The savings feature allows you to save USDT (1 USDT = $1) and earn interest on your savings over a specified period of time. Here, you have a different wallet (Savings wallet) where all funds to be saved and interest earned from savings activities is stored.
There are two options on the savings feature; The Fixed Savings and the Flexible savings
The Difference Between Flexible savings and Fixed savings:
The Flexible savings plan as the name implies is a plan where you can easily access your funds whenever it is needed, You earn 13% interest per annum on funds saved.
However, if you break your savings plan before maturity you will lose all interests accrued and you will be charged a 2% processing fee.
The Fixed Savings is a savings option where you can earn up to 15% interest per annum on funds saved. This interest is made available for you upfront, of which you can claim instantly. This means your interest will be accessible for withdrawal once you create a fixed savings plan. You do not have access to fixed savings until maturity.
Some people will say “What is savings when you cannot easily access the money saved” while some will say “what is savings when you can easily spend the money trying to be saved”
But I’ll say, do what works for you 👌
Below is a Step by Step guide on how to use the savings feature.
On your Skye wallet dashboard,
Click on the “Savings” icon on the dashboard, and click on “Continue” (after reading the “grow your money” message).
*You are then taken to a new page where you are to create plan, but before creating a plan, you will need to fund your savings wallet.
(Please note that you can only fund your savings wallet with USDT which means you should have funds in your USDT wallet and if not, you should deposit some Naira to buy USDT or send-in USDT into your wallet)
Kindly click on “Fund wallet” to input the amount of USDT you would want to fund your savings wallet with. You will get the equivalent amount into your savings wallet after you click on the second “Fund wallet” icon
(Note that funding your savings wallet is done without any charge)
After funding your savings wallet, you can now choose which savings plan you want to create. Kindly read the briefing for each of the plans to decide on which plan works better for you
(please note that the minimum savings amount is 5 USDT)
If you choose Flexible savings, click on “Flexible savings” and then click on the plus sign "+" to add/create your savings.
Create a savings title. This could be the name of what you are saving to achieve. Then input the amount you want to save ( ensure that you have up to that in your savings wallet), then go ahead to choose the savings duration. Ensure to agree to the terms of flexible savings by switching on the knob below the page in agreement.
Finalize by clicking on “Confirm plan” and input your pin for authentication.
You have successfully created your flexible savings.
For Fixed savings, Click on “Fixed savings” and then click on the plus sign "+" to add/create your savings.
Create a savings title. This could be the name of what you are saving to achieve. Then input the amount you want to save ( ensure that you have up to that in your savings wallet), then go ahead to choose the savings duration. Ensure to agree to the terms of flexible savings by switching on the knob below the page in agreement.
Finalize by clicking on “Confirm plan” and input your pin for authentication.
(You can take your interest immediately after Fixing your savings)