What is Zero Interest Savings?
Simply put, Zero Interest Savings means saving without earning interest. This means, if you have Zero Interest Savings turned on, you won’t earn interest on any funds you save on the Herconomy Platform.
Do I earn interest on Zero Interest Savings?
No, you do not. All your savings is interest free.
How do I turn on Zero Interest Savings?
Please go to the “Accounts” section, then select the toggle button located on Zero Interest Savings and confirm the selection.
How do I turn off Zero Interest Savings?
Please ensure you have Zero Interest Savings, then go to the “Accounts” section, then select the toggle button located on Zero Interest Savings and confirm the selection.
How do I claim interest on Zero Interest Savings?
You do not earn interest while on Zero Interest Savings. To start earning interest, please turn off Zero Interest Savings in the “Accounts” section.
Do I earn interest on Vault Float and Plans while on Zero Interest Savings?
You do not earn interest on Vault, Float or Plans while you have Zero Interest Savings turned on.
There are two reasons for this:
- The provided BVN number is incorrect OR
- The Provided Bank Account Number provided( as a withdrawal destination) is not linked to the provided BVN. In this case, please try a different bank account.
An accountability partner is someone who encourages you on your saving journey and ensures that you’re meeting your saving goals.
Currently, there are 4 savings plans on Herconomy: vault (fixed wallet), float (flexible wallet), the Easy-save (automated payment), and accountability partner.
The minimum withdrawal is ₦2,000
If you withdraw outside the free withdrawal dates, you will be charged a 2% processing fee.
If you don’t want any interest, you can simply turn it off. But right now, this feature is unavailable. In the meantime, you can choose not to claim your interests.
Our system will attempt to make a charge on your debit card. If it fails, you will be notified instantly or via email.
If you miss your saving days due to a system error or insufficient funds, we will continue to attempt to charge your card for 3 saving days. After the 3rd day, your Easy-Save will automatically be turned off.
There are 4 free withdrawal days in a year. Your first withdrawal date is 90 days from your first date of saving. Your second withdrawal date is 90 days from the first withdrawal date and so on
There are several reasons for this:
- The card has expired.
- The card has been deactivated by the bank
- The card issuer is having network issues and you may be unable to receive OTP or complete the transaction. Please try again later if this occurs.
This is a very important process needed to be completed to verify your phone number. Please wait a few minutes and try again. In the event that you are still unable to receive the OTP, please check if the phone number you provided is correct. If it is and you still didn’t get the OTP, please try another phone number of yours or contact customer support.
Your money and personal data are safe and protected. Herconomy is in a partnership with Providus Bank, so we use their microfinance banking license. All your funds are insured, so your money is always safe.
You can start with any amount above ₦50. You can set up your Easy-Save and pay daily, weekly, or monthly. For example, if you save ₦50 daily, at the end of the month, you will have saved ₦50,000.
Interest is paid monthly and you can claim your interest from the first of the next month.
To ensure you get higher interest rates on your savings, we partnered with Providus Bank. This way, you get higher rates, even more than any other saving app can give you.
When you log in to your account on the website, click on savings. Select the wallet you wish to withdraw from, then click on “Withdrawals”. Input the amount you want to withdraw and complete the process to make a successful withdrawal.
It’s very easy to get started. But first, you need to register an account on the Herconomy website or app (available on the Google Playstore or App Store).
As part of the account setup, you will be asked for your bank account information into which withdrawals will be made. You will also be asked to provide your credit card details (MasterCard, Visa, or Verve) with which you wish to make payments. When this is completed, you can start saving.
When you log in to your account, click on savings and select the wallet you want to interact with. Click on “Accrued Interest” to see your interest.
It depends on your saving goals and the time you have to achieve them. For example, if you intend to save long-term, then choose the vault. If you want to save for security funds, then choose Float.
When you reach your saving goals, you will be notified.
By stating the goal and inputting the amount set for the goal. Your monthly savings will then be calculated from the information given, and you will be notified when your goal has been reached.
To see how much you’ve saved so far, log in to your account and check your wallet.
To claim your interest, log in to your account. Choose a wallet, click on “Accrued Interest”, and then click on “Claim Interest”. Follow the process and your interest will be paid into your Float wallet.
You can pay through bank transfers or pay with your credit card
Yes, you have to. This is to ensure that it’s actually you using the account and making transactions.
Yes, you get an interest when you save. Our current interest rate is 10% per annum, prorated daily.
Yes. But you will be charged a 2% processing fee
The minimum amount you can withdraw from any wallet is ₦2,000.
You can choose to turn on/off Easy-Save as it suits you. Simply login to the web app, click on Vault, and visit your Easy-Save settings
Yes, you can. The more you save, the more interest you receive.
Yes, you can have multiple saving plans active at the same time
Yes, you can have a single or even multiple accountability partners. It depends on what you want.
Yes, you can create multiple savings plans
No! It’s absolutely free. You won’t be charged when you deposit or withdraw from your Herconomy account. However, if you withdraw outside the free withdrawal dates, you’ll be charged a 2% processing fee
Because your security is a top priority for us, we use Paystack, a PCIDSS-compliant payment processor, to handle your card information.
Your card information is kept in a secure location where it will never be compromised