Savings on the Embed API are a form of investment created for a specific period of time such as 90 days, 100 days or 365 days. They can be interest enabled or interest free and are locked by default. The minimum duration they can be locked for is 90 days. Savings are absolutely free; no fees and no penalties.

An investment account can have as many savings as they want either of the same duration or different duration.

Interest on Savings
Interest on savings on the Embed API are dynamic, that is the rates change periodically. At the point of creating a savings, the prevailing interest rate will be shown and applied. This is what that plan earns until its maturity regardless of any external changes that occur.

Interest is issued on a per annum basis and varies depending on the duration of the savings. For example, a 90-day savings might have an interest rate of 5.5% per annum while a 365-day savings might have 10% per annum. For the 90-day savings, note that the total earnings will be prorated based on the 90-day duration.

This constant reviewing of interest rates to reflect the reality of the current market performance is one way we work towards ensuring security of funds while still providing returns.

Earning interest on each deposit made will begin 24 hours after a deposit is made and is computed daily

Adding Money & Withdrawing from a Savings
Savings can be funded at any time via a user’s wallet. Withdrawals from savings will automatically be initiated and credited to the user’s wallet at maturity. They may then choose to withdraw or re-save it.

How to Integrate the Savings product via Embed
To create savings for an investment account, you will need to issue a POST request to the /savings endpoint. Here’s a sample request body

  savings_id: 'b739f8315e634efa83cb37891f0652b8',
  account_id: '2ce91bff1ba14804a78a82a3f4ed086c',
  product_code: 'PRCDE812008842',
  currency: 'NGN',
  principal: '2000.0000',
  returns: '2.7400',
  balance: '2002.7400',
  interest_enabled: true,
  interest_rate: 0.05,
  maturity_date: '2021-08-15',
  created_on: '2021-05-17T20:03:33.045000+00:00'
Sample Savings Object