How to Withdraw My Money from Cowrywise Before Maturity Date

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Hello and Welcome Today we’ll talk about How to Withdraw My Money from Cowrywise Before Maturity Date.

Cowrywise is a popular investment platform that allows you to earn attractive returns on your savings. Your investment is locked in for a fixed tenure with Cowrywise. However, in certain situations, you may need to withdraw your money before the maturity date. Here is a detailed guide on how to withdraw funds from Cowrywise before maturity.

Cowrywise is a Nigerian fintech company founded in 2017 that offers a secure savings and investment platform. Key features include:

  • Flexible investment plans – 3, 6, 12 months
  • Returns up to 10% per annum
  • No hidden fees or charges
  • Secured investment schemes
  • Easy withdrawals and deposits
  • Dedicated customer service

Cowrywise makes saving and investing easy, rewarding and transparent for Nigerians.

Benefits of Investing with Cowrywise

Here are some benefits of investing your money with Cowrywise:

  • Higher returns – Up to 10% returns, better than banks
  • Low risks – Funds invested in secure instruments only
  • Affordable – Open to everyone, low minimum amounts
  • Flexible plans – Invest for 3, 6 or 12 months as per need
  • Transparent – No hidden charges, clear terms
  • Easy access – Seamless withdrawals and deposits

How To Withdraw Before Maturity on Cowrywise

Here are the steps to withdraw your funds from Cowrywise before maturity date:

  1. Login to your Cowrywise dashboard using your username and password.
  2. Go to the “My Wallets” section and select your investment plan.
  3. Click on “Withdraw” next to the investment you want to withdraw.
  4. A confirmation prompt will appear. Click “Continue” to proceed.
  5. Cowrywise will process the early withdrawal within 1-3 business days.
  6. The amount minus applicable penalties will reflect in your linked bank account.

The withdrawal process is quick and straightforward. However, your principal amount or returns may be impacted if you withdraw before maturity. Do read the next section to understand this better.

Impact of Early Withdrawal from Cowrywise

Withdrawing your money from Cowrywise before the maturity date may lead to:

  • Loss of locked-in interest rate – You’ll get lower returns
  • Exit fees – Cowrywise may charge 1-2% penalty
  • Lower principal amount – Your invested capital reduces
  • Loss of loyalty benefits or bonuses
  • Difficulty withdrawing large amounts

To avoid penalties, it is advisable to plan your investment tenures accordingly and withdraw only at maturity. However, in case of emergencies, you can make early withdrawals by paying applicable exit fees.

Cowrywise Early Withdrawal Charges and Fees

Here are the charges and fees Cowrywise may levy if you make early withdrawals:

  • 1% fee if >50% of tenure completed
  • 2% fee if 50% of tenure remains
  • Loss of accrued interest for tenure
  • Loss of referral bonus if not met maturity period
  • 7 days interest penalty for withdrawals in last week of plan
  • Limits on withdrawal amount – Max 50% of invested capital

These charges and caps aim to discourage early withdrawals and are subject to Cowrywise terms and conditions.

Steps to Minimize Charges on Early Withdrawal

You can take these steps to reduce charges if you must make early withdrawals from Cowrywise:

  • Withdraw after completing over 50% of your plan tenure
  • Keep withdrawal amounts low to avoid caps
  • Time the withdrawal not too close to your investment date
  • Opt for partial withdrawals instead of full amount
  • Reinvest part of withdrawn amount for lower fees
  • Use early withdrawals only for emergencies or necessities

Planning your withdrawals and keeping charges low will help minimize impact on your investment returns and principal amount.

Alternatives to Early Withdrawal from Cowrywise

Instead of making early withdrawals from your Cowrywise investment, consider these alternatives:

  • Take a loan against your investment from Cowrywise at lower rates
  • Re-invest and top up your existing investment to earn higher returns
  • Start a new flexible investment plan with liquidity features
  • Withdraw from another less locked-in investment source
  • Explore other financing options like loans from banks, family etc.
  • If possible, delay your withdrawal to the maturity date

By evaluating other options, you can avoid withdrawal charges and penalties on your Cowrywise investment.

How To Withdraw at Maturity from Cowrywise

Follow these simple steps to seamlessly withdraw your money at maturity from Cowrywise:

  1. Login to your Cowrywise dashboard as the plan nears maturity.
  2. Go to “My Wallets” and click on the expiring plan.
  3. Click on “Withdraw” when the plan reaches its maturity date.
  4. Confirm the withdrawal via OTP sent to your phone and email.
  5. Your investment amount and earned interest will reflect in your linked bank account within 1-3 days.

Withdrawing at maturity ensures you get the full benefits and returns from your investment without any deductions.

FAQs How to Withdraw My Money from Cowrywise Before Maturity Date

How to Withdraw My Money from Cowrywise Before Maturity Date

Here are some common questions about withdrawing from Cowrywise:

1. Is there any limit on withdrawal amount from Cowrywise?

Yes, Cowrywise may cap withdrawals to 50% of invested capital if done before maturity.

2. Does Cowrywise charge fees for early withdrawal?

Yes, there are penalties of 1-2% if you withdraw before completing 50% of the investment tenure.

3. How many days does Cowrywise take to process withdrawals?

Cowrywise processes all withdrawals within 1-3 business days after request.

4. Can I withdraw multiple times from one investment plan?

Yes, but frequent withdrawals will incur applicable exit fees and charges.

5. Is there any lock-in period for Cowrywise investments?

Yes, investments are locked in for the full tenure chosen (3, 6 or 12 months).

6. What are the charges for withdrawing at maturity?

There are no charges or fees for withdrawals at maturity. You get full principal and earned interest.

7. Can I get a loan instead of withdrawing from Cowrywise?

Yes, Cowrywise offers investment-backed loans at competitive rates.

8. How can I minimize penalties for early withdrawals?

Withdraw after completing over 50% tenure, keep withdrawal amounts low, and time it right.

9. What are the alternatives to early withdrawal from Cowrywise?


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