At Nearpays, we understand that saving is crucial to your financial journey. Whether you're looking to save in NGN (Naira) or USD (United States Dollars), our savings options are designed to offer flexibility, security, and attractive benefits.

To help you make informed decisions, we’ve compiled answers to some of the most frequently asked questions about Nearpays savings. Let’s dive in!

1. What types of savings accounts does Nearpays offer?

Nearpays offers two primary savings options:

• NGN Savings: Save in Nigerian Naira with competitive interest rates and access to your funds whenever needed.
• USD Savings: Save in US Dollars to hedge against currency depreciation and enjoy higher potential returns from foreign currency savings.

Both options provide the flexibility to meet your financial goals, whether you want to build emergency savings, grow your wealth, or protect your funds from inflation.

2. How do I open a Nearpays savings account?

Opening a Nearpays savings account is simple and can be done in a few steps:

1. Download and install the Nearpays app from your app store.
2. Sign up or log in if you already have an account.
3. Navigate to the “Savings” section within the app.
4. Select whether you want to save in NGN or USD.
5. Choose your preferred saving duration and interest plan, then fund your savings account.

That’s it! You’ll be able to monitor and manage your savings from the app.

3. What is the interest rate on Nearpays savings accounts?

The interest rate on Nearpays savings accounts is 2%:

• NGN Savings: Competitive interest rates tailored to the local market, with returns that allow you to grow your funds steadily over time.
• USD Savings: Offers attractive returns in US Dollars, allowing you to protect your wealth from local currency depreciation while earning interest.

4. Can I save in both NGN and USD simultaneously?

Yes! Nearpays allows you to have savings accounts in both NGN and USD at the same time. This dual savings strategy lets you diversify your portfolio and hedge against currency risk. You can split your savings between the two currencies to suit your financial goals and risk tolerance.

5. Is my money safe with Nearpays?

Absolutely. Nearpays is committed to ensuring the security of your funds and personal information:

• Regulation: Nearpays operates under strict financial regulations and is licensed to provide digital banking services.
• Encryption: Your data is encrypted to ensure privacy and security when accessing your account.
• Insurance: Nearpays partners with financial institutions to ensure that your savings are secure and insured up to applicable limits.

Your savings are safe, and you have full access to your funds whenever you need them.

6. Can I access my savings at any time?

Yes, you can withdraw your funds at any time, depending on the specific savings plan you’ve chosen. However, to maximize your interest earnings, you might want to stick to the agreed savings duration. Early withdrawal from a fixed savings plan comes with a breakage fee.

7. How do I fund my Nearpays savings account?

You can fund your Nearpays savings account through several methods:

• Bank Transfer: Transfer money directly from your local bank account to your Nearpays wallet.
• Nearpays Wallet: Use funds from your Nearpays wallet balance to start saving.
• Virtual Accounts: You can also set up regular contributions from your virtual account on Nearpays, making it easier to automate your savings.

Once you’ve added and locked your funds, your savings will begin earning interest based on the chosen plan.

8. Can I set up automatic savings contributions?

No. We currently don’t offer this plan.

9. How does Nearpays protect my savings from currency fluctuations?

If you’re concerned about the instability of the Naira, Nearpays' USD savings option provides a way to protect your funds. By saving in US Dollars, you shield your wealth from Naira depreciation and earn interest in a stable foreign currency. This makes Nearpays USD Savings an excellent choice for long-term financial security in a volatile economy.

10. Are there any transaction fees for my Nearpays savings account?

There are no transaction fees for Nearpays savings account. Nearpays is committed to helping you save without unnecessary charges, so you can focus on growing your wealth.

11. How do I track my savings progress?

You can easily track your savings progress through the Nearpays app. The app provides detailed insights into your account balance and interest earned. This gives you complete control and transparency over your savings journey.

12. What happens when my savings plan matures?

When your savings plan reaches maturity, you have the option to:

• Withdraw the entire amount (principal + interest) to your Nearpays wallet or linked bank account.
• Reinvest the funds into a new savings plan to continue earning interest. Nearpays will notify you ahead of your maturity date, so you can decide how to proceed.

13. Can I withdraw my savings in USD?

No, you can’t withdraw your funds in US Dollars. You have to convert your money to NGN to withdraw.

14. Is Nearpays saving available to businesses?

Yes, businesses can also take advantage of Nearpays savings options. Whether your business wants to save in NGN or USD, Nearpays provides tailored solutions to help you grow your business funds securely.

15. How do I get started with Nearpays savings?

Getting started is easy! Simply:

1. Download the Nearpays app.

2. Sign up or log in to your account.

3. Navigate to the savings section and choose your preferred savings option.

4. Start saving and watch your funds grow.

If you have any more questions, please contact our support team directly through the Nearpays app; we’ll be happy to assist you.

Final Thoughts

Nearpays is committed to making saving simple, secure, and rewarding for individuals and businesses. With our flexible and high-interest savings options in NGN and USD, you can confidently take control of your financial future.

Ready to start saving? Open a Nearpays savings account today and start growing your wealth the smart way!

Related Articles

1. Saving in USD vs. NGN: Which Option is Right for You?

2. How Nearpays Savings Can Help You Build an Emergency Fund

3. Nearpays Savings for Beginners: A Step-by-Step Guide to Getting Started

4. How to Save with Nearpays and Earn 2% Interest Monthly on Locked Funds