You can create a USD Locked Vault on Raenest to set aside your dollar savings for a fixed period and earn interest at a fixed rate. Before you begin, make sure you have at least $100 to meet the minimum deposit.
Steps to Create a USD Locked Vault
Open the Raenest app: Log in to your account and navigate to the Vault section.
Select USD Vault: Choose the option to create a USD Locked Vault.
Enter your savings amount: Input the amount you want to save. The minimum deposit is $100. Applicable maximum deposit limits will be displayed in the app.
Choose your lock period: Select your preferred duration from the available options: 1, 3, 6, 9, or 12 months. You may also select a custom maturity date where available.
Set your savings goal: Choose a suggested purpose, such as Vacation, House, Education, Business, Family, or Retirement. You can also enter a custom name for your Vault.
Select your funding wallet: Choose the Raenest wallet you want to use to fund your Vault. Available funding wallets include NGN, USD, GBP, EUR, USDT, and USDC.
Review your savings details: Check the interest rate, estimated interest, maturity date, and expected payout. If your selected funding wallet uses a different currency from USD, currency conversion may be required. Review the applicable exchange rate and fees before proceeding.
Confirm your savings: Review the details and confirm the transaction to fund your Vault.
Your USD Locked Vault becomes active once the funding transaction is successfully completed.
What Happens Next?
Your money will remain locked until the selected maturity date, earning interest at the fixed rate agreed upon when you created the Vault.
When your Vault matures, your original savings and applicable interest will be paid into your Raenest USD wallet. You will receive a notification once the payout has been completed.
Important: If you withdraw your money before maturity, you will forfeit all accrued interest and pay an early withdrawal fee of $1. Review the applicable penalty and the amount you will receive before confirming an early withdrawal.
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.