FinanceProduct Guides & Updates

Introducing Locked: Save toward long-term goals with Locked

1 Mins read

Don’t want to spend it? Lock it! Saving for a  big purchase? Lock it!

The Locked Savings feature on HerVest is a type of savings plan that requires you to keep your money in your account for a certain period, known as the “lock-in period.” During this time, you cannot withdraw your money. Its purpose is to assist users in maintaining financial discipline and avoiding temptation.

Locked savings plans can help you to save for a specific goal. For instance, If you need to save a certain amount of money for a car, land or a wedding, the Locked savings plan can help you to stay on track and reach your goal on time.

WHAT YOU SHOULD KNOW ABOUT LOCKED SAVINGS ON HERVEST

Accessibility: The Locked feature is simple to use. You only need to provide a name, set a savings amount, and specify the duration of your plan.

Interest: This feature offers upfront interest, allowing you to access your interest in their purse account after funding your plan.

Payment: You can fund your plan using funds from your HerVest Purse or debit cards.

Flexible duration options: You can select a duration that suits your needs, with a minimum of 3 months and a maximum of 1 year. Withdrawals are deposited into your purse accounts, and you cannot withdraw funds until the plan reaches its maturity date.

How to Create a Locked Plan·      

  1. Download or Update your HerVest app from the Google or iOS Store.
  2. Login to your HerVest account
  3. Tap on Start a Savings Plan
  4. Tap on Locked
  5. Name your plan and fill in the required details
  6. Select a preferred payment method
  7. Carefully read the Terms and conditions, then create your Locked plan.
  8. Great! You have successfully created a Locked Savings plan.

Overall, Locked savings can be a good way to lock money for a specific goal. As we said initially, “ If you don’t want to spend it, LOCK IT!”. Create a Locked plan today on HerVest. Available on Google and iOS.

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