When I was in school, I had this friend who’s Father used to give her the school fees (or at least half of it) a semester ahead because he didn’t want to risk not having it when it was time to pay. She would then take that school fees and put it in a fixed deposit account till it was time to pay her fees in the new semester and use the money on top to flex. I was very fond of her because I thought she was very smart for doing that. While we’ve heard stories of students who used their fees for “business” and lost it all, this Aunty saved the money, made extra on top and added that extra to her pocket money for premium flexing. She successfully stopped herself from dipping into the money and made a profit at the same time. This singular act taught me just how powerful fixed deposits and fixed deposit interests are.
After hearing this story, you may wonder what types of Fixed deposit products to invest in, what are the fixed deposit rates in Nigeria, features of a fixed deposit and so much more. We’ll get into all that right away.
First off, let’s clarify what a fixed deposit aka FD is. A FD is a locked savings account where you put money in for an agreed time or tenure in exchange for an agreed interest. When the tenure is up, you can withdraw your money and the interest. Interest rates typically vary from country to country and from company to company.
Fixed deposits are often regarded as one of the safest investments because your money makes money for you and there’s no risk of loss.
On to the next agenda. What are the key features of fixed deposits and fixed deposit interest rates in Nigeria? Let’s talk about them below:
Typical features of a fixed deposit
Now that we’ve cleared how fixed deposit accounts work, how can you start one and do you have to go to a bank or a physical place to do it?
The answer to the latter is “NO”. Just like you don’t need to leave your seat to transfer money, you don’t need to leave your seat to fix money. Your banking as well as your fixed deposit can be done and monitored via a mobile app.
There are a couple of trusted companies that offer fixed deposit accounts via their app. Out of the many, we can proudly say that FairMoney Microfinance Bank’s latest product called FairLock offers one of the best fixed deposit interest rates in Nigeria😁.
FairLock is a fixed deposit savings account that supports people to achieve their goals faster. With its lock up feature, it helps you keep temptation away, helps you actively achieve your goal without getting sidetracked and gives you interest that can either be reinvested toward that same goal or used to reward yourself for achieving your goal.
Features and advantages of FairLock
So, how does FairLock work and how can you use it?
How to FairLock
How to withdraw from FairLock
Your locked funds will be automatically paid into your FairSave once the tenure is over. You can only get your funds once your tenure is over.
How to check interest accrued?
Just like with your FairSave, you can check your interest when you click “Access FairSave”.
And that’s everything you need to know to make the most of your money with no risk.