How To Withdraw My Money From Cowrywise Before Maturity Date
Cowrywise has gained popularity as a reliable savings app, offering various plans to help users achieve their financial goals. One notable feature is the SafeLock, where users lock their funds for a specified period. However, circumstances may arise, prompting users to explore how to withdraw money from Cowrywise before the maturity date. This comprehensive guide will delve into the intricacies of Cowrywise’s savings plans, the inability to withdraw locked funds prematurely, and the detailed process of withdrawing funds at maturity.
Cowrywise Savings Plans
Before exploring the withdrawal process, it’s crucial to grasp the diversity of Cowrywise’s savings plans. The platform offers Regular Savings Plans, Halal Savings Plans adhering to Islamic principles, Flex Dollar Savings Plans allowing savings in US Dollars, Stash for virtual wallet transactions, Life Goals for specific targets, and Wealth Management for investment opportunities. Each plan caters to different financial needs and preferences, offering users a range of options to align with their goals.
One key feature of Cowrywise is the lock-in period associated with certain savings or investment products. When users opt for these plans, they commit to a predetermined period during which their funds are locked in. This lock-in period serves a dual purpose: promoting long-term saving habits and discouraging premature withdrawals that could disrupt users’ financial goals. Therefore, withdrawing money from Cowrywise before the maturity date of the locked funds is not possible.
How To Withdraw My Money From Cowrywise Before Maturity Date
While premature withdrawals are restricted, Cowrywise has a straightforward process for users to access their funds when the maturity date arrives. Here’s a step-by-step guide:
Login to Your Cowrywise Account
Open the Cowrywise app and log in to your account using your credentials.
Navigate to the Save Section
Once logged in, locate and click on the “Save” icon, which represents the savings plans.
Select Your Plan
Choose the specific savings plan from which you wish to withdraw funds. Click on the plan to proceed.
Initiate Withdrawal to Stash
Within the selected plan, you’ll find an option to “Transfer to Stash.” Click on this option to initiate the withdrawal process.
Enter Withdrawal Amount
Specify the amount you wish to withdraw from the locked funds. If you only want to withdraw part of the funds, enter the desired amount.
Set a New Maturity Date (Optional
Cowrywise allows users to set a new maturity date for the remaining funds. Keep in mind that you won’t be able to make further withdrawals until this new maturity date.
Complete the Withdrawal
Confirm the withdrawal by following the prompts provided. Enter any additional details required to complete the process.
How to Withdraw Money from Cowrywise Stash to Your Bank Account
Once the funds are transferred to the Cowrywise Stash, users can easily withdraw money to their bank accounts. Here’s how:
Go to the Stash Page
Locate and tap on the Cowrywise Stash page within your account.
Tap on Withdraw
Click on the three-dotted buttons at the top right of the Stash page and select the “Withdraw” option.
Read the Instructions
Review the instructions provided for the withdrawal process. Tap on “Got It” when you’ve read the information.
Select Bank and Input Details
Choose your bank and input your account number for the withdrawal. Follow any additional prompts provided.
Verify Identity
Verify your identity by entering your PIN to facilitate the transaction securely.
Wait for Processing
After completing the withdrawal process, Cowrywise will process the request, and the funds will be transferred to your bank account in minutes.
F.A.Q
Can I change my maturity date on Cowrywise?
No, you cannot backdate or reduce the maturity date of a Cowrywise savings plan. While you cannot alter the specified maturity date, there is an option to extend it further if needed. The locked savings in your plan are securely invested towards the specified date, ensuring disciplined and time-based investments.
Can I withdraw from my stash on Cowrywise?
Yes, you can withdraw from your Stash on Cowrywise. The platform charges N25 for initial withdrawals from the Stash. Although there isn’t a fixed limit on the number of times you can use your Stash in a month, be aware that withdrawing more than 10 times in a month incurs an N100 charge instead of the regular N25 for transactions below N50,000, and N50 for transactions above N50,000.
Why is my withdrawal pending on Cowrywise?
Pending withdrawals on Cowrywise may be due to factors such as receiving bank downtime during processing, exceeding the withdrawal limit set by your bank, or attempting withdrawals to wallets and banks that are unavailable on the platform’s list. It’s important to consider these factors when encountering pending withdrawals.
How do I withdraw my locked savings from Cowrywise?
Locked savings plans on Cowrywise automatically unlock at maturity. These plans are designed to limit withdrawals until the specified maturity or withdrawal date. The funds invested or locked up ensure disciplined savings, helping you achieve your financial goals. Automatic unlocking occurs on the withdrawal date set during the plan setup.
How do I know my Cowrywise maturity date?
To find your Cowrywise maturity date, select your desired savings plan. In the plan details, you’ll notice a box indicating that the plan is locked. This box provides essential information about your plan, including the interest rate and the specific maturity date.
How much does Cowrywise charge for withdrawal?
Cowrywise charges a nominal processing fee of N25 for withdrawals from your Stash account. It’s important to be aware that any withdrawal made after 10 times in a month incurs an increased fee of N100, deviating from the regular N25 for transactions below N50,000, and N50 for transactions above N50,000.
What is the maturity date rule?
The maturity date is the point at which the principal amount of a debt instrument becomes due, marking the end of the term. In the context of savings plans, it represents the date on which you can access your locked funds. The maturity date rule emphasizes the deadline for the repayment of a loan or the availability of savings, ensuring clarity and adherence to predetermined timelines.
Conclusion
Having a comprehensive knowledge on how to withdraw money from Cowrywise before the maturity date involves recognizing the limitations of premature withdrawals due to the lock-in periods associated with certain savings plans. However, Cowrywise ensures a seamless process for users to access their funds at maturity, offering flexibility and control over their financial goals. By following the step-by-step guide outlined in this comprehensive resource, users can navigate the withdrawal process confidently and make informed decisions about their finances.
