About the Savings Plans
What is the difference between Flexible and Fixed Savings plans?
Busha offers two ways to save based on your needs:
Flexible Plan: Allows you to withdraw your money at any time. It’s perfect for funds you might need on short notice while still earning a competitive interest rate.
Fixed (Locked) Plan: Your funds are set aside for a specific duration (3, 6, 9, or 12 months). In exchange for "locking" the funds until the set date, you earn a higher interest rate than the flexible plan.
Can I personalise my savings goals?
Yes! You can name or "tag" each of your plans to stay organised. Whether it’s for House Funds, School Fees, Wedding, or Car Funds, naming your plans helps you track exactly how close you are to your specific goals.
Is this a crypto-backed product or for fiat?
Busha Savings is now focused on Fiat, allowing you to save in currencies like Dollars or Naira. This protects your savings from the typical volatility of the broader crypto market while helping you grow your wealth steadily.
Can I add more money to an existing plan?
Absolutely! You have the option to add money to your ongoing plans (both Flexible and Fixed) at any time. Adding more principal increases your total balance, allowing you to enjoy even more interest.
Interest and Returns
How is interest calculated?
Interest is calculated as an Annual Percentage Yield (APY). It is accrued daily based on the principal amount in your savings wallet.
How do I get the maximum yield on my savings?
To maximise your earnings, the Fixed Plan is recommended as it offers higher interest rates. The longer the duration (e.g., 12 months), the higher the yield. For all plans, the maximum yield is achieved by leaving your capital in the plan for the full year.
Where is my interest paid?
Accrued interest is typically paid into your Spot Wallet. From there, you have the discretion to transfer it back into your Savings Wallet to compound your earnings or withdraw it.
Deposits and Withdrawals
What are the withdrawal options for the Savings Wallet?
There is just one withdrawal option available. The users clicks on the withdraw button and can withdraw from their flexible savings plan anytime or fixed at mature date only.
What are the different types of Savings plans available?
Busha offers two simple ways to save based on your financial goals:
Flexible Plan: Designed for accessibility. You can withdraw your money at any time whenever you need it.
Fixed (Locked) Plan: Designed for discipline. You lock your funds for a chosen period—3, 6, 9, or 12 months—to earn a higher interest rate.
Are there any penalties for withdrawing from a Fixed Plan?
The Fixed/Locked plan is designed to be withdrawn only at the set maturity date (after 3, 6, 9, or 12 months). This structure helps you maintain financial discipline to reach your goal.
Is there a minimum amount required to start saving?
You can start small and grow your wealth over time. The minimum requirements are:
Naira (NGN): 1,000 NGN
Dollars (USD):
Flexible Plan: 100 USD
Fixed (Locked) Plan: 50 USD
Security and Risk
Is my money safe with Busha Savings?
Busha takes extensive steps to vet its third-party Deposit Partners. However, it is important to note that this is an interest-bearing investment product and is not a traditional bank account covered by government deposit insurance.
How does Busha protect my account?
Busha maintains high standards for Identity Verification (KYC) and Anti-Money Laundering (AML) processes to prevent fraud. You are also encouraged to use security features like Two-Factor Authentication (2FA) to protect your account.