The Target savings account is another account on the Vbank App that is dependent on the universal savings account. This second account (Target savings account) on the VFD Bank Mobile App allows you to set financial targets, save money, earn interest and also effectively manage your business's expenses and income.
CREATING A TARGET SAVINGS ACCOUNT
The target savings account is designed for individuals that want to save money for specific future needs.
The target savings account allows you to save funds in bits periodically (daily, weekly, or monthly) for a set period of time.
Funds are deducted from your universal savings account automatically based on the period for deduction and amount set via the app and the interest rate is 9% per annum.
Here is how to create a new account - TARGET SAVINGS ACCOUNT.
- Log into your V account
- Select Invest now or Open new account and click Open a target Savings Account
- Complete the required details including title, source account, the amount, start date, end date, and frequency.
- Select on continue and authorize with your 4-digit PIN to complete the process
- Receive ‘your savings account has been created successfully’ notification on the app
- Receive SMS/email notifications and also notifications on the app.
Do you need to know more about the VFD Mobile Bank App? Click HERE for more information.