Fixed deposit feature is one step further towards holding back the temptation to collect money that you have put aside as your savings.

Yes, you can have more than one fixed deposit box; and you can give them distinct names or purposes too. For example,. You can have a fixed deposit box for your planned Vacation, Travel, Wedding; Birthday; etc.

Yes, your Fixed deposit Box is separate from your normal savings plan. After initiating a Fixed deposit Box for a specific amount of money, your savings plan continues as normal. It is completely under your discretion to set the time and everything else concerning your Fixed deposit Box.

Interests

06. Interest

Yes

  • 8% per annum on AutoSavings.
  • 10% per annum on Target Savings
  • Up to 17% on investment

AutoSavings (Savingsboxng)- Interest is accumulated daily on your balance, and paid together with your principal upon maturity.

Target Savings- Interest is accrued daily, reflects on your target dashboard, and is paid at the end of your target.

Our operational costs are quite low - we do not operate multiple branches or hire a lot of staff to manage operations. We are also able to agree on a premium rate due to volumes.

Withdrawals

07. Withdraws

You can withdraw for FREE only on set maturity dates. After the request has been made, funds will be sent to your bank account and can also be sent to your wallet Naira account instantly, and then you can withdraw to your set bank account anytime.

Yes, you can

Simply log into your account and click on the withdraw option, then input the amount you want to withdraw.

You need to have filled in your bank details in your withdrawal settings then, click on the "withdraw" option on your dashboard, enter the amount you want to withdraw and your funds will be transferred to your set bank account within the specific time (not more than 2working hours). However you would need to update your profile and fill Know Your Customer (KYC)details

The minimum amount you can withdraw from your Savingsboxng is N3000 and there is NO maximum. You can withdraw all of your funds whenever.

PS: You can ONLY withdraw once in 24hours.

Referral

08. How do Referrals work?

When someone signs up to Savingsboxng.com using your referral link, you as a referral earns N1,000. This could be credited to your Referral Wallet immediately once the referee signup, subscribe to any of the products and make the first payment

Mobile App

09. Do you have a Mobile App?

Yes! The mobile app is available ONLY on Android