How to Withdraw my Money From Cowrywise Before Maturity Date

Saving money is an important part of financial planning, but it can be difficult to maintain discipline and stay on track. That's where Cowrywise comes in. 

Cowrywise is an automated savings and investment platform that helps you save and invest your money towards your financial goals. If you have a savings plan on Cowrywise, you may be wondering how to withdraw your money before the maturity date. 

While Cowrywise encourages long-term savings, they understand that there may be times when you need to access your funds early. There are a few reasons why you might want to withdraw your money from Cowrywise before maturity date. 

For example, you may have an unexpected expense, such as a medical bill or money to feed. Or, you may need to access your funds to buy something or start a business. 

In this blog post, I will walk you through the steps on how to withdraw your money from Cowrywise before the maturity date, as well as the things you need to keep in mind.

Cowrywise Savings Plan & Types

Cowrywise is a Nigerian fintech platform that allows users to save and invest their money online. Cowrywise offers a variety of savings plan types, including:

• Regular Savings: This is a flexible savings plan that allows you to save any amount of money, at any time. You can set up a recurring savings plan to automatically save a certain amount of money each day, week, or month.
• Life Goals: This is a savings plan that helps you to save for specific financial goals, such as education, vacation, family, business, home, and retirement. You can set a target amount and savings period for each goal.
• Halal Savings: This is a savings plan for Muslims who do not want to earn interest on their savings. Halal Savings plans invest in Sharia-compliant assets, such as Sukuk bonds and Islamic money market funds.
• Savings Circle: This is a group savings feature that allows you to save/invest with family and friends together towards projects and goals. There are 2 types; collections and challenges.

How to Withdraw my Money From Cowrywise Before Maturity Date

If you want to know How to Withdraw my Money From Cowrywise Before Maturity Date, the truth is tht when you lock funds on Cowrywise, it is locked. This means that you cannot withdraw your funds until the lock-in period has expired.

There are a few reasons why Cowrywise offers locked funds products. First, it encourages long-term savings. When you lock your funds away for a period of time, you are less likely to withdraw them prematurely. This can help you to reach your financial goals faster.

Second, locked funds products can offer higher returns than non-locked funds products. This is because Cowrywise is able to invest your funds for a longer period of time, which gives them more time to grow.

Third, locked funds products can help to reduce your risk tolerance. When you lock your funds away for a period of time, you are less likely to be affected by market volatility. This can help to protect your savings and investments.

FAQS

Is it possible to withdraw money from Cowrywise before maturity date?

No, The maturity date set for a Cowrywise locked savings plan is the date on which your funds will be released and you can withdraw them. This date is set by you when you create the plan, and it cannot be changed before the maturity date.

Cowrywise does not keep locked funds as cash. Instead, they are invested in time-based instruments, such as bonds and treasury bills. These instruments mature on a specific date, which is why your locked funds cannot be withdrawn before the maturity date.

How do I unlock my money from Cowrywise?

Cowrywise locked savings plans are designed to help you save for long-term goals, such as retirement, education, or a down payment on a house. When you create a locked savings plan, you specify a maturity date, which is the date on which your funds will be released and you can withdraw them.

Locked savings plans are automatically unlocked on the withdrawal date that you specify. This means that you cannot withdraw your funds before the maturity date, even if you need them.

How do I withdraw money from Cowrywise on due date?

To withdraw money from Cowrywise on due date, follow these steps:

• Log in to your Cowrywise account.
• Click on the "Save" tab.
• Select the savings plan that you want to withdraw from.
• Click on the "Withdraw" button.
• Enter the amount that you want to withdraw.
• Click on the "Withdraw" button.

Can I change my maturity date on Cowrywise?

No, the maturity date of a Cowrywise locked savings plan can only be extended. This means that you cannot shorten the maturity date of your plan once it has been set.

Can I withdraw before maturity date?

The maturity date set for a Cowrywise locked savings plan is the date on which your funds will be released and you can withdraw them. This date is set by you when you create the plan, and it cannot be changed before the maturity date.

Cowrywise does not keep locked funds as cash. Instead, they are invested in time-based instruments, such as bonds and treasury bills. These instruments mature on a specific date, which is why your locked funds cannot be withdrawn before the maturity date.

Can maturity date be changed?

No, you cannot change your maturity date on Cowrywise. Once you have chosen a maturity date, it is set in stone.

Which is better between Cowrywise and PiggyVest?

Both Cowrywise and PiggyVest offer competitive interest rates on savings, with a minimum annualized interest rate of 10%. However, there are a few key differences between the two platforms that may make one a better fit for you than the other.

One of the biggest differences is that PiggyVest offers a SafeLock plan with a higher interest rate of 13%. This is a good option for users who are willing to lock their savings for a longer period of time in exchange for a higher return. Cowrywise does not have a similar plan, but it does offer 10% interest to all users, regardless of how long they lock their savings for.

Another difference is that PiggyVest offers more investment options than Cowrywise. In addition to savings, PiggyVest also allows users to invest in real estate, agriculture, and transportation. Cowrywise, on the other hand, is primarily focused on savings and mutual funds.

Conclusion

Withdrawing your money from Cowrywise before the maturity date is a straightforward process. However, there are a few things you need to keep in mind before doing so, such as the potential loss of earnings and the withdrawal fee.

If you are considering withdrawing your money from Cowrywise before the maturity date, I encourage you to weigh the pros and cons carefully to make sure that it is the right decision for you.