In an era when it is difficult to achieve financial goals due to the high cost of goods and services, you want to ensure you are totally in control of your finances via savings to deal with the unexpected at any given time. 

And if any financial technology enables you to improve your saving habits, then it would be Earnipay. In this article, you’ll learn about the role of Earnipay in helping you save easily, the options available on Earnipay, and the benefits of using Earnipay’s automatic saving features.

The role of Earnipay in helping you save easily

As a finance and people operations company, we are keen on providing financial solutions to improve employees’ financial standing, leading to enhanced engagement and productivity.

With our automatic savings feature, you can set up a fixed amount of money to be withdrawn from your earned salary to your savings account daily, weekly or monthly. In doing so, you build a savings culture, plan for rainy days, and work towards achieving your financial goals. Sounds impressive? You can get started by downloading the app here.

Earnipay’s Automatic Savings Feature- Goal Savings

You can quickly achieve your long-term financial goals with this automatic savings feature. For instance, if you plan to make a down payment for a landed property, using the goal savings enables you to achieve this goal.

This savings option offers up to 15% annual interest on your savings. To calculate the daily interest earned on the amount saved, divide 0.15 by 360 (the number of days in a year) and multiply the result by 100, which yields 0.04166%. This means you’ll receive 0.04166% interest on your savings amount each day

Another savings feature available on Earnipay

Flex savings is another feature available on Earnipay, where you need not schedule deposits into your savings account; you can save at will and protect the extra cash you don’t intend to spend any time soon. The excellent part about this savings option is that it offers you a 10% annual interest on your savings. So instead of buying things impulsively, you could save your money with the flex savings on Earnipay at no cost and enjoy a whopping 10% annual interest to maintain your financial stability and sort out the unexpected.

Benefits of Using Earnipay’s Automatic Savings Feature

Our automatic savings feature allows you to set up a recurring fixed amount from your earned salary to your savings account, and its benefits include the following:

1. Enables you to build a savings culture

Daily savings instil a sense of consistency and discipline in your financial habits. By setting aside a small portion of your income each day, you develop a regular saving routine, reinforcing the importance of financial responsibility.

2. Saves time and effort

Setting up recurrent money transfers from your earned salary automatically can allow you to focus on other pertinent aspects of your life, like investing or budgeting. This hassle-free approach allows you to streamline your financial goals and priorities with ease

3. Guarantees maximum security for user’s data and money

Because we know the importance of security to protect our user’s data and money, we incorporate 256-bit AES bank-level encryption to save users’ data and money.

4. Prevents impulsive spending

You can safeguard yourself from impulsive spending by automatically transferring your money into a savings account at the scheduled time and date. This proactive approach aids in monitoring your savings progress and acts as a barrier against spending impulsively on unnecessary items

Frequently Asked Questions

Can I change or cancel my auto-save contributions?

Yes, you can change the amount or frequency of your auto-save contributions or cancel them anytime.

How does the automatic savings feature work?

Our automatic savings feature allows you to automate the deduction of a  set amount of money from your earned salary to your savings account daily/weekly/monthly. You can set the amount and frequency of your auto-save contributions. Also, you need to have saved for a minimum of 90 days before you can cancel else it attracts a breaking fee.

For Flex savings, you can save for a minimum of 1 month and withdraw after that.

Can I set multiple savings goals?

You can set multiple savings goals and monitor their progress individually. With the ability to track each plan separately, you can stay focused and organised as you work towards achieving your financial objectives.