Zenith bank save4me
How do you get your money to work for you over a specified period? The secret is to save! That is why Zenith bank has made available the Zenith bank save4me feature.
By forwarding a portion of your money to the bank, you get to earn interests either at the daily or monthly rate.
The feature works well for people who desire to save money in order to meet certain targets and at the same time, earn off the saved funds.
The Save4me feature is usually defined by targets. For example, you could target your savings towards buying a car, house or starting a business.
If you have one or more aspects of business that you desire to cover, you can open different accounts, each for whatever aspect you want to save for.
This kind of saving can be likened to the target lock savings that most saving apps run these days.
The Zenith bank save4me feature comprises the following;
- A 6.65% interest rate: What this interest rate means is that when you save five hundred thousand naira (N500,000), at the point of withdrawing the money, you get an additional interest fee (6.65 of N500,000) as an earning. Saving casually in your regular bank account could lead to you spending the money prematurely—i.e., before the matured date. There could also be issues of your bank making haphazard deductions. However, with this specialized feature, your money grows rather than get slashed.
- Your save4me account(s) are not entirely linked to your major Zenith bank account. They exist as virtual and individual creations. So, when you achieve the purpose for which you opened one, you can simply delete it or start another. The only kinds of link that may exist to your account are those for weekly or monthly deductions (for additions to the savings account.)
- You cannot make any withdrawal once you activate the account. This lock lasts for a period of at least 3 months. You can extend the lock period. The purpose of this lock is to allow you some form or control over your funds. It also allows you achieve your plans on time. One thing you need to note here is that you can always estimate how much of interest you’ll make at the end of the stipulated saving period. The longer you save, the more money you make.
- The lowest timeframe for saving is 3 months. That is why you must consider several factors before you save your money. For example, you should only save money you know that you can do away with. You shouldn’t save out of what you know you will need during the timeframe you choose for saving. The maximum timeframe for saving with Zenith bank’s save4me feature is twelve months (a year).
- After saving for a period of three months, you can choose to rollover the funds if you wish to save for a longer period. For example, you can rollover your funds and returns on investment for longer—three months or more.
- The minimum deposit that is allowed for this feature is ten thousand naira (N10,000).
- You can add to the saved money at any frequency or rate of your choice—daily, weekly, biweekly, and monthly. What this means is that you don’t have to end the savings timeframe with the same amount of money that you started with. As you get more money, you can add to the account. Another thing you need to note is that the returns you get increases with the amount of money you save.
Zenith has made the saving feature really easy and you don’t need to have a Zenith account in order to get started. You also do not need a Bank Verification Number (BVN).
All you need to do to get started is dial this code—*966*77#. Whatever phone number you use to dial the code will be the number for your account, i.e., your account number. Other advantages of this method include the following;
- You do not need means of identification, utility bills or references.
- You can make withdrawals from the savings account at any ATM without having an ATM card.
- You can make transfers from the saving account to any bank account in Nigeria
- You can also make airtime purchases, payment of bills, etc.
How to withdraw from zenith save for me
Withdrawing from your Zenith save for me account is very easy. Once the saving timeframe is over—for example, three months, the money gets unlocked and then, you can use it for whatever you want. You can withdraw directly from your virtual Zenith save for me account or transfer the funds directly to your Zenith bank account.