Learn how to withdraw from Cowrywise with our simple guide. Fast, secure, and hassle-free steps explained in detail.
Withdrawing matured funds from your Cowrywise account can feel a bit intimidating the first time. But once you understand the process, it’s as easy as ordering your favorite meal online. Whether you’re saving for rent, tuition, or a new gadget, knowing how to access your funds without hassle is crucial. In this guide, we’ll walk you through every step to help you withdraw matured funds on Cowrywise with confidence.
Table of Contents
What Is Cowrywise?
Before we dive into withdrawals, let’s quickly cover the basics. Cowrywise is a digital savings and investment platform that helps you grow your money through automated savings plans and investment opportunities.
Think of it as your smart money buddy it takes small amounts from your account and grows them over time, kind of like planting a tree and watching it bloom.
Understanding Matured Funds
What Are Matured Funds?
Matured funds refer to money that has completed its lock-in or savings cycle. For instance, if you set up a savings plan that lasts 3 months, your funds are considered “matured” after those 3 months.
Why Do Funds Have a Maturity Date?
Cowrywise locks your funds for the duration of your plan to discourage impulse withdrawals and ensure steady growth. Once the period ends, you’re free to withdraw your funds.
Key Things to Know Before Withdrawing
- You can only withdraw matured funds. Ongoing plans can’t be touched.
- Your bank account must be verified on Cowrywise.
- Withdrawals are processed instantly during business hours.
- Some funds may require transfer to your Stash first before final withdrawal.
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How To Set Up Your Bank Account On Cowrywise
Before you can withdraw, your bank details must be verified.
Steps To Verify Your Bank Account
- Open your Cowrywise app.
- Go to your profile settings.
- Tap on “Bank Account.”
- Enter your correct bank details.
- Verify using OTP or BVN if prompted.
That’s it! Once verified, you’re all set for withdrawals.
How to Withdraw From Cowrywise
Let’s break this down so it’s crystal clear.
Step 1: Log Into Your Cowrywise App
Open the app and sign in with your registered email and password.
Step 2: Navigate To Your Savings Plan
- Click on the “Plans” tab.
- Select the specific plan with matured funds.
Step 3: Check For Maturity
Only matured plans are eligible for withdrawal. If your plan still has days left, you won’t see the option to withdraw.
Step 4: Tap “Withdraw”
If the funds have matured, you’ll see a “Withdraw” button. Tap it to proceed.
Step 5: Choose Withdrawal Method
You usually have two options:
- Withdraw directly to your bank account.
- Withdraw to your Stash (Cowrywise wallet).
Step 6: Confirm The Transaction
- Enter the amount.
- Confirm with your Cowrywise PIN or biometric.
Step 7: Wait For Processing
Most withdrawals are instant, but if there’s a delay, it’s usually resolved within a few hours on business days.
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Withdrawing from Mutual Funds
Mutual funds on Cowrywise must be sold before you can withdraw the funds. Here’s how to do it:
- Login to your account.
- Click “Invest” on the home page.
- Choose the mutual fund category: Select either Naira or Dollar Funds.
- Select the mutual fund you want to sell.
- Tap the three-dotted icon at the top right of the page.
- Tap “Sell Units”: Specify the number of units you want to sell.
- Confirm the sale: The cash value of the sold units will be credited to your Stash.
- Processing time: It takes approximately 6 working hours for the sale to be processed, excluding weekends and public holidays.
- Withdraw from Stash: Once the funds are in your Stash, follow the steps outlined earlier to withdraw to your bank account.
What Is The Cowrywise Stash?
The Stash is your digital wallet within the app. It acts like a middleman between your savings and your bank account.
Why Use The Stash?
- To receive bonuses or cashback.
- To split funds before final withdrawal.
- To make recurring payments or top-ups.
How To Transfer From Stash To Bank Account
- Go to the “Stash” section in the app.
- Tap “Withdraw to Bank.”
- Enter the amount and confirm.
- Funds usually reflect within minutes.
Withdrawal Limits And Policies
Cowrywise maintains user security and financial integrity through certain policies.
Daily Withdrawal Limit
Depending on your account tier, you may have a daily withdrawal limit. Always ensure your bank can accept the amount.
Processing Time
Most withdrawals are processed instantly but can take up to 24 hours during system maintenance or network issues.
Can You Withdraw Before Maturity?
Technically, no, unless it’s an Emergency Plan. This is part of Cowrywise’s commitment to disciplined saving.
What If Your Withdrawal Fails?
Steps To Resolve A Failed Withdrawal
- Double-check your bank account details.
- Ensure the funds have matured.
- Contact Cowrywise support through:
- In-app chat
- Email: support@cowrywise.com
Tips For Smooth Withdrawals
- Set a reminder for your maturity date.
- Always keep your bank details updated.
- Use the Stash for faster access to bonuses and partial funds.
Benefits Of Withdrawing Matured Funds
- Zero penalties or fees.
- Access to interest earned on savings or investments.
- Instant liquidity when you need it.
Cowrywise vs Traditional Banks: The Withdrawal Edge
| Feature | Cowrywise | Traditional Bank |
|---|---|---|
| Maturity Enforcement | Yes | Rarely |
| Instant Withdrawal | Yes (Stash to Bank) | Sometimes |
| Fixed Savings Returns | Competitive | Low |
| In-app Support | Instant Chat | Phone/Branch Visits |
Security Measures For Safe Withdrawals
- Two-factor authentication (2FA)
- Biometric or PIN confirmation
- End-to-end encryption of transactions
When Should You Reinvest Instead Of Withdrawing?
Consider reinvesting when:
- You don’t have urgent needs.
- You want to compound your interest.
- You’re aiming for long-term financial goals.
Reinvesting can multiply your earnings over time like planting a tree instead of just picking the fruit.
Frequently Asked Questions (FAQs)
1. Can I withdraw funds before the maturity date?
No, only matured funds can be withdrawn unless it’s from an Emergency Plan.
2. How long does it take to get the money in my bank?
Most withdrawals are processed instantly during business hours.
3. Do I pay any charges when withdrawing matured funds?
No, Cowrywise does not charge withdrawal fees for matured funds.
4. What happens if my bank account is not verified?
You won’t be able to withdraw until you complete bank verification.
5. Can I withdraw from multiple matured plans at once?
Yes, but you must do it one plan at a time through the app interface.