How Can I Fund and Manage My Savings Plans with Northquest Finance?
Northquest Finance offers two primary savings plans: the Autosave plan and the Qlock plan. Each plan has distinct features and funding methods. Below is a comprehensive guide to help you understand how to fund and manage these savings plans.
Overview of Savings Plans
Autosave Plan: This is a flexible savings plan that allows automatic top-ups based on your selected schedule (daily, weekly, or monthly). You can fund this plan using either a debit/credit card or your Northquest wallet.
Qlock Plan: This is a fixed-term savings plan. Once funds are deposited, they cannot be topped up or withdrawn until the plan reaches maturity.
Funding Methods
Using a Debit/Credit Card
During the setup of an Autosave plan, you can link a debit or credit card. The set amount will be automatically debited from your card on the schedule you selected. Debits are processed overnight.
Using Your Northquest Wallet
Complete the Know Your Customer (KYC) process in the Northquest app by adding your BVN and payout bank details.
Once KYC is completed, a virtual account number will appear on your dashboard. Use this account number to transfer funds into your Northquest wallet.
During the setup of an Autosave plan, select "Wallet" as your funding method. The set amount will then be automatically debited from your wallet on the selected schedule.
Managing Your Savings Plans
Autosave Plan
Top-ups: If you linked a debit/credit card, the card will be auto-debited. If you funded the plan via your Northquest wallet, the wallet will be auto-debited instead. Debits are processed overnight.
Qlock Plan
Restrictions: Qlock plans are fixed-term and cannot be topped up or withdrawn until they reach maturity. This makes them ideal for long-term savings goals.
General FAQs
Can I change my funding method after setting up a plan? Yes, the funding method can be changed.
What happens if my wallet or card has insufficient funds? The debit will fail, and you may need to manually fund your wallet or ensure your card has sufficient balance.
By understanding the features and funding methods of each plan, you can make the most of your savings with Northquest Finance.