Raenest Locked Vault is a savings feature that lets you lock your money for a set period and earn interest at a fixed rate. You can save in Nigerian naira (NGN) or US dollars (USD), choose your preferred lock period, and earn interest until your savings mature.
Whether you are saving for school fees, a vacation, a business expense, or another financial goal, Locked Vault helps you set money aside for a defined period.
How Does Raenest Locked Vault Work?
Raenest Locked Vault lets you set aside a specific amount of money for a chosen period and earn interest at a fixed annual rate.
Here is how it works:
Choose your savings currency: You can save in NGN or USD, depending on your preference and available balance.
Decide how much to save: The minimum deposit is ₦50,000 for NGN Vaults and $100 for USD Vaults. Applicable maximum limits are displayed in the app.
Select your lock period: Choose from available periods of 1, 3, 6, 9, or 12 months, or select a custom maturity date where available.
Earn interest at a fixed rate: Your interest rate remains unchanged throughout your selected lock period. Interest is calculated using your original savings amount, the annual interest rate, and the duration of your Vault. Interest is not compounded.
Receive your payout at maturity: When your Vault matures, your original savings and applicable interest are paid into your designated Raenest wallet. NGN Vault payouts go to your NGN wallet, while USD Vault payouts go to your USD wallet.
Keep in mind: Your money is locked for the selected period. If you need to withdraw it before maturity, you can request an early withdrawal, but you will forfeit all accrued interest and pay the applicable early withdrawal fee.
Frequently Asked Questions
Which currencies can I save with?
You can create a Locked Vault in Nigerian naira (NGN) or US dollars (USD).
2. Can I have more than one Locked Vault?
Yes. You can have multiple Locked Vaults, each with its own savings amount, interest rate, lock period, and maturity date.
For example, you can create one Vault for your vacation and another for your school fees, with different savings targets and maturity dates.
3. Can I add more money to an existing Locked Vault?
No. Once a Locked Vault has been funded, you cannot add more money to that existing savings plan. To save additional money, you will need to create a separate Vault.
4. Can I give my Locked Vault a name?
Yes. You can choose from suggested names such as Vacation, House, Education, Business, Family, or Retirement. You can also enter a custom name that reflects your savings goal.
5. What lock periods are available?
Available lock periods include 1, 3, 6, 9, and 12 months. A custom maturity date may also be available. The options available to you will be displayed in the Raenest app when you create your Vault.
6. What is the minimum amount I can save?
The minimum deposit depends on the currency of your Vault:
• NGN Locked Vault: ₦50,000
• USD Locked Vault: $100
Applicable maximum deposit limits may also apply. You can view the limits available to you in the app.
7. Which Raenest wallet can I use to fund my Locked Vault?
You can fund your Locked Vault from any Raenest wallet available to you, including NGN, USD, GBP, EUR, USDT, and USDC.
If your funding wallet uses a different currency from your Vault, currency conversion may be required. The applicable exchange rate and fees will be displayed before you confirm the transaction.
8. Is the interest rate fixed?
Yes. The interest rate displayed and agreed upon when you create your Locked Vault remains fixed for the duration of that savings plan.
Raenest may change the rates offered for new Vaults, but such changes will not affect existing Vaults created at previously agreed rates.
9. How is interest calculated?
Interest is calculated using three factors:
The original amount you save.
The fixed annual interest rate for your Vault.
The duration of your lock period.
Interest is not compounded, which means that the interest you earn does not generate additional interest. You can review your estimated interest and expected payout in the app before confirming your savings plan. Your final payout may differ from the gross estimate if applicable taxes or early withdrawal penalties apply.
10. Is withholding tax deducted from my interest?
Applicable withholding tax may be deducted from your interest in accordance with relevant tax laws and regulations. Where tax applies, the amount credited to you will reflect the applicable deduction.
For NGN Vault, the CBN mandates that we remit 10% of the interest earned as withholding tax.
11. What happens when my Locked Vault matures?
When your Vault reaches its maturity date, your original savings and applicable interest are paid into your designated Raenest wallet.
NGN Locked Vault: Your payout goes to your NGN wallet.
USD Locked Vault: Your payout goes to your USD wallet.
You will receive a notification once the payout has been completed.
12. Will my Locked Vault renew automatically?
No. Your Locked Vault will not automatically renew when it matures. Raenest does not currently offer an auto-renewal feature for Locked Vaults.
13. Can I withdraw my money before the maturity date?
Yes. You can request an early withdrawal if you need access to your money before the selected maturity date. However, an early withdrawal penalty applies.
Before confirming your withdrawal, review the applicable penalty and the amount you will receive.
14. What happens to my interest if I withdraw early?
If you withdraw your money before maturity, you will forfeit all interest accrued on your Locked Vault. An early withdrawal fee will also apply. The applicable fee and its effect on your payout will be displayed before you confirm the withdrawal.
15. How much does early withdrawal cost?
The early withdrawal fees are:
NGN Locked Vault: ₦1,000
USD Locked Vault: $1
If you withdraw early, the amount you receive will be your original savings amount minus the applicable early withdrawal fee. You will also forfeit all accrued interest.
16. Can I change my lock period after funding my Vault?
No. Once your Locked Vault is funded, you cannot change its selected lock period. If you want to save for a different duration, you can create another Vault with your preferred lock period.
Need help?
If you have questions about your Locked Vault, its interest rate, maturity date, or payout, contact Raenest Support through the app for assistance.