Home Finance How to Withdraw My Money from Cowrywise Before Maturity Date

How to Withdraw My Money from Cowrywise Before Maturity Date

Are you tired of being locked into long-term investment commitment with Cowrywise? Do you need your money now, not later? 

Well, hold onto your seats because we’re about to reveal the jaw-dropping secret that will allow you to withdraw your money from Cowrywise before the maturity date. 

It’s time to break free from financial confinement and take charge of your funds. 

Buckle up and get ready to learn the one technique they don’t want you to know. To learn more, keep reading. 

What is Corywise? 

Cowrywise is a popular Nigerian fintech platform that enables users to save and invest their money. One of its key features is the ability to create locked savings plans, which help users achieve their financial goals by committing to a specified savings period. 

However, there may be instances where users need to access their funds before the maturity date. While early withdrawals are generally discouraged, Cowrywise does provide an option for those facing unforeseen circumstances.

Locked savings plans, as the name suggests, are designed to promote disciplined savings by restricting access to funds until the predetermined maturity date. 

This approach encourages long-term financial planning and ensures that users stay on track towards their savings goals. Early withdrawals can disrupt this commitment and may result in penalties or reduced returns.

 Before initiating an early withdrawal request, it’s crucial to understand the eligibility criteria and potential consequences. 

Early withdrawals are typically permitted only under specific circumstances, such as medical emergencies, unexpected job loss, or unforeseen educational expenses. Users are strongly advised to carefully consider their options and evaluate the financial implications before proceeding with an early withdrawal.

Cowrywise Savings Plans

Cowrywise offers two main types of savings plans namely;  fixed savings plans and flexible savings plans.

Fixed Savings Plans

Fixed savings plans are designed to help you save for a specific goal, such as a down payment on a house or a vacation. These plans have a set maturity date, and you cannot withdraw your money before that date without penalty. However, fixed savings plans typically offer higher interest rates than flexible savings plans.

Flexible Savings Plans

Flexible savings plans offer more flexibility than fixed savings plans. You can withdraw your money from a flexible savings plan at any time, but you will not earn as much interest as you would with a fixed savings plan.

READ More:  Fast Credit Loan Login With Phone Number, Email, Online Portal, Website

There are two main options for withdrawing money from Cowrywise before maturity date:

Emergency Withdrawal Plan

An emergency withdrawal plan allows you to withdraw a limited amount of money from your savings plan without penalty in case of an emergency. To qualify for an emergency withdrawal plan, you must meet certain criteria, such as having a documented medical emergency or a job loss.

Partial Withdrawal

You can also withdraw a portion of your savings from a fixed savings plan before maturity date, but you will be charged an early withdrawal fee. The early withdrawal fee is typically a percentage of the amount you withdraw.

Eligibility and Requirements

The locked savings plan must have been active for at least three months.

The minimum partial withdrawal amount is ₦10,000.

The remaining balance after the partial withdrawal must be at least ₦10,000.

How to withdraw your Money from Corywise before maturity date 

To withdraw money from Cowrywise before maturity date, you will need to follow these steps

  • Log in to your Cowrywise account.
  • Click on the “Savings” tab.
  • Select the savings plan you want to withdraw from.
  • Click on the “Withdraw” button.
  • Enter the amount you want to withdraw.
  • Click on the “Withdraw” button again.

Conclusion

You find this simple right? That’s the secret. I discovered this method of removing money from your Corywise before maturity date just last week. Thanks for reading to the end. 

FAQS

How do I redraw my money from Cowrywise?

The process of withdrawing money from Cowrywise depends on whether you want to withdraw from your savings plan or your stash.

READ More:  Is piggyvest legit? is piggyvest approved by cbn? how does piggyvest work? 

To withdraw from your savings plan, 

  • Log in to your Cowrywise account.
  • Click on Save and select the type of savings plan you want to withdraw from (regular or circles).
  • Click on the plan you want to withdraw from and select Proceed.
  • Enter the amount you want to withdraw and click Withdraw.
  • Your withdrawal will be processed and your funds will be sent to your bank account within 3-5 business days.

 To withdraw from your stash,

  1. Go to the Stash page.
  2. Click on the three-dotted icon at the top right of the page.
  3. Select the Withdraw option.
  4. Click Got it on the information modal that comes up.
  5. Select your bank account or click on Add bank and follow the instructions if your bank isn’t added already.
  6. Enter the amount you want to withdraw and click Withdraw.
  7. Your withdrawal will be processed and your funds will be sent to your bank account within 3-5 business days.

Can I change my maturity date on Cowrywise?

Yes, you can change the maturity date of your savings plan on Cowrywise, but only to extend it to a later date. You cannot shorten the maturity date of a plan. To extend the maturity date of your plan, you will need to contact Cowrywise customer support.

What happens if I go past my maturity date?

If you go past your maturity date on Cowrywise, your savings plan will automatically unlock and you will have access to your funds. You can then choose to withdraw your funds, roll over the plan to a new maturity date, or reinvest the funds for another duration of time.

Leave a Reply