How to Break Target Savings on Palmpay

Breaking your savings in PalmPay Target is always easy, but it comes with a 1% fee on the entire amount you saved in the Target. In this article, I walk you through a practical guide on how to save in the Target Savings and how to break the savings without any hassle. Let's get started.

Target Savings is one of the weath features inside the Palmpay app. It allows users to set goals towards achievements; you can set goals towards accommodation, education, business, Japa, vehicle, emergencies, or custom target.

You can save frequently (daily, weekly, or monthly) to meet the target. The money saved on any of these Target Savings earns 12% P.A interest. You will get to set your start and end date and choose the frequency for the savings. The money will be deducted from your Palmpay balance and enter into the Target Savings based on the frequency you choose.

How to save inside Target on Palmpay

Follow these steps to successfully set a goal using the Target Savings on Palmpay.

1. Register An Account

If you don't have a Palmpay account, then the first thing you should do is register an account. You will need to download the mobile app on Google Play Store or Apple App Store depending on your phone. Once the app installed on your device, register a new account using your phone number. You will also be required to submit your BVN or NIN to create the account. Once the account is created, you can upgrade the limit by submitting the remaining documents such as NIN and proof of address.

2. Fund Your Wallet

Funds must be in your Palmpay wallet/account before you can save in the Target Savings. So, copy your Palmpay account number or use any of the “Ads Money” options to deposit money into the account.

It's important to let you note that the minimum amount your can save into the Target Savings is N1,000 and the maximum amount is N5,000,000. So, you have to deposit the amount that will cover your savings frequency at a time.

3. Set Your Target

Once the money reflects in your Palmpay wallet, you can now set your target and choose your savings frequency. Here's how:

• Tap “Weath” at the bottom tabs in the Palmpay Homepage. 
  
• Select “Target Savings” and proceed.
• On the next page, choose your target. You'll see “Accommodation,” “Education,” “Business,” and “Custom Target.”
• Select the “Custom Target” if those first three targets are not the target you plan to create. The Custom Target settings will give you a chance to create your own personal target.
• Next, set your “Target Amount,” choose your preferred “Savings Frequency,” and set your “Start and Finish Date.” 
  
• Tap “Create Target” and authorize your actions with your Palmpay transaction PIN. After that, you will see your savings as displayed in the image below. 
  

That's just the simple procedures of setting goals towards a target using the Target Savings feature on Palmpay.

How to break Target Savings on Palmpay

This is where the real question is being asked and I will explain this part as much as possible so that you will understand better. Under your savings, you will see three tabs titled “Lock,” “Cancel,” and “Settings.”

Lock

Let's start with the “Lock” and explain why it's important when breaking your Target Savings. After you've activated your Target Savings, if you lock it, you will not be able to break it until the maturity date.

So, there's no bypass in this at all. You will have to be patient till the maturity date to access your funds. If you're doubting you will need an emergency fund mid-way of the savings, it's better not to lock the savings.

Cancel

If you don't lock your savings, you can use the “Cancel” tab to break it.

Just tap on “Cancel” and select “Cancel Target” to break the savings. After breaking the savings, your dashboard will be like this:

It's important to note that breaking your Target Savings will eliminate the interest and 1% of the entire savings will also be charged. With that being said, your savings will be deposited into your CashBox or Palmpay wallet.

Settings

You can use the “Settings” tab to edit an active savings including changing the savings category, name, and targeted amount.

Conclusion

You can only break your Target Savings in Palmpay if you've not locked it. If you've locked it, you will need to wait for the savings to mature before you can withdraw it. However, while the savings is still active, it will keep deducting your Palmpay balance to fulfill your savings commitment towards achieving the savings goal.

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