Frequently Asked Questions

Frequently Asked Questions

Frequently Asked Questions

Got questions? We’ve answered the most common ones below to

help you understand how The Savings Club works.

Got questions? We’ve answered the most common ones below to

help you understand how The Savings Club works.

1. What fees will I be charged?

If you save occasionally or make once-off deposits, a 2% participation fee applies to each deposit. If you save regularly (monthly or bi-monthly), a lower 1.5% annual wallet maintenance fee applies instead.

2. What counts as recurring savings?

Recurring savings mean consistent monthly or bi-monthly deposits — either automated through payroll or made manually each month. If you save fewer than three times a year or leave more than 90 days between deposits, it’s considered once-off or ad-hoc saving.

3. Can I change from once-off to recurring saving?

Yes. As soon as you start saving regularly, your account will automatically switch to the 1.5% annual maintenance fee, and the 2% participation fee will no longer apply.

1. What fees will I be charged?

If you save occasionally or make once-off deposits, a 2% participation fee applies to each deposit. If you save regularly (monthly or bi-monthly), a lower 1.5% annual wallet maintenance fee applies instead.

2. What counts as recurring savings?

Recurring savings mean consistent monthly or bi-monthly deposits — either automated payroll or made manually each month. If you save fewer than three times a year or leave more than 90 days between deposits, it’s considered once-off or ad-hoc saving.

3. Can I change from once-off to recurring saving?

Yes. As soon as you start saving regularly, your account will automatically switch to the 1.5% annual maintenance fee, and the 2% participation fee will no longer apply.

4. What savings terms can I choose?

When you join, you can select a 3-month, 6-month, or 12-month savings term — this is the minimum period you commit to keeping your funds in your Savings Club wallet.

5. Can I withdraw my savings anytime?

Yes, your money always belongs to you. However, if you withdraw before your chosen term ends, a 1% Early Redemption Fee applies, and you may forfeit active prize entries or rewards linked to your savings.

5. Can I withdraw my savings anytime?

Yes, your money always belongs to you. However, if you withdraw before your chosen term ends, a 1% Early Redemption Fee applies, and you may forfeit active prize entries or rewards linked to your savings.

6. What happens to my savings after my term ends?

Once your term ends, you can renew for another term, withdraw, or leave your funds to continue earning entries and rewards under your chosen mode.

7. Why are there fees at all?

Fees help cover platform administration, wallet management, and prize funding so you can save safely, earn rewards, and never lose your principal.