How Does the Northquest Wallet Work, and What Are the Savings Plan Options?
The Northquest wallet is a versatile tool for managing your funds, offering flexibility in how you save, invest, and withdraw money. Below, we provide an overview of its functionality, savings plan options, and key processes.
Overview of the Northquest Wallet
You can fund your Northquest wallet and keep money there without creating a savings plan or earning interest. Funds in the wallet are accessible at any time, and you can withdraw the full balance unless the funds are locked in a fixed savings plan. Withdrawals from wallet funds or flexible savings plans, such as Qflex, do not incur penalties or restrictions. However, funds in the wallet do not automatically earn interest. To grow your money, you must select a savings or investment plan.
Savings Plan Options
Northquest offers several savings and investment plans to suit different needs:
Qlock: A fixed savings plan where funds are locked until maturity. This plan cannot be topped up or withdrawn from before maturity.
Qflex: A flexible savings plan that allows top-ups and withdrawals without penalties.
AutoSave: An automated savings plan that debits your wallet or card on a schedule.
Savings Challenge: A goal-based savings plan designed to help you achieve specific financial targets.
Halal Save: A non-interest savings option for users who prefer not to earn interest.
Each plan has unique terms, interest rates, and features, so you can choose the one that best fits your financial goals.
Accessing and Withdrawing Funds
When a savings plan matures, the funds are automatically transferred to your wallet under a "matured" status. You can then withdraw these funds from your wallet. This applies to plans like Qlock and others. To view your balances:
Open the wallet section to see your available balance.
For funds in a savings plan, navigate to the specific plan section.
Swipe to the investment card to view your total investment amount.
FAQs
Can I withdraw funds from my wallet to a bank account without saving them?
Yes, you can withdraw funds from your wallet to a payout bank without placing them in a savings plan. However, funds must be in a savings plan to earn interest.
Can I save without earning interest?
Yes, you can use the Halal Save option, which does not accrue interest.
What happens if I fund a savings plan?
For plans like AutoSave, scheduled savings debit your wallet or card automatically. For Qlock, funds are locked until maturity and cannot be withdrawn early.
Related Topics
How to set up a savings plan
Understanding interest rates and returns
Managing your Northquest wallet effectively