Guess what!! You can now save and earn interest in dollars ?. But first, here’s why this feature might be the best thing for you.
Why USD Savings?
In the past month, we spoke to several customers about crypto and the products they would like us to add. Here’s what one customer, Samuel had to say:
“I started using Quidax this year because I wanted to earn money with crypto. But, I’m trying to be careful when buying crypto because of the market. Now, I deposit money into my Quidax Naira wallet and wait for the right time to buy crypto ?. Although, I want to be able to do more with my money beyond just waiting for the price to go up.”
So, we got thinking – what if we could give you more? ?
Instead of just buying and crypto waiting for the right time to sell, why not let your money work for you? After testing out different ideas, we chose to go with USD Savings.
Now, you can save in US Dollars (USD) from local currencies like Naira or using crypto (Bitcoin, Ethereum and other cryptos). Depending on the plan you choose, you could earn as high as 10% interest. And the best part is that you get paid daily!
Some Things You’ll Love About USD Savings
- USD Savings allows you to save as low as $5 or 5000 Naira and earn up to 10% annual interest in dollars.
- You receive your interest payments daily.
- There’s no maximum amount you can save.
- If you already own crypto, you can swap your crypto for US Dollars too!
Two Savings Options: Choose One or Both
You can choose between two different USD savings options:
- Flexible savings: Save in USD and earn interest daily with the option to withdraw your savings whenever you want. The annual interest rate on flexible savings is 7%.
- Fixed savings: Safely lock your funds for a period and earn higher interest on it. You won’t be able to withdraw these funds until the lock period ends. Fixed savings carry an annual interest rate of 10%. Here’s a complete breakdown:
- 1.64% interest when you lock for 60 days
- 2.47% interest when you lock for 90 days
- 4.93% interest when you lock for 180 days
- 7.40% interest when you lock for 279 days
- 10% interest when you lock for 364 days
Win $20 in Our Early Savers Special!
The first 100 people to save $50 or more in their Fixed savings for at least one month will get $20. Yeah, you read that right – all you have to do is be among the first 100 people to save $50 in Fixed savings, and you’ll get $20 for free – plus your interest!
How To Use USD Savings On Quidax
To get started with USD Savings, all you have to do is:
- Fund Your Quidax wallet with either Naira or Crypto.
- Go to your USD Wallet and swap your naira or crypto for USD
- Tap “Save” —> then “USD Savings —-> then tap “Start saving”
- Choose between fixed and flexible plans. If you choose fixed savings, you’d have to select how long you’d like to save.
- Enter how much USD you’d like to save, then tap “Continue”
How to Fund Your USD Wallet for Savings
To fund your USD wallet:
- Log into your Quidax mobile app
- Tap “Wallets,” then tap “USD”
- Tap “Deposit,” then tap “ Swap”
- Here, you’ll be able to swap between your NGN balance and USD at the current exchange rate.
- Enter how much USD you’d like to get, then tap “Continue”
You can also check out this sweet video showing how to save and earn interest in dollars.
Other Deposit Options
For Nigerians, you can deposit and withdraw in different ways using Quidax. Fund your wallet and make withdrawals with these methods:
- Qdirect: Our quick, easy-to-use payment system allows you to deposit and withdraw straight to your bank account.
- Vouchers: Deposit and withdraw with your card in less than 5 minutes.
- Pocket App: Formerly known as Abeg, Pocket App allows you to deposit as low as ₦500
How does USD Savings on Quidax work?
USD Savings allows you to save in USD from your local currencies like Naira or Crypto.
How much interest can I earn annually from Quidax dollar savings?
You can choose between two USD Savings products – fixed and flexible savings.
With flexible savings, you get to enjoy 7% annual interest rates. However, with fixed savings, interest rates are grouped into:
- 1.64% for 60 days
- 2.47% for 90 days
- 4.93% for 180 days
- 7.40% for 279 days
- 10% for 364 days
Can I withdraw from Quidax savings whenever I like?
If you choose flexible savings, you’ll be able to take the money out whenever you like.