We have been getting a lot of questions around our 2% interest rate for savings. Here is how you can earn this with Strowz.
New users with no existing savings or investments with Strowz:
If you are a new user, simply click on + icon in the bottom footer of the App and select a Savings Bucket from the concierge. If your saving category is not listed in the eight categories, select ‘Life Events’ and create your Savings Bucket – ‘Rainy Day Fund’ or ‘Children’s College’. If you are saving for a new house, select ‘Home’. Enter the title along with the total amount and select a target date. If you need to save for longer than 6 months, select a specific date.
If you have a large deposit and wish to transfer funds directly, please send an email to firstname.lastname@example.org for instructions.
You will be able to amend this Savings Bucket in the future, should you need to add funds, withdraw funds or amend the date.
Users with existing investment accounts with Strowz:
If you already have an investment account with Strowz, you will be able to transfer funds to Savings Buckets by early next week via the App. We will be sending you instructions as soon as this feature is available on the App.
Please note that only premium accounts can receive interest on savings. Premium accounts are only £1 a month.
Here is an example of interest earned for a Savings Bucket:
A user has Savings Bucket of £20,000 for 1 year, they will be receiving gross amount of £20,403.69 with interest added to the account on the last date of each month.
What happens if I withdraw savings bucket before the end of the month?
You will only be paid interest for the previous month.
£85K of Savings Buckets are protected with FSCS protection.
Is there a limit to Savings Buckets or amounts?
No there is no limit to the Savings Buckets or amounts.
Strowz Team 🌸